VPBank Securities (VPX) Independent Board Member Resigns Ahead of 2026 AGM

Overview

Independent board member Nguyễn Quang Trung has resigned from VPBank Securities Joint Stock Company (VPBankS, ticker: VPX) citing personal reasons, effective upon shareholder approval. This follows the resignation of another board member, Vũ Hữu Điền, in March 2026. The resignations come ahead of the company’s 2026 Annual General Meeting of Shareholders (AGM) on April 20, where shareholders will vote on the departures and a 2026 business plan targeting significant growth.

Key Facts

• Nguyễn Quang Trung submitted his resignation as independent board member, effective upon approval at the upcoming AGM.
• He was elected to the board on September 3, 2025, and cited personal reasons for stepping down.
• Another board member, Vũ Hữu Điền, resigned on March 26, 2026, due to changed personal plans.
• The 2026 AGM is scheduled for April 20, 2026, in Hà Nội.
• VPBankS targets 2026 revenue of VND 11,074 billion and pre-tax profit of VND 6,453 billion, representing year-on-year increases of 39% and 44%, respectively.
• The company reported 2025 revenue of VND 7,962 billion and record pre-tax profit of VND 4,476 billion, nearly four times the 2024 figure.
• For 2026, VPBankS aims to increase its brokerage market share on the HoSE from 3.2% to 5% and grow average margin loan balance from VND 19,775 billion to VND 49,485 billion.

What Happened

According to a filing sent to the State Securities Commission of Vietnam (SSC), the Vietnam Stock Exchange, and the Ho Chi Minh City Stock Exchange (HoSE), VPBank Securities received the resignation letter from independent board member Nguyễn Quang Trung. In the letter, Trung stated that he was elected to the board on September 3, 2025, and has fulfilled his duties since then, but cannot continue due to personal reasons. His resignation is effective upon approval at the upcoming shareholders’ meeting.

This follows another board resignation earlier in the year. On March 26, 2026, board member Vũ Hữu Điền also resigned, citing changed personal plans. Both resignations will be addressed at the 2026 AGM, where the board will present the 2026 business plan. The company reported strong 2025 results, with pre-tax profit surging nearly fourfold year-on-year to VND 4,476 billion, exceeding its adjusted target.

Market Context

VPBank Securities (VPX) trades on the Ho Chi Minh City Stock Exchange (HoSE) in the financial services sector. The resignations occur as the company prepares for its AGM and amid a period of robust financial performance, with 2025 pre-tax profit reaching a record high. The Vietnamese securities market has experienced volatility, with interest rates remaining elevated, which the company cites as a reason for proposing no dividend payout for 2025 to retain capital for operations.

Strategic Significance

The board changes highlight governance transitions at VPBankS during a phase of aggressive growth targeting. The company’s 2026 plan focuses on expanding brokerage market share and margin lending, which are core revenue drivers in Vietnam’s competitive securities sector. Retaining earnings instead of paying dividends aligns with funding these growth initiatives, particularly in a high-interest-rate environment, though it may impact shareholder returns in the short term.

What to Watch

• Shareholder vote on the board resignations and 2026 business plan at the AGM on April 20, 2026.
• Q1 2026 earnings release to assess progress toward the VND 11,074 billion revenue and VND 6,453 billion pre-tax profit targets.
• Announcement of new board member appointments to fill the vacancies left by the resignations.
• Monthly trading data from the HoSE to monitor VPBankS’s progress in increasing brokerage market share from 3.2% to 5%.
• Regulatory filings regarding margin loan growth toward the VND 49,485 billion average balance target.