The Vietnamese stock market is gradually regaining balance after a strong correction before. The VN-Index rebounded strongly in the last session of last week with the spread of large-scale cash flow, showing that investor sentiment is changing more positively after a long period of caution. Looking at the changes in market breadth as well as comparing breakthrough times, the leading securities group stands out.
The fact that cash flow focused on the securities group in the past week is a noteworthy change. Liquidity in this group is really good, nearly ten codes matched orders over hundreds of billions of VND. Separately, the trading of the 10 most actively liquid stocks of the securities group reached about 2,900 billion and the weakest code also increased by over 3%, and most of them exceeded 5%.
According to experts, the effect from the upgrade has helped the securities company group benefit first, causing this group to explode in both price and liquidity. Besides benefiting from the upgrade, the Q2/2026 business results of the securities industry also show that this is one of the groups that clearly benefits from the development of the capital market.
According to statistics from the financial statements of 77 securities companies that have been announced, total pre-tax profit of the entire securities industry is estimated at 15,200 billion VND, an increase of about 51% compared to the same period last year. Compared to more than 9,600 billion VND in the first quarter of 2026, the profit in the second quarter of 2026 of the securities industry increased by nearly 58%.
In a recent report, NSI Securities Company (SEC) said that the valuation level of securities stocks has adjusted to a relatively attractive zone after a strong market fluctuation. The industry's P/E ratio is currently about 12.68 times and the P/B ratio is about 1.57 times, lower than the 5-year average.
NSI Securities Company assesses that the current valuation level still opens up room for revaluation for the securities group in 2026, thanks to market upgrade prospects, positive macroeconomic foundations and growth expectations from margin lending, investment and investment banking segments.
In terms of valuation, SSI, VPX, VIX, MBS and DSC stocks are classified by NSI Securities Company into the attractive group when they have both deep discounts compared to the 5-year historical valuation and reasonable valuations compared to the industry average. VCI and BSI belong to a relatively attractive group when they have quite deep discounts compared to the 5-year average, although still higher than the industry average. Meanwhile, HCM, ORS and DSE are assessed as no longer cheap.
With a cautious view in the second half of 2026, NSI Securities Company prioritizes VPX and SSI stocks thanks to large capital scale, diverse revenue structure and the ability to maintain better profitability in the context of market liquidity not yet clearly recovering.
The prospects of the securities group in the coming time are still closely linked to the general diễn biến of the market. Liquidity, cash flow and trends of VN-Index will directly affect brokerage activities, margin lending as well as the investment portfolio efficiency of securities companies.
One of the notable drivers for the securities group is that the market upgrade process according to FTSE may support liquidity and improve investor sentiment. Thereby creating more room for growth for the business activities of securities companies.
NSI Securities Company assesses that large-cap groups such as SSI, TCX and VPX, along with businesses with high institutional brokerage market shares such as HCM and VCI, may benefit from this trend.
In the opposite direction, high interest rates are still a factor to monitor when creating pressure on capital costs, and at the same time causing securities to reduce their relative competitiveness compared to the savings deposit channel. Interbank interest rate and NIM developments can therefore affect capital costs as well as lending activities of securities companies.
