The difference of VPS Securities JSC

With a solid foundation built over many years and a distinct, sustainable development strategy, VPS Securities JSC (VPS) is one of the most active, prominent players in Vietnam's stock market.

The broker is committed to delivering maximum value to customers and investors, while making positive contribution to the overall market development.

Decoding the No. 1 position in the market

VPS has just announced its IPO and listing plans. Accordingly, the company will IPO 202.3 million shares, offer 161.8 million private placement shares to professional investors, and issue 710 million bonus shares from equity to existing shareholders (ratio 1:1.24).

After the IPO, the company will register and deposit its shares at Vietnam Securities Depository and Clearing Corporation (VSDC) and list them on the Ho Chi Minh Stock Exchange (HoSE), with VCK as trading code.

Once all the three plans are completed, VPS’s charter capital will nearly triple, from VND5,700 billion to VND16,441 billion ($622.53 million), ranking among securities firms with largest charter capital in the market.

According to sources, the two share offerings are likely to become the largest capital-raising deals ever in Vietnam’s stock market history, potentially bringing VPS enormous financial resources for its upcoming breakthrough phase, while reinforcing its No. 1 market position.

The IPO is drawing keen attention from investors thanks to VPS’s strong brand, solid business performance, vision, and potential.

Over the past five years, the firm has dominated the market in terms of brokerage market share across all three exchanges - the HoSE, HNX, and UpCOM.

In derivatives, it controls nearly half the market, far ahead of competitors. The company currently serves more than 1.6 million trading accounts, equivalent to 15% of Vietnam’s total.

VPS's leadership identify five core values: integrity, innovation, customer-centricity, community orientation, and delivering the best results.

Based on these values, VPS has invested heavily in technology, expanded its retail network, and continuously improved the capabilities and professional ethics of its more than 30,000 consultants and collaborators.

Another standout advantage of VPS is technology. Over recent years, it has been the biggest investor in terms of technology among securities firms. VPS’s infrastructure can process up to 1 million orders per day, with triple redundancy and future scalability.

The company employs over 200 IT experts, including dedicated cybersecurity teams, and operates three Tier-3 certified data centers designed for resilience and uninterrupted operations.

A distinct strategy: No proprietary trading

Unlike most leading securities firms, VPS does not engage in proprietary trading. This strategy ensures maximum objectivity in brokerage, margin lending, and advisory services, aiming to deliver optimal value and experience for clients.

By focusing on retail services and maintaining its No. 1 brokerage position, VPS is poised to attract institutional investors, particularly foreign funds, in the upcoming IPO and private placement.

These differentiators explain why VPS has consistently maintained key competitive advantages: retail market dominance, top-tier brokerage services, technological leadership, comprehensive investment banking services, sustainable profitability, comprehensive risk management, and transparent, strong corporate governance.

The absence of proprietary trading also keeps VPS’s balance sheet healthy and flexible. By Q2/2025, 98% of its financial assets were highly liquid, primarily held-to-maturity investments and cash equivalents.

The capital adequacy ratio rose sharply from 340.7% at end-2022 to 750.7% in June 2025 - almost three times the regulatory ratio.

This has enabled VPS to maintain the highest return on equity (ROE) ratio in the securities industry. Its estimated 12-month ROE and ROA for the nine months of 2025 stood at 24.2% and 9.2%, respectively.

Rising net profit margins reflect sustainable operations and efficient cost management, while impressive net profit growth highlights scalability in margin lending and brokerage.

VPS also stands out with its transparent governance system and very strict risk management. In the past 5 years, the company has had no bad debts in margin lending.

Its prudent, sustainable governance strategy has helped VPS maintain its leadership in bullish markets while weathering downturns.

In 2022, when VN-Index plunged from a historic 1,500 points to below 1,000, many securities firms saw profits collapse or reported heavy losses. VPS was one of the rare exceptions, with pre-tax profit edging up to VND1,012 billion ($38.32 million).

Looking back over the past decade since restructuring its ownership and leadership in 2015, VPS has recorded continuous after tax profit growth, except for 2023 when the market slumped.

In 2024, post-tax profit reached VND2,518 billion - 80 times higher than 2015. In the first nine months of 2025, VPS earned VND2,517 billion ($95.3 million) in after-tax profit, nearly equal to all of 2024, fulfilling 90% of the year's target.

VPS ‘Chapter’ 2.0

VPS’s strong development since 2015 can be summarized into two phases: expansion & market leadership (2015-2019) and innovation & customer experience enhancement (2019-2025).

Following its IPO, VPS will raise a massive capital injection to fuel its next growth phase: sustainable, agile growth - marking the arrival of VPS 2.0.

Drivers of high growth include product diversification, technological advancement, greater market reach, and expanded partnerships.

In addition to traditional products, VPS will push into commodities and, notably, digital assets and tokenized real-world assets. Retail investors remain central, with products designed to stand out given strong innovations.

Remarkably, VPS has pledged a huge $150 million IT investment over the next three years, doubling its IT workforce, strengthening cybersecurity governance, and applying AI to personal financial advisory services.

The company will further expand nationwide, powered by digital transformation. Its multi-channel distribution strategy will deepen market penetration while boosting margins through scalable efficiency. Partnerships with domestic and international players will also be expanded and elevated.

According to Euromonitor, Vietnam’s stock market transaction value CAGR is projected at 37% for 2024-2029, up from 29% in 2020-2024. Market liquidity could reach $961 billion by 2029, nearly five times 2024 levels, equal to 141% of GDP.

Key drivers include the rollout of the KRX trading system, market status upgrade, extended trading hours, shorter settlement cycles, digitalization, and easier access to trading platforms. Rising retail investor participation, greater financial literacy, and increasing social influence also contribute to the growth momentum.

Vietnam’s stock market has vast growth potential but also intensifying competition among top securities firms. With its long-built solid foundation and differentiated, sustainable strategy, VPS is poised to remain one of the most active leaders, delivering maximum value to customers and investors, and contributing positively to the overall development of Vietnam’s securities market.