Targets and commitments for 2026
Intelligent Networks
Collective Strength
ECONOMIC AND STOCK MARKET OUTLOOK FOR 2026
Economic outlook
GDP Growth in 2026: The year 2026 marks the first year of the new government term; therefore, the growth target for the entire term has been set at 10% or higher, the highest level to date. State budget revenue is projected to increase by 5.9%, and development investment spending is estimated at VND 1.12 quadrillion, also the highest level ever. Many Resolutions, Laws, and Policies have been revised and adopted, particularly Resolution 68 on the private economy in 2025 and Resolution 79 on state economic development issued in early 2026. The perfected legal framework is expected to create a healthy environment for the development of economic sectors and regions. At the same time, the expansion of diplomatic relations with a wide range of countries and regions worldwide is anticipated to attract FDI inflows and diversify trading partners. Policies aimed at increasing people’s income – such as tuition fee exemptions and reductions, early pension payments, and administrative streamlining – are expected to stimulate consumer demand and promote economic development.
Inflation is expected to remain within the 4.5% target set by the National Assembly, although pressure during the year may arise from energy prices, housing and construction materials (rental prices, electricity prices).
Exchange rate stability in 2026: The Fed may slow down the interest rate cutting process in 2026 if energy commodity prices rise. However, domestic interest rates have increased since late 2025, helping to narrow the gap between VND and USD interest rates and thereby easing pressure on the VND.
Although deposit interest rates remain at historically low levels – below those recorded during the COVID-19 period (5.7%–5.8%) – in the context of accelerated credit growth to push economic growth, banks’ capital demand is expected to continue increasing in the coming period, thereby putting upward pressure on deposit rates in 2026. Deposit rates are forecast to rise by an additional 50 basis points, reaching a level of 5.6%–5.7% by the end of 2026.
BVSC’s Forecast of Macroeconomic Targets in 2025
| Key target | 2025 | 2026 | |
|---|---|---|---|
| Government Target | BVSC Forecast | ||
| GDP growth (%) | 8.02 | 10 | 8-10 |
| Average inflation (%) | 3.31 | 4-4.5 | 3.5-4 |
| Credit growth (%) | 19.01 | 15 | 18 |
| USD/VND fluctuation (%) | 3.09 | N/A | ±2-±4 |
Stock Market in 2026
A stable and unified socio-political environment.
High economic growth momentum. Private investment is being strongly promoted. Improved connectivity and key infrastructure investment in transportation, electricity, and oil & gas help Vietnam increase labor productivity and create conditions to attract more FDI inflows.
Vietnam is expected to attract large foreign capital flows into the stock market upon the official upgrade to Secondary Emerging Market status by FTSE in September 2026.
Business results of listed companies are projected to maintain a positive growth rate in 2026.
1
Prolonged geopolitical conflict in the Middle East may cause global capital to withdraw from risk assets, drive up energy prices, and disrupt supply chains. This may create domestic inflation and exchange rate risks, posing challenges for expansionary monetary policy management. Economic growth prospects and the business results of listed companies may also be affected, leading to revised earnings expectations, pressure on market valuations, and making investor sentiment more cautious.
2
Attractive investment channels in other sectors (gold, USD, bonds, etc.) may draw cash flows away from the stock market. Meanwhile, capital raising activities and IPOs may absorb liquidity from the market and increase equity supply.
3
New US tariff policies toward countries, including Vietnam, especially as the trade surplus with the US continues to increase in 2026.
4
The risk of redirecting credit flows into the manufacturing sector may affect the financial and real estate sectors.
KEY PLANS AND SOLUTIONS IN 2026
Advantages and Disadvantages of BVSC in 2026
Advantages
Being a reputable securities company with stable and sustainable operations on the stock market and having a long-standing and experienced workforce with good knowledge of the market are favorable factors for BVSC.
Disadvantages
The capital position of BVSC in the market has significantly declined in the context of aggressive capital increases by securities firms; the Company currently ranks 56th out of 80 in charter capital and 32nd in equity, limiting its competitive capacity. The relatively modest capital scale constrains BVSC from deploying certain products, such as derivatives trading, while also restricting the expansion of core services such as margin lending, advance payment services, and prefunding (non-prefunded trading services for foreign institutional clients) due to regulations linked to capital size, thereby creating significant challenges to the goals of maintaining market share and revenue growth.
business Plan Indicators for 2026
Based on the forecasts for the macroeconomic situation and the Vietnamese stock market in 2026, as well as the evaluation of the advantages and disadvantages for BVSC, the Company plans to submit the following business indicators for approval at the 2026 Annual General Meeting of Shareholders:
Business Plan for 2026
Currency: VND billion
| No. | Item | 2025 Actual | 2026 Plan | % 2026 Plan vs. 2025 Actual |
|---|---|---|---|---|
| A | TOTAL REVENUE | 1,104.7 | 1,078.5 | -2.4% |
| I | Realized revenue | 1,032.3 | 1,035.0 | 0.3% |
| 1 | Securities brokerage | 374.3 | 404.0 | 7.9% |
| 2 | Proprietary trading | 149.3 | 117.9 | -21% |
| 3 | Interest income from loans and deposits | 491.9 | 494.5 | 0.5% |
| 4 | Revenue from advisory, underwriting, and securities issuance agency services | 4.6 | 8.5 | 85% |
| 5 | Revenue from securities custody services | 8.3 | 6.8 | -17.8% |
| 6 | Other revenue | 3.8 | 3.3 | -14.8% |
| II | Unrealized revenue | 72.4 | 43.5 | -39.9% |
| B | TOTAL EXPENSES | 839.6 | 798.8 | -4.9% |
| I | Incurred expenses | 791.8 | 772.5 | -2.4% |
| II | Unrealized expenses | 47.8 | 26.3 | -44.9% |
| C | PROFIT BEFORE TAX | 265.1 | 279.7 | 5.5% |
| Of which: Realized profit before tax | 240.5 | 262.5 | 9.1% | |
| D | PROFIT AFTER TAX | 224.5 | 223.7 | -0.4% |
| Of which: Realized profit after tax | 204.4 | 210.0 | 2.7% |
after-tax profit growth target of approximately
3%
compared to the 2025 performance
The 2026 revenue target is set at VND 1,035 billion, broadly in line with the actual performance achieved in 2025. Of this, revenue from brokerage and margin lending & advance payment services is projected to increase by approximately 8% and 11%, respectively, reflecting the Company’s continued focus on strengthening its core business activities, enhancing operating efficiency, and further expanding its customer base. This is considered a relatively challenging target given the increasingly intense competition in the securities industry, with continued pressure on brokerage fees, lending rates and customer acquisition policies. Besides, the Company’s proactive implementation of a cautious investment strategy and strengthened risk management, together with limited room for growth in treasury operations amid a financial market with few opportunities, are also expected to affect revenue from proprietary trading and interest income from deposits. Despite this, the Company will focus on strengthening risk management and proactively controlling costs effectively in order to achieve an after-tax profit growth target of approximately 3% compared to the 2025 performance.
Implementation Solutions
To implement the 2026 business plan, the Company will closely follow market trends to implement the solutions in a synchronous and flexible manner, specifically:
Brokerage Activities - Financial Services
Client development: Focus on developing clients, particularly domestic and foreign institutional clients (Hong Kong, Singapore, etc.); high-trading-value client groups; promote new account opening through digital channels and the eKYC system, while enhancing the exploitation of the customer base within the Bao Viet ecosystem.
Products and Technology:
- The Company will continue to develop and upgrade online trading systems, trading features, and customer experience, including API connectivity with partners to expand online account opening channels; upgrade the BVSC Invest and iBroker applications and order placement functions for domestic and foreign clients; build an open-ended fund certificate system, a private placement corporate bond management system, direct order routing to the HNX, and deploying an AI assistant for investors...
- In addition, the Company will proactively develop flexible fee and margin interest rate policies, closely following market developments to ensure high competitiveness tailored to each customer group. At the same time, the Company will actively promote cross-selling coordination programs within the Bao Viet Holdings ecosystem to enhance the value and utilities provided to customers.
Human resources: In addition to traditional recruitment channels to find and develop experienced brokerage teams, the Company plans to continue organizing the Next Gen program in Hanoi and Ho Chi Minh City in 2026 to recruit new brokerage personnel with limited experience for training and build a qualified pipeline of successor brokers that deliver sustainable effectiveness in the future.
Capital Resources: Proactively optimize and effectively allocate internal capital, while strengthening negotiations with commercial banks to expand short-term and long-term borrowings, moving toward a more balanced and stable capital structure; thereby enhancing financial capacity to meet customer demand for margin lending and advance payment services under strict risk management.
Advisory, underwriting, and securities issuance agency services
The Company will focus on accelerating advisory activities for IPOs, listings, share and bond issuances, and divestments, while simultaneously increasing the search for and implementation of advisory mandates for capital arrangement and mergers and acquisitions. In addition, the Company will proactively connect with international partners such as GuarantCo/CGIF to develop sustainable capital mobilization products, helping to improve the capability to execute bond transactions.
Proprietary Trading
In 2026, the Company will continue to seek investment opportunities in the stock market by applying flexible investment strategies, closely following market developments and cash flow to set appropriate disbursement time, bringing efficiency to the investment portfolio. In addition, BVSC will continue to provide support services for fund management companies in ETF portfolio restructuring, particularly redemption/creation transactions, to assist clients in converting holdings between ETF fund certificates, while also expanding brokerage services for fund certificates with foreign investment funds. Furthermore, BVSC is seeking new investment opportunities in Corporate Bonds offering attractive yields and meeting the Company’s risk management criteria.
Custody services
Deliver professional, legally compliant depository services, ensuring that investor settlements are processed accurately and promptly.
Capital Resources
Given that the Company’s owner’s equity remains at a relatively modest level compared to industry peers, to meet the capital needs for key business activities such as bond investments, margin lending, advance payments, non-prefunding transactions, BVSC will proactively seek to increase both short-term and long-term borrowings from commercial banks; and implement a bond issuance plan to raise long-term capital for the Company.
Information Technology (“IT”) & Product Development
In 2026, the Company will continue to upgrade its information technology systems to meet new market requirements and those of VSDC, including features such as day trading, midday trading, and connectivity with custodian banks for non-custodial account balance inquiries. At the same time, BVSC is implementing upgrades to its data infrastructure (Oracle 26AI, Oracle servers) as well as the BDS and BPS systems to improve performance, security and ensure stable operations.
In addition, BVSC will focus on building a centralized data platform and normalizing data flows, forming a unified knowledge repository to support employees in daily operations and promote automation of internal processes such as contract management and accounting documents on the MS365 platform, as well as tools supporting post-check of eKYC, contributing to improved control efficiency and process optimization.
BVSC will also accelerate product development and customer experience enhancement through improving features on B-wise and mobile application; building trading systems for private placement corporate bonds, open-ended fund certificates, and ETF swap products, while also studying participation in the carbon market. Concurrently, the Company will continue to optimize product policies and implement flexible fee and margin interest rate incentives to enhance its competitiveness.
Research, Analysis and Investment Advisory
Company will continue to strengthen and enhance the quality of core product groups, including industry and company reports, macroeconomic and market reports, periodic and annual strategy reports, while enhancing investor outreach on digital platforms through webinars, livestreams and the “Market Decoding” video series, thereby increasing communication effectiveness and information delivery. Furthermore, the Company will strengthen direct connections with funds in Hong Kong and Singapore through exchange sessions, presentations, information updates and institutional client servicing activities.
Human Resources and Compensation Policy
Review and develop a key personnel planning strategy for the 2026–2031 period, focusing on training to enhance the leadership and management capabilities of the current team Leaders and middle management.
Review, amend, and supplement compensation policies, focusing on the brokerage division to remain competitive and attract talent, particularly for the individual client investment advisory team.
Continue researching and designing KPIs or OKRs for management and support divisions in order to implement performance evaluation that ensures objectivity, fairness and transparency.
Implement the annual NextGen 2026 recruitment and training program, alongside professional expertise and skill training programs tailored to the competency framework of each position.
Communications & Brand Development & Investor Relations
Promote the application of AI in customer outreach and care through AI Marketing-Driven solution on the website, enabling user behavior analysis, content personalization, and experience optimization to improve conversion rates. On that basis, the Company implements communication activities following a digital marketing and multi-channel approach, including press, digital platforms, webinars, livestreams and the “Market Decoding” video series on Facebook and YouTube, in order to provide in-depth, accessible information aligned with digital communication trends, while also implementing customer outreach programs such as “From Learning to Earning” to expand the customer base and enhance brand awareness.
Strengthening internal communications, build a corporate culture oriented toward innovation and high performance on an AI-first mindset, thereby enhancing engagement and operational efficiency.
For investor relations activities, the Company will perform full information disclosure in both Vietnamese and English, including both periodic and extraordinary information to enhance transparency and information accessibility for investors; while maintaining and diversifying information exchange channels with shareholders and stakeholders.
Organize the Annual General Meeting of Shareholders in accordance with regulations; at the same time, maintain and diversify interaction channels with shareholders, investors and customers through online platforms (email, Zalo Official Account, Facebook, etc.), thereby contributing to improved service quality and customer experience.
The Company will continue to maintain a stable cash dividend policy with a dividend rate of 8% of par value, demonstrating its commitment to ensuring benefits and sustainable value for shareholders (from 2018 up to now, despite significant volatility in the stock market, BVSC has consistently maintained a stable cash dividend policy with payout ratios ranging from 8% to 10% of par value).
Legislation & Compliance Control
Proactively monitor and update new legal and regulatory requirements to ensure the timely standardization of internal processes and policies, supporting effective and prudent operations. Concurrently, strengthen the supervisory role of internal audit and risk management for the Company’s business activities. The review scope will be expanded, with a deeper focus on key business activities and high-risk areas, thereby reinforcing the internal control system, enhancing compliance, and ensuring the Company’s safe and sustainable development.
Promoting Cross-Selling Activities with Member Units within the Bao Viet Holdings Ecosystem
Based on the synergy activities effectively implemented in 2025, in 2026, BVSC will continue to promote coordination with member units within the Bao Viet Holdings ecosystem to optimally exploit the shared customer base and increase the value of financial service provision, thereby driving business growth. Specifically, the Company will expand synergy with Bao Viet Insurance Corporation, while deepening collaboration with Bao Viet Life through VIP customer care programs, contributing to promoting cross-selling activities; simultaneously, continuing the program “60 years of unwavering trust – Bao Viet people prioritize Bao Viet products”, which offers incentives for internal customer groups across the entire Bao Viet system. Besides, BVSC will coordinate with member units to research and develop integrated and highly linked financial products and services to flexibly meet the diverse needs of customer segments, from individuals to corporations.