AsemconnectVietnam - VNDIRECT Securities Joint Stock Company (stock code VND) held its 2026 Annual General Meeting of Shareholders on May 18th, focusing on activating the VNDNEXT transformation strategy and approving a pre-tax profit plan for 2026 of VND3,018 billion, a 20% increase.

According to the new direction, VNDIRECT will transform from a traditional securities company model to a comprehensive financial institution, expanding its role from brokerage to consulting and partnering with clients in long-term asset management. The VNDNEXT strategy is implemented on three main axes: business model, technology, and people. In particular, the company is shifting its focus from trading to consulting and asset management.
Ms. Pham Minh Huong, Chairwoman of the Board of Directors of VNDIRECT, believes that the company's greatest sustainable advantage comes from having weathered many major events over its 20 years of operation, thereby developing management capabilities and the ability to build a risk-resilient system.
According to Ms. Huong, the opportunities in the finance, securities, and capital markets today are immense, as the role of financial institutions is increasingly valued by businesses and regulatory agencies. Despite the strong development of AI, customer financial service needs are becoming more complex.
“AI is not a challenge but an opportunity. The value of technology today lies in its ability to connect people, businesses, and value chains to create a connected economy,” Ms. Huong emphasized.
The VNDirect leadership stated that the company's revenue model is now more balanced than before, no longer primarily dependent on margin lending or brokerage fees. Besides traditional business segments, revenue from capital market operations is contributing increasingly to the profit structure. According to VNDirect, the most important factor in the current period is building risk management capacity, selecting good companies to issue and distribute products, and maintaining trust with investors and the market.
Regarding brokerage market share, the company's leadership acknowledges that VNDirect has missed some opportunities in the past. However, as the Vietnamese stock market moves closer to its upgrade goal, the company believes this will be a great opportunity to access foreign capital, especially given VNDirect's advantages in technology, transaction processing speed, and system stability.
In the individual client segment, VNDirect believes that the demand for asset management and capital management in Vietnam remains very high. According to the company, the current issue is not the number of clients but the capacity to serve and provide suitable solutions. If businesses only compete on transaction fees or margin interest rates, they will find it difficult to achieve sustainable growth.
Regarding business results, in 2025, VNDIRECT recorded total net revenue of VND5,091 billion, an increase of 24.7% compared to the previous year. Pre-tax profit reached VND2,508 billion, an increase of 20%; after- tax profit reached VND2,022 billion, an increase of 17.7%. Total assets at the end of 2025 reached VND51,629 billion, an increase of 17%; equity reached VND20,903 billion, an increase of 6%. In the individual customer segment, VNDIRECT is managing more than 1 million accounts, with an average total customer asset value (NAV) of approximately VND200,000 billion.
In 2026, VNDIRECT plans total net revenue of VND5,569 billion, an increase of 9% compared to the previous year. Pre-tax profit is projected to reach VND3,018 billion, a 20% increase, while the target after- tax profit is VND2,414 billion, a 19% increase. The management stated that this plan is based on the expectation of continued stock market growth and a positive recovery in core business segments. In the medium term, VNDIRECT aims to maintain an average ROE of approximately 15% over the next five years to ensure sustainable operational efficiency.
Responding to a shareholder's question regarding Trung Nam's bonds, Mr. Nguyen Vu Long, General Director of VNDIRECT, said that Trung Nam Joint Stock Company is one of the companies that the company has underwritten for bond issuances over the years. According to Mr. Long, Trung Nam has gone through a particularly difficult period over the past three years when the bond market was in crisis, making it almost impossible for the company to raise new capital.
Furthermore, changes in policy mechanisms in the energy sector and legal obstacles in major infrastructure projects have disrupted the company's cash flow. Many projects have stalled due to bureaucratic hurdles between ministries and agencies that have not been resolved in a timely manner, forcing the company to struggle to maintain operations from 2022 to the present.
However, according to VNDIRECT's leadership, the situation is now showing more positive signs as many legal obstacles are gradually being addressed. Several key infrastructure projects of Trung Nam have been included in the list for resolution, including the flood control project in Ho Chi Minh City. The company is also gradually receiving back the land allocated as compensation for its previously invested capital.
Furthermore, changes in policy mechanisms in the energy sector and legal obstacles in major infrastructure projects have disrupted the company's cash flow. Many projects have stalled due to bureaucratic hurdles between ministries and agencies that have not been resolved in a timely manner, forcing the company to struggle to maintain operations from 2022 to the present.
However, according to VNDIRECT's leadership, the situation is now showing more positive signs as many legal obstacles are gradually being addressed. Several key infrastructure projects of Trung Nam have been included in the list for resolution, including the flood control project in Ho Chi Minh City. The company is also gradually receiving back the land allocated as compensation for previously invested capital.
In the energy sector, issues related to electricity bill payments are also being reviewed and processed by relevant authorities. Mr. Long stated that EVN is currently proposing a final solution for the energy project group, creating expectations that this will help the company unblock cash flow and regain access to credit.
According to VNDIRECT, Trung Nam Energy Joint Stock Company currently has total assets of approximately VND41,000 billion and annual electricity revenue of VND5,500-6,000 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan