Credit Rating Result

Hanoi, 14 May 2026 - VIS Rating has affirmed the long-term issuer rating of VNDIRECT Securities Corporation (VNDS) at A-. The outlook on VNDS’s A- issuer rating is stable.
The rating presented in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action. Please visit https://visrating.com/rating-results to obtain the latest update on the rating.

Rating rationale

The affirmation of VNDS’s A- long-term issuer rating with a stable outlook reflects VIS Rating’s expectation that VNDS will continue to generate robust profitability, supported primarily by its core brokerage and margin lending business. The rating also incorporates VNDS’s lower than peer leverage and the ongoing de risking of its fixed income portfolio, which together underpin strong loss absorption capacity and help contain asset risks.
We expect VNDS’s profitability to remain broadly stable over the next 12-18 months, driven by resilient brokerage and margin lending income as the firm expands its wealth management and investment products for its extensive mass-retail customer base. Earnings stability is further supported by VNDS’s diversified income mix, which remains stronger than that of most peers.
In 1Q2026, return on average assets (ROAA) rose to 4.4% from 4.0% in 2024, reflecting higher investment gains and margin lending income amid favorable market conditions. Pre-tax earnings volatility declined by 13 percentage points to 45% in 2025, remaining below peer levels. This improvement is credit positive and underpins the company’s earnings resilience.
We expect VNDS’s asset risk profile to gradually stabilize over the next 12-18 months, supported by the continued de‑risking of its fixed-income portfolio, including accelerated debt restructuring and a shift toward lower risk bonds. As of end-2025, financial institution bonds accounted for 50% of VNDS’s bond portfolio, up from 40% in 2024. Meanwhile, exposure to distressed real estate, hospitality, and energy companies remained contained at around 21% of total assets at end-2025, down from 23% in 2024, largely comprising non-financial corporate bonds, receivables, and bond buyback commitments. According to the management, the positive progress in resolving issues for these energy companies will support power tariff renegotiations with the offtakers and strengthen their cash flows. While downside risks appear manageable, we expect debt recoveries from these highly leveraged issuers are likely to materialize gradually, as elevated interest rates and uncertainties surrounding power tariff negotiations continue to constrain operating cash flows and prospects for collateral liquidation.
The firm’s expansion to mass-retail margin lending will further reduce credit concentration. In 2025, supported by strong equity market conditions, overdue margin loans declined by nearly half year-on-year to 0.2% of total assets. Potential credit loss remain limited, given the high liquid of collateral underpinning these exposures.
We expect VNDS’s leverage and liquidity profile to remain stable over the next 12-18 months, supported by modest asset growth of 5% in 2026. Management targets to maintain a leverage ratio of 2.4x-2.6x– below most peers - through continued access to diversified and low-cost funding sources. VNDS’s inflow-to-outflow ratio was 97% at end-2025, broadly in line with peers.
VNDS’s A- long-term issuer rating reflects our expectation of low likelihood of government and affiliate support in times of need over the next 12-18 months. 

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Credit rating history

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