Cover Vietcap (VCI) is intensifying its focus on brokerage, IPO consulting, and margin lending—offering enhanced value for both shareholders and investors. Photo: Vietcap
Vietcap (VCI) is intensifying its focus on brokerage, IPO consulting, and margin lending—offering enhanced value for both shareholders and investors. Photo: Vietcap
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Poised to ride the crest of the highly anticipated upgrade to Vietnam’s stock market, Vietcap (VCI) is intensifying its focus on brokerage, IPO consulting, and margin lending.
As Vietnam’s stock market stands on the brink of a significant upgrade, new doors are opening for firms such as Vietcap (VCI). With a clear and forward-thinking strategy, the company is not only keeping pace with emerging trends but also making decisive moves to strengthen its foothold. According to Chairwoman Nguyen Thanh Phuong, this shift is set to redirect the flow of foreign capital and enhance market transparency—prompting businesses to elevate their technology, broaden capital scales, and innovate their offerings.
At the heart of Vietcap’s growth strategy lies its brokerage business—long regarded as its core strength. The firm aims to reinforce its position in the institutional client space while also venturing further into the individual segment. A seamless financial ecosystem and robust digital initiatives are central to this expansion. In tandem, Vietcap is capitalising on low-cost capital sources to grow its margin lending services—catering to practical client demands, albeit viewing this offering as complementary rather than essential. One area where Vietcap continues to stand out is IPO consulting. With a current portfolio exceeding VND 50,000 billion, the firm is well-positioned to reap rewards from several high-profile deals expected in 2025. By combining technological advancement, strong liquidity, and deep-rooted expertise, Vietcap is not merely adapting to an evolving market but laying solid groundwork for enduring growth and leadership.
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Strengthening brokerage and building on leadership
Vietcap has carved out a formidable presence in the institutional brokerage arena. Ms Phuong notes that by 2025, the company intends to remain firmly within the Top 5 securities firms by brokerage market share on HOSE, while maintaining its leading 30% share in the institutional segment. At the same time, a new strategic direction is taking shape—centred on two core initiatives for the individual investor.
Above Vietcap Chairwoman Nguyen Thanh Phuong addresses shareholders on the afternoon of 1 April. Photo: Vietcap
Vietcap Chairwoman Nguyen Thanh Phuong addresses shareholders on the afternoon of 1 April. Photo: Vietcap
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The first of these is a focus on building the most trusted brand in Vietnam’s securities sector. To do so, the company is shaping an all-encompassing financial product suite—spanning equities, bonds, derivatives, deposits and asset management—tailored to meet a wide range of investor needs.
The second lies in the advancement of digital capability. By harnessing big data and automating key processes across both client-facing and internal operations, Vietcap is setting out to refine its service delivery while enabling smarter decision-making.
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Take advantage of cheap capital to expand margin lending
Margin lending has become an increasingly central element in the operations of securities firms, exerting a direct influence on market liquidity. In 2024, Vietcap recorded a rise of more than 45% in margin debt. Yet, through increased charter capital—via the issuance of private shares and bonuses—the margin-to-equity ratio fell from 103% to 86% by year-end.
Looking ahead to 2025, Vietcap intends to harness low-cost capital from foreign syndicated loans to scale its margin lending activities. While this is not positioned as a strategic priority, the service is seen as a practical solution tailored to evolving client demands. The decision to extend its investment in this area stems from current market dynamics and a desire to deliver tangible value to investors.
Focus on promising IPOs
Since late 2024, as interest rates have continued to ease and valuations improved, confidence in the capital market has been steadily revived. Vietcap anticipates a sharp rise in demand for consulting services around listings, IPOs and floor transfers, particularly as more Vietnamese enterprises meet the benchmarks for market participation. A market upgrade would, crucially, provide wider access to foreign investment—fueling a renewed sense of urgency among companies to fast-track their IPO aspirations.
Above Mr To Hai, General Director of VCI, forecasts a recovery in IPO and M&A markets by Q4 2025. Photo: Vietcap
Mr To Hai, General Director of VCI, forecasts a recovery in IPO and M&A markets by Q4 2025. Photo: Vietcap
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Vietcap, already a key player in IPO and listing advisory, now manages a consulting portfolio exceeding VND 50,000 billion. In 2024 alone, two flagship deals totalling more than VND 10,000 billion were launched, setting the stage for strong returns. The coming year is expected to see a wave of high-profile IPOs, and Vietcap stands well placed to benefit from this momentum.
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