The 'heat' surrounding VPS Securities IPO

As the No. 1 securities company in Vietnam in both market share and profitability, the IPO of VPS Securities JSC has captured special attention from investors.

VPS is proceeding with an IPO of over 200 million shares while simultaneously preparing to list its stock on the Ho Chi Minh Stock Exchange (HoSE).

Across financial forums, the IPO has become one of the most talked-about topics. Thanks to its market leadership, reputation, and sustainable growth strategy, many investors are eager to become shareholders of this broker.

At VPS’s event “The Next Chapter – Excellence and Distinction” held on Sunday, that enthusiasm was on full display. The 600-seat auditorium was packed, and tens of thousands of viewers joined via online platforms.

More than just a securities company

The difference and prominence of VPS in the domestic stock market is not in dispute. VPS has been the number 1 securities company in the market for a long time, leading the retail market with a strong technology investment strategy, saying "no" to proprietary trading, and strict risk management.

The event “The Next Chapter – Excellence and Distinction” also surprised many attendees with the appearance of the “soul” of VPS – chairman Nguyen Lam Dung. In a rare public appearance, the 7x-born chairman delivered profound reflections on VPS’s transformation journey - from a traditional brokerage to a Vietnamese stock market-leading fintech company.

“We are a financial technology company - a fintech firm,” chairman Dung said. This declaration not only underlined VPS’s strategic direction but also encapsulated the bold, far-reaching, and pioneering transformation the company has undergone over the past decade.

Amidst applause from the audience, Dung recounted his professional journey and explained the strategic roadmap that has guided VPS’s success.

"My career began at Habubank Securities in 2007, where I served as deputy director and later director. After three years, I was invited to join VPBank Securities - the predecessor of today’s VPS. I stayed for four years until 2015, a pivotal milestone for the company,” he said.

In 2015, VPBank decided to divest completely from the securities business. Following the transaction, VPS became an independent company - a turning point that marked the start of its rapid transformation.

Recognizing that financial investment products in Vietnam and globally were still limited and accessible to only a small group of investors, VPS redefined its mission toward “financial democratization” - making investment opportunities more accessible to the public.

The company initially focused on corporate bonds, offering safe, stable returns. In 2016, VPS decided to build its own technology team from scratch, leading to the launch of the SmartOne application in 2018 - a major technological breakthrough that remains the company’s core platform today.

"In 2019, VPS expanded into stock brokerage, focusing on recruiting and developing a high-quality broker network - a bridge to help spread investment knowledge. We raised broker commissions to 70%, double the market average, and that policy remains in place today," Dung said.

Technological innovation and a brokerage-focused strategy quickly brought success. During the Covid-19 pandemic, as a wave of stock investing surged, VPS became the preferred choice for new investors thanks to its tech advantages and broker network. By 2021, VPS officially became Vietnam’s top securities company by market share, a position it continues to hold.

Today, VPS manages over VND250 trillion ($10 billion) in client assets, employs nearly 2,000 staff, and has 30,000 brokers and collaborators, focusing on two core pillars: brokerage & derivatives and margin lending.

From 71,000 accounts in 2019, the company now has 1.6 million accounts, representing 15% of all trading accounts in Vietnam.

"With a strong technology foundation, VPS is not merely a securities firm but a pioneering fintech company - continuously investing in infrastructure, user experience, and digital innovation," Dung emphasized.

“For Securities – Excellence and distinction”

Dung highlighted a key difference in VPS’s business model: unlike many competitors, VPS does not engage in proprietary trading or speculative activities. Instead, the company focuses entirely on trading fees and margin lending, optimizing the client experience.

"We focus on developing technology infrastructure. Our goal is to provide the best possible experience, enabling customers to access and invest as easily as possible," he noted, adding that VPS plans to invest $100 million in IT infrastructure over the next three years.

These factors have helped solidify VPS’s dominant position. As of September 30, the company’s return on equity (ROE) reached 24.74%, the highest in the industry, with a compound annual growth rate (CAGR) that also leads the market.

VPS’s large, highly liquid asset base provides a strong foundation for long-term stability and sustainable growth. Remarkably, over the past five years, the company has reported no bad debts and no losses from margin lending.

Meanwhile, its trading system remains robust, scalable, and uninterrupted, ensuring the best experience for every investor.

"VPS has weathered multiple real-world stress tests - from the Covid-19 pandemic to the 2022 bond market crisis and even recent concerns such as the potential 46% U.S. tariff on Vietnamese goods. Throughout all periods of market turbulence, VPS has continued to operate successfully," Dung said.

VPS 2.0 – The Next chapter

After more than a decade of transformation, VPS is entering a new growth phase - The Next Chapter: VPS 2.0.

At the event, the company announced its expected tradinh code, “VCK,” marking an important milestone in its journey to become a regional fintech leader.

"VCK – For Securities"

“VCK – Excellence and Distinction”

VPS declared these mission for the next chapter. With a solid foundation and a distinctive growth strategy, VPS remains steadfast in its long-term vision: “To create superior and sustainable value by expanding financial investment access for everyone.”

In this new phase, VPS aims to maintain its pioneering role as a market builder, delivering maximum value to clients and investors, while contributing actively to the comprehensive development of Vietnam’s capital markets.