VPBank Securities (VPX) Targets 59% Revenue Growth, VND 50T Margin Loans by 2026

Overview

VPBank Securities Joint Stock Company (VPBankS, ticker: VPX) held its 2026 Annual General Meeting of Shareholders (AGM) on April 20, approving a business plan targeting significant growth. The HOSE-listed securities firm aims for 59% revenue growth and 44% pre-tax profit growth in 2026, with a strategic focus on doubling its margin loan portfolio to nearly VND 50 trillion. This plan is part of a broader 2025-2030 strategy to achieve market leadership.

Key Facts

• The 2026 business plan targets total revenue of VND 11,074 billion, a 59% increase from 2025’s result of VND 7,910 billion.
• Pre-tax profit is targeted at a record VND 6,453 billion, up 44% from VND 4,476 billion in 2025.
• The average margin loan balance for 2026 is projected to reach approximately VND 49,485 billion, double the average from the previous year.
• The company aims to increase its brokerage market share on HOSE to 5% after entering the top 10 by the end of 2025.
• The 2025-2030 strategy targets a 32% compound annual growth rate, with a goal to lead the market in total assets and pre-tax profit by 2030.
• VPBankS completed a VND 13,000 billion IPO in 2025, the largest in Vietnamese securities history, before listing on HOSE in December 2025.
• The AGM also finalized the 2022-2027 Board of Directors with three members, including Chairwoman Hồ Thúy Ngà.

What Happened

VPBank Securities held its 2026 Annual General Meeting of Shareholders on April 20, marking its first AGM since its HOSE listing in December 2025. According to the company’s filing presented at the meeting, shareholders approved an ambitious business plan for 2026. The plan sets targets for total revenue and pre-tax profit growth of 59% and 44%, respectively, building on what the company described as a “breakthrough” performance in 2025 where revenue tripled and pre-tax profit nearly quadrupled year-over-year.

Management expressed confidence in achieving the goal of raising the average margin loan balance to nearly VND 50 trillion in 2026. During a Q&A session at the AGM, leadership disclosed that the margin loan balance had already exceeded VND 38 trillion as of the meeting date, up from approximately VND 34 trillion at the end of 2025. The growth plan is underpinned by a focus on brokerage and margin lending as primary drivers, alongside strategic development of the investment banking (IB) pillar leveraging its parent bank’s ecosystem.

Market Context

VPX trades on the Ho Chi Minh Stock Exchange (HOSE) in the financial services sector. The company’s aggressive growth targets come after a landmark year in 2025, which included a record VND 13,000 billion IPO and subsequent listing. The 2026 plan represents the second year of a multi-year strategy aiming for 32% annual growth, positioning VPBankS to compete for top market share in brokerage and investment banking. This guidance may influence investor expectations for the securities sector, which has seen varying performance amid interest rate fluctuations.

Strategic Significance

The 2026 plan solidifies VPBankS’s strategy to leverage its integration within VPBank’s ecosystem to capture market share. By targeting a doubling of its margin loan book and a 5% brokerage market share, the firm is directly competing with established players. The emphasis on investment banking services, such as debt and equity capital market advisory, provides a diversification away from pure brokerage revenue. Achieving these targets would validate the firm’s post-IPO capital deployment and its thesis that a securities arm can significantly amplify a banking group’s capital markets footprint.

What to Watch

• Quarterly financial results, starting with Q2 2026, to track progress toward the VND 11,074B revenue and VND 6,453B pre-tax profit targets.
• Monthly margin loan balance disclosures to assess if the VND 50T average for 2026 is on track.
• Market share data from HOSE to verify progress toward the 5% brokerage share goal.
• Updates on investment banking deal flow, particularly in debt issuance advisory, as a measure of ecosystem leverage.
• Any regulatory changes or interest rate movements that could impact the cost of funding for margin loans.