Viet Dragon Securities (VDS) Targets 510B VND Pre-Tax Profit for 2026, Up 47%

Overview

Viet Dragon Securities (VDS) has approved its 2026 business plan, targeting a pre-tax profit of 510 billion VND, which represents a 47% increase from the previous year’s performance. This guidance was set during the company’s Annual General Meeting of Shareholders for the 2025 financial year, despite the firm reporting an estimated loss of about 30 billion VND for the first quarter of 2026.

Key Facts

• Viet Dragon Securities (VDS) approved its 2026 business plan on April 16, 2026, during its Annual General Meeting.
• The plan targets consolidated revenue of 1,318 billion VND and pre-tax profit of 510 billion VND for 2026.
• The 510 billion VND pre-tax profit target represents a 47% increase compared to the previous year’s result.
• For Q1 2026, the company estimates revenue of nearly 202 billion VND and a pre-tax loss of approximately 30 billion VND.
• Chairman Nguyễn Miên Tuấn attributed the Q1 loss to market impacts from Middle East conflicts and provisions for investment portfolio declines.
• The company’s strategy focuses on five core pillars: brokerage, lending, investment, investment banking, and asset management.
• VDS shares closed at 15,150 VND per share on April 16, 2026, up 1% from the previous session.

What Happened

Viet Dragon Securities (VDS) held its Annual General Meeting of Shareholders for the 2025 financial year on April 16, 2026, where it approved the business plan for 2026. According to the company filing, the plan sets ambitious targets of 1,318 billion VND in consolidated revenue and 510 billion VND in pre-tax profit, representing a 47% year-over-year increase in profitability. This forward guidance comes despite the company reporting an estimated pre-tax loss of about 30 billion VND for the first quarter of 2026, with revenue of nearly 202 billion VND.

In response to shareholder questions, Chairman Nguyễn Miên Tuấn explained that the Q1 2026 loss resulted from market volatility triggered by Middle East conflicts, which negatively impacted Vietnam’s stock market and the value of the company’s investment portfolio, leading to provisions. He noted recent positive signals, including government and State Bank of Vietnam directives for commercial banks to stabilize deposit and lending rates, alongside strong FDI attraction and listed company profit growth. The company also highlighted FTSE Russell’s confirmation of Vietnam’s market upgrade roadmap, effective September 2026, as a potential catalyst for improved liquidity and international capital inflows.

Market Context

VDS trades on the Ho Chi Minh City Stock Exchange (HOSE) under the financial services sector. The stock closed at 15,150 VND on April 16, 2026, up 1% for the session, though recent price context shows it closed at 15 VND on April 10, 2026, with a slight decline. The ambitious 2026 profit guidance contrasts with the reported Q1 2026 loss, reflecting management’s expectation of a significant recovery driven by broader market improvements. This guidance places VDS among Vietnamese securities firms projecting growth amid evolving monetary policy and international index inclusion prospects.

Strategic Significance

The 2026 plan underscores VDS’s strategic bet on a recovery in Vietnam’s capital markets, hinging on two external catalysts: the stabilization of domestic interest rates and the anticipated liquidity boost from FTSE Russell’s market upgrade. By targeting a 47% profit increase despite a weak start to the year, the company is positioning itself to capitalize on expected improvements in brokerage, investment, and asset management activities as market sentiment recovers. The focus on five core business pillars indicates a diversified approach to capturing growth, reducing reliance on any single revenue stream in a volatile sector.

What to Watch

• Q2 2026 earnings release to assess whether the company is recovering from the Q1 loss and tracking toward its full-year target.
• Monthly trading value and margin lending data from VDS and peers to gauge retail investor activity and brokerage revenue trends.
• Updates on the implementation of FTSE Russell’s market upgrade roadmap and its initial impact on foreign inflows.
• State Bank of Vietnam policy meetings and statements on interest rate stability, a key factor cited by VDS leadership.
• Subsequent quarterly business plan updates or revisions from VDS management regarding the 510 billion VND pre-tax profit target.