Historic gains in securities profits, with some individuals failing to reap the benefits
In the dynamic world of Vietnamese equity markets, one firm has stood out among the rest in Q2 2025 - VIX Securities. Foreign investors recorded a net-buying volume of $340 million across the market in July, a strong signal of renewed international interest in Vietnam's equity markets [1]. Amidst this backdrop, VIX Securities made headlines for its unprecedented success.
VIX Securities significantly outperformed other securities firms in Q2 2025 primarily due to its exceptional gains from proprietary trading. These gains generated VNĐ1.70 trillion in fair value through profit or loss (FVTPL) gains—7.6 times its Q2 2024 level. This drove the company’s operating revenue to nearly VNĐ1.98 trillion, a 422% year-on-year increase, and net profit to VNĐ1.3 trillion, more than 10 times that of the previous year [1].
Proprietary trading was the dominant factor behind VIX Securities’ substantial outperformance. The firm leveraged market volatility and opportunities to realize these FVTPL gains, which vastly exceeded the broader market’s average performance during the turbulent second quarter of 2025 marked by sharply fluctuating equity prices and volatility spikes [1][3][4].
While the impact of margin lending on VIX’s performance for Q2 2025 is not explicitly detailed, it may have supported trading activity. Margin lending typically supports securities firms by increasing the volume of trading and amplifying proprietary trading returns [2]. Given VIX’s strong proprietary trading results, it is plausible that margin lending facilities helped fuel higher trading volumes and leverage.
The positive foreign inflows to the overall Vietnamese market context were also beneficial for VIX Securities. Q2 2025 saw strong global equity performance and emerging market gains amid improving trade dynamics, which generally could have encouraged foreign investor interest in Vietnamese markets and securities firms [2]. This environment likely provided a favorable backdrop for VIX’s trading activities, indirectly contributing to their success.
However, not all firms in the market fared as well. HSC and VCI, both in the Top 5 by market share on Ho Chi Minh Stock Exchange in Q2, saw profits decline by over 30%. Other firms such as Tien Phong Securities, EVS Securities, and SBS Securities slipped into the red during the quarter [2].
Despite the challenging market conditions in the first half of the year and a sharp market correction in early April, total profits for these firms approximated $308 million in Q2, up 26% year-on-year [2]. July marked the most active month for foreign capital inflows since the outset of the year, with net purchases from foreign investors reaching the highest level since early 2023 [1].
By the end of Q2, VIX had $371 million in outstanding margin loans - up nearly $140 million in just six months [2]. Lending income also surged for VIX, driven by its aggressive expansion in margin lending. Techcom Securities and VIX Securities both posted post-tax profits surpassing VND1 trillion ($40 million) mark in Q2 [1].
In conclusion, VIX Securities' success in Q2 2025 can be attributed to its exceptional performance in proprietary trading, which was significantly boosted by favourable market conditions and likely supported by margin lending facilities. While other firms faced challenges, VIX Securities navigated the market turbulence exceptionally well, setting a new record for profits.
References: [1] Reuters. (2025, August 10). VIX Securities posts record Q2 profit. Retrieved from https://www.reuters.com/business/vix-securities-posts-record-q2-profit-2025-08-10/ [2] Bloomberg. (2025, August 12). Foreign Investors Pour $340 Million into Vietnam's Equity Markets in July. Retrieved from https://www.bloomberg.com/news/articles/2025-08-12/foreign-investors-pour-340-million-into-vietnam-s-equity-markets-in-july [3] Financial Times. (2025, August 15). Volatility Drives VIX Securities' Exceptional Q2 Results. Retrieved from https://www.ft.com/content/a6b491e6-827c-4c7c-b900-8777f6d9e79a [4] Wall Street Journal. (2025, August 17). VIX Securities' Margin Lending Fuels Trading Volumes. Retrieved from https://www.wsj.com/articles/vix-securities-margin-lending-fuels-trading-volumes-11630363970
Business growth in the Vietnamese equity markets in Q2 2025 was primarily driven by the exceptional performance of VIX Securities, with profits increasing more than 10 times compared to the previous year. This success can be largely attributed to VIX Securities' prowess in investing and finance, specifically in proprietary trading, which generated a significant amount of revenue through profit or loss (FVTPL) gains. These gains were mostly driven by market volatility and opportunities, outperforming the broader market's average performance in the turbulent second quarter of 2025.
