VNDirect (VND) Q1 2026 Profit Up 43% as TP Securities (ORS) Surges 1,961%

Overview

Multiple Vietnamese listed companies released Q1 2026 financial statements on April 21, 2026, led by VNDirect Securities (VND) with a 43% profit increase to VND 681 billion. The standout performer was TP Securities (ORS), which reported a 1,961% surge in pre-tax profit, while the results showed a split between strong gains in securities and pharmaceuticals versus losses at some brokers.

Key Facts

• VNDirect Securities (VND) reported Q1 2026 pre-tax profit of VND 681 billion, a 43% year-on-year increase.
• TP Securities (ORS) achieved Q1 pre-tax profit of VND 42 billion, up 1,961% from VND 2 billion in Q1 2025.
• ACBS recorded Q1 profit of VND 303 billion, representing 67% growth year-on-year.
• Asean Securities reported a Q1 loss of VND 31 billion, contrasting with sector gains.
• Dược Hậu Giang (DHG) posted Q1 profit of VND 347 billion, up 18%, while Imexpharm (IMP) profit rose 8% to VND 103 billion.
• Vinacafe Biên Hòa (VCF) profit declined 12% to VND 140 billion for the quarter.
• The financial statements were published on the morning of April 21, 2026, as per regulatory filings.

What Happened

On April 21, 2026, several large Vietnamese companies disclosed their Q1 2026 financial results through regulatory filings. VNDirect Securities (VND) maintained its momentum with pre-tax profit reaching VND 681 billion, a 43% increase compared to the same period last year. TP Securities (ORS) delivered the most dramatic growth, with pre-tax profit soaring to VND 42 billion from a base of just VND 2 billion in Q1 2025, marking a 1,961% year-on-year rise.

The earnings release highlighted a bifurcated performance within the securities sector. While VNDirect, TP Securities, and ACBS (which reported a 67% profit increase to VND 303 billion) posted strong gains, Asean Securities reported a loss of VND 31 billion. In the pharmaceuticals sector, Dược Hậu Giang (DHG) saw an 18% profit increase to VND 347 billion, and Imexpharm (IMP) grew 8% to VND 103 billion. Consumer staples firm Vinacafe Biên Hòa (VCF) experienced a 12% profit decline to VND 140 billion.

Market Context

VNDirect (VND) trades on the HOSE exchange and closed at VND 17 on April 15, 2026, down 0.30% on volume of 12.46 million shares. TP Securities (ORS) closed at VND 14 on April 10, 2026, down 0.37% with high volume of 1.99 million shares. The Q1 earnings come amid mixed sentiment in Vietnam’s equity markets, with securities stocks often sensitive to trading volume and brokerage fee trends. The divergent results—with some brokers surging while others post losses—reflect competitive pressures and varying business models in the financial services sector.

Strategic Significance

The Q1 2026 results underscore the importance of operational execution and market positioning in Vietnam’s securities industry. VNDirect’s steady 43% growth suggests resilience in its retail and institutional brokerage operations, while TP Securities’ extraordinary 1,961% surge may indicate a successful turnaround or one-off gains. For long-term investors, the data points to a widening performance gap between top-tier brokers and weaker players, potentially driving consolidation. In pharmaceuticals, moderate growth at DHG and IMP reflects stable demand but also highlights the sector’s dependence on regulatory approvals and healthcare spending.

What to Watch

• Full Q1 2026 financial reports from VNDirect and TP Securities for detailed revenue breakdowns and margin analysis.
• Trading volume data for April 2026 to assess whether brokerage profit trends are sustainable.
• Management commentary on strategy post-earnings, particularly for TP Securities regarding the drivers behind its surge.
• Regulatory updates on securities sector reforms that could impact brokerage fees and competition.
• Subsequent quarterly results from Asean Securities to see if its loss is a temporary setback or structural issue.