Vietnam Dragon Securities Joint Stock Company (VDSC, Stock Code: VDS, HoSE: VDS) has just announced a resolution on issuing shares under the employee stock ownership plan (ESOP) for 2025.
Accordingly, VDS plans to issue 4.7 million ESOP shares to 213 employees on the list. The issuance price is VND 10,000/share, which is approximately 41% lower than the current market price of VDS shares.
50% of the ESOP shares in this offering will be restricted from transfer for 1 year, and the remaining 50% will be restricted for 2 years.
The expected timeline for implementation is the third quarter of 2025. According to the published list, Chairman Nguyen Mien Tuan will purchase the most shares with 277,800 shares, followed by General Director Nguyen Thi Thu Huyen with 259,700 shares…
Vietnam Dragon Securities proceeds with the ESOP share issuance after completing the bonus share issuance in June 2025.
Following the sequence of implementing the charter capital increase plans for 2025 approved by the Board of Directors, after completing the above ESOP share issuance, VDS will offer a private placement of a maximum of 48 million shares to existing shareholders.
In terms of business results, according to the company’s Q2 2025 financial statements, Vietnam Dragon Securities’ operating revenue reached approximately VND 170 billion, a decrease of nearly 45% compared to the same period last year.
Most business segments experienced declines. In particular, proprietary trading generated just over VND 16 billion, a 90% decrease. Additionally, losses from FVTPL assets surged, causing VDS to report a loss in the proprietary trading segment.
The lending business contributed the most to revenue, with nearly VND 94 billion, a decrease of VND 2 billion compared to the previous year. Brokerage services brought in more than VND 40 billion, also a decrease of nearly VND 13 billion.
Meanwhile, interest income from held-to-maturity (HTM) investments soared from VND 548 million to over VND 11 billion.
Despite the decline in revenue, operating expenses increased by VND 11 billion to VND 138 billion. Consequently, Vietnam Dragon Securities reported a pre-tax loss of VND 13 billion, compared to a profit of VND 147 billion in the same period last year; and a post-tax loss of over VND 6 billion, compared to a profit of VND 26 billion in the previous year.
For the first half of the year, VDSC recorded operating revenue of VND 332 billion, with a decrease in brokerage revenue and a loss in proprietary trading.
As a result, pre-tax profit reached over VND 8 billion, and post-tax profit was nearly VND 11 billion, decreases of 97% and 95%, respectively, compared to the previous year.
At the 2025 Annual General Meeting of Shareholders held on April 3, the company approved the 2025 business plan with a total revenue of VND 1,106 billion, an increase of 6% compared to 2024; pre-tax profit of VND 368 billion, an increase of 3.5%; and post-tax profit of VND 294 billion, an increase of 1%.
Thus, at the end of the first half, VDSC had only achieved 2% of the pre-tax profit target and 3.7% of the after-tax profit target.
As of the end of the second quarter of 2025, Vietnam Dragon Securities’ total assets increased by 7.3% to VND 6,828 billion.
Cash and cash equivalents increased slightly to VND 1,245 billion. The company no longer held any HTM investments, while it had VND 400 billion at the beginning of the year. Instead, VDSC invested VND 800 billion in long-term bonds of VietinBank and BIDV.
Loans increased by VND 200 billion from the beginning of the year to VND 2,946 billion, mainly consisting of margin loans.
The FVTPL portfolio had an original value of nearly VND 1,050 billion, entirely invested in stocks. Major holdings included KBC and HSG, which were temporarily loss-making, while ACB and MWG were temporarily profitable.
The AFS portfolio, with an original value of VND 292 billion, was also fully invested in stocks, with CMG temporarily loss-making and KDH temporarily profitable.
In terms of capital sources, total liabilities were VND 4,025 billion, an increase of 12% compared to the beginning of the year. Short-term borrowings increased by VND 589 billion to VND 981 billion, mainly from bank loans, along with over VND 2,900 billion in bond debt.
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