Last weekend, the investment community was buzzing when TCBS released an updated Q2/2026 earnings report for VIX Securities. The figure was shocking: after-tax profit fell to nearly 76 billion VND, a 94% decrease compared to the same period last year. In Q2/2025, VIX earned over 1,301 billion — meaning for every 100 VND in profit last year, only 6 VND remains this year.
The notable point: this wasn’t due to a total collapse in revenue. Revenue still hit 1,349 billion. What “consumed” all the profit was the segment that once made VIX famous: proprietary trading.
- Q2/2026 After-tax Profit: 75.9 billion (-94.2% YoY), 6-month total only reaching 7.7% of the annual plan
- Proprietary trading loss ~205 billion (vs. 1,429 billion profit in the same period) due to a portfolio revaluation decrease of ~1,090 billion
- Margin still growing: lending interest 348 billion (+62%), margin debt 13,958 billion
- Total assets 38,592 billion (+13% YTD), capital increased in April 2026
Proprietary trading: from trump card to “Achilles’ heel”
Last year, proprietary trading was VIX’s golden goose. In Q2/2025, this segment alone earned 1,429 billion VND, contributing the bulk of the record profit. But this quarter, proprietary trading lost over 200 billion VND — a difference of nearly 1,600 billion compared to the same period.
The main cause wasn’t VIX selling at a loss, but rather portfolio revaluation. The fair value of investments dropped sharply, creating a book loss of ~1,090 billion VND. VIX’s proprietary trading portfolio currently stands at 20,819 billion (+43% compared to the start of the year), heavily concentrated in listed stocks (12,707 billion) — including EIB and the Gelex group, tickers that haven’t performed well in the first half of 2026.
In other words: VIX is still holding the assets, but they are “in the red” on the books.
Margin as a lifeline, but not enough
In a bleak picture, the margin lending segment is a rare bright spot. Outstanding debt for margin trading and advances reached 13,958 billion VND, an increase of nearly 1,400 billion from the start of the quarter. Interest from loans and receivables reached 348 billion VND, up 62% year-on-year.
But there’s a noteworthy detail: VIX’s interest expenses also spiked to 116 billion VND. When margin grows but more must be borrowed to fund it, financial costs eat away at the gains from this segment.
Annual plan: 7.7% halfway through
This is perhaps the number that startled VIX shareholders the most. The after-tax profit target for the full year 2026 is 2,800 billion — which was already approved by the AGM at a 48% decrease from 2025’s actual results. A “cautious” plan, as CEO Truong Ngoc Lan himself admitted.
Yet after 6 months, VIX has only reached 214 billion VND in after-tax profit, equivalent to 7.7% of the plan. This means to complete the goal, VIX must earn nearly 2,600 billion in the last 6 months — 12 times what it has already achieved.
A balanced perspective: VIX isn’t without its bright spots. Growth in margin lending revenue shows that core capabilities remain solid. The successful capital increase in April (equity from 15,314 to 24,502 billion) and a sharp reduction in short-term debt (from 11,332 down to 4,560 billion) show that management is actively deleveraging — a prudent move. Conversely, the biggest risk remains proprietary trading: a 20,819 billion VND portfolio concentrated in underperforming stocks, where revaluation depends entirely on the market. A recovery in the VN30 could turn the tide. But if the market remains sluggish, the loss figures could grow.
FAQ
Will VIX reach its 2026 plan?
It’s very difficult, unless there’s a sudden surge in proprietary trading profits in the second half of the year. At the current pace, VIX needs to earn ~1,300 billion each quarter — 17 times more than this past Q2.
Is the sharp increase in margin worrying?
Increased margin is a double-edged sword. When the market is good, margin amplifies profits. When the market is bad, margin amplifies risk. The VN30 has just dropped for 3 consecutive sessions, so this is something to watch closely.
Does TCBS have any recommendations for VIX?
The TCBS report primarily updates data and does not provide buy/sell recommendations or new target prices. This is an earnings update report, not a valuation analysis.
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See more: SSI record profits in first half of 2026 — margin 40,473 billion
This article is for informational and educational purposes only, not investment advice. Views and recommendations (if any) belong to the entity issuing the cited report. You should conduct your own research or consult a licensed professional before making decisions.
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Source: TCBS — VIX Q2/2026 Earnings Update Report (07/22/2026)
