VIX Stock Surges, Achieving 2025 Profit Targets Ahead of Schedule

Achieving Ambitious Goals Amid Challenges

VIX Securities Joint Stock Company (VIX) has released its standalone financial report for Q4/2025 and the full year 2025, becoming one of the first securities firms to reveal its performance in a year marked by significant market volatility.

In Q4/2025 alone, VIX recorded an operating revenue of VND 2,101.5 billion, a 3.8-fold increase compared to the same period last year. The largest contributor to this revenue was profits from financial assets measured at fair value through profit or loss (FVTPL), amounting to VND 1,664.4 billion, a 4.6-fold increase year-over-year.

Alongside revenue growth, VIX reported pre-tax profit of VND 1,601.4 billion and post-tax profit of VND 1,286.7 billion in Q4/2025, representing an 11.9 and 11.5-fold increase, respectively, compared to the same period last year.

For the full year 2025, VIX’s financial results showed an operating revenue of VND 8,279.1 billion, a 4.5-fold increase from the previous year. Pre-tax profit exceeded VND 6,717 billion, an impressive 8.2-fold increase year-over-year. Post-tax profit reached VND 5,410 billion, compared to VND 663.3 billion in 2024, an 8-fold increase.

Previously, at the 2025 Extraordinary Shareholders’ Meeting held on November 28, VIX proposed raising its 2025 pre-tax profit target to VND 6,500 billion, a 333% increase from the initial plan (which was VND 1,500 billion), and post-tax profit to VND 5,200 billion, also a 333% increase (initially VND 1,200 billion).

With these 2025 results, VIX has successfully met its adjusted targets, demonstrating its robust performance in a year filled with challenges, and securing its position among companies with profits in the trillions.

The primary driver of revenue growth was profits from FVTPL financial assets, totaling VND 6,898.3 billion, a 5.8-fold increase year-over-year. Within this category, profits from the sale of financial assets in 2025 reached VND 2,294.3 billion, compared to VND 304.8 billion the previous year. The revaluation gain on FVTPL financial assets was VND 4,384.2 billion, significantly higher than the VND 782.5 billion recorded in 2024.

Profits from loans and receivables amounted to VND 1,068.8 billion, a 2.1-fold increase year-over-year, serving as a key revenue stream alongside proprietary trading.

Additionally, dividends and interest from financial assets totaled VND 219.8 billion, double the previous year, reflecting increased income from financial investments during the period.

As of December 31, 2025, VIX’s margin lending reached VND 15,359.4 billion, a 2.66-fold increase year-over-year, indicating strong investor demand amid market growth and improved liquidity. Similarly, advance payments for customer sales jumped to VND 20.8 billion, an 8-fold increase.

Overall, VIX’s financial performance in 2025 was driven by two key pillars. Proprietary trading remained central, significantly boosting revenue and profit. Meanwhile, lending activities, particularly margin lending, saw substantial growth, with loan profits reaching VND 1,068.8 billion and margin debt totaling VND 15,359.4 billion. This dual-pillar strategy positions VIX to capitalize on both investment capabilities and investor capital needs, closely tied to market dynamics and liquidity.

In 2025, Vietnam’s stock market showed improved activity, despite intermittent adjustments. Domestic liquidity played a dominant role, with trading activity highlighting sectoral disparities. Securities firms, heavily reliant on trading volumes, asset price fluctuations, and core operations like proprietary trading, lending, and brokerage, directly reflected these market conditions.

Outlook for 2026

Most securities firms and investment organizations project a positive outlook for Vietnam’s stock market in 2026, driven by three key factors.

First, foreign investor capital is expected to return. Previously, global economic and political uncertainties led to net outflows from frontier and emerging markets. However, in 2026, this trend is anticipated to reverse as Vietnam’s stock market is upgraded to secondary emerging status by FTSE Russell, effective September 21, 2026. VIX views this upgrade as a pivotal milestone in the market’s 25-year development, enhancing foreign capital attraction and international financial integration.

Second, listed companies’ earnings are expected to remain robust, supported by the government’s ambitious 10% GDP growth target for 2026. This will enhance profitability, making market valuations more attractive.

The VN-Index’s price-to-earnings (P/E) ratio is forecast at around 17.0, below the 17.9 average for secondary emerging markets, indicating significant upside potential for Vietnam’s stock market.

Third, market liquidity is expected to remain high in 2026, supported by reasonable interest rates, encouraging investment in equities as deposit returns become less appealing.

In this environment, securities firms, particularly those with strong capital positions like VIX, are poised to benefit, leveraging proprietary trading and margin lending opportunities.