Brokerage VNDirect set to return to growth path after 2024 cyberattack: chairwoman

Pham Minh Huong, chairwoman of VNDirect Securities, said the brokerage has spent the past two years rebuilding its technology, operations and governance systems to adapt to a changing market environment, particularly following a cyberattack in 2024.

Speaking at VNDirect’s 2026 annual shareholder meeting held on Monday, Huong said the company was entering a new phase of strategic repositioning after more than two decades of operations.

According to Huong, VNDirect was established from the outset as a technology-focused securities company and was among the first brokerages in Vietnam to deploy online trading platforms and adopt technology as a core competitive advantage.

That early positioning helped the company build a strong presence in Vietnam’s brokerage market and develop a large retail investor base over the past 20 years.

However, following the Covid-19 period and recent volatility in financial markets, VNDirect undertook a broad restructuring and rebuilt its operational strategy.

“VNDirect’s equity currently exceeds VND20 trillion ($758.84 million), while charter capital stands at VND15 trillion. With that capital scale, we now have opportunities to expand into merchant banking and investment banking activities, meaning deeper participation in Vietnam’s capital and money markets,” Huong said.

She added that as an independent securities company, VNDirect has always prioritized financial safety and risk management to ensure sustainable growth.

As a result, the 2024-2025 period was viewed internally as a time to “slow down” and strengthen foundations, particularly after the 2024 cyberattack forced the company to comprehensively rebuild its systems.

Over the past two years, VNDirect focused on restructuring and preparing its operational platform for a new growth phase. Still, the company acknowledged that it had missed part of the market rally in terms of brokerage market share.

“There were times when we focused heavily on long-term goals but did not preserve what we already had strongly enough. Therefore, next year will be a pivotal stage for VNDirect to return to the race,” Huong said.

According to the broker's chairwoman, the company is currently pursuing two parallel objectives: shifting capabilities toward a new business strategy while maintaining capital efficiency.

VNDirect’s return on equity (ROE) averaged around 16% over the past five years, and the board aims to maintain a minimum figure of 15% over the next five years.

Huong said this would be challenging as profit margins in brokerage services continue to narrow, trading fees increasingly become a commodity, and independent securities firms face disadvantages in funding costs.

At the same time, she said Vietnam’s capital markets business was opening up new opportunities for the company because of its independent position.

For many years, the company has balanced its capital markets business with traditional brokerage services to maintain returns for shareholders.

Still, Huong said the company’s biggest challenge was not a lack of opportunities, but rather a shortage of human resources capable of turning opportunities into tangible results.

“Vietnam’s financial market still lacks highly experienced and high-quality personnel, while for a long time many people could survive relatively easily in the industry,” she said.

Regarding brokerage services, Huong said competition has intensified as trading technology has become increasingly commoditized across the market.

However, she argued that artificial intelligence would not fully replace human brokers and instead creates new opportunities for brokerage teams.

“For me, AI is not a challenge, but an opportunity,” Huong said.

For 2026, VNDirect targets net revenue of VND5.57 trillion ($211.31 million), up 9% from the previous year. Net profit is projected to rise 19% to over VND2.41 trillion ($91.6 million), which would mark the company’s highest-ever earnings if achieved.

The company also targets return on assets (ROA) of 4.6% and ROE of 11.1%.

VNDirect plans to privately place up to 106.6 million shares to professional securities investors, equivalent to nearly VND1.07 trillion ($40.4 million) at par value.

In addition, the company plans to offer up to 325.8 million shares to existing shareholders through a 5-for-1 rights issue priced at VND10,000 ($0.38) per share. VNDirect also plans to issue up to 30 million employee stock ownership plan (ESOP) shares at the same price.

If all fundraising plans are completed and approved by regulators, VNDirect could issue an additional 462 million shares during the 2026-2028 period.