VN-Index rises 3%, yet 80% of securities stocks still decline.

After more than 5 months of 2026, the stock market is recording 80% of tickers declining.

80% of stocks are falling

While the VN-Index has risen about 3% as of June 5, the securities industry has 32 out of 40 stocks on the three exchanges recording declines, equivalent to 80% of the entire sector.

Among them, major player SSI has dropped about 10.7% after nearly half a year. VPX – a stock that listed at the end of 2025 – has also fallen about 11%.

In the mid- and small-cap group, the pressure is even stronger. VFS has fallen over 20%, while APG has lost nearly 58% of its market value.

What is noteworthy is that this development occurs while supportive stories such as expectations of an FTSE upgrade and the wave of IPOs are still intact. However, instead of becoming the leading group, many stocks are declining broadly.

Many investors are questioning whether the growth expectations for the industry have been priced into the stock prices too early, or if these are just pullbacks in a new cycle of the Vietnamese stock market. Additionally, pressure comes from capital competition among a series of securities companies.

Shareholders feel dizzy due to dilution and additional issuance

Not only are stock prices declining, but shareholders in the securities industry also have to manage their finances to participate in capital increase issuances, such as SSI issuing additional shares at a 5:1 ratio in early 2026, or VIX issuing additional shares at a 10:6 ratio in the second quarter of 2026.

Many securities companies are generous with stock bonuses or paying stock dividends to maintain competitive capital positions. As early as June 2026, TCBS completed paying stock dividends of 462 million shares to bring its charter capital back to the top spot.

Meanwhile, VPS, after issuing 913 million bonus shares to shareholders, is preparing for a private placement.

After the first half of 2026, the capital increase race in the securities industry is no longer a two-player race, with VIX and VPS joining the group of companies with charter capital over 20 trillion VND.

Behind this group, urgency is also evident at securities companies backed by banks, such as Vietcap Securities (VCI), MB Securities (MBS), and HD Securities (HDBS), which have all raised their charter capital to over 10 trillion VND.

As for the Big 4 group, VCBS Securities just raised its capital from 2.5 trillion VND to 8.5 trillion VND at the end of May 2026. Overall, the pressure to maintain market position is making the dilution of shareholder interests particularly sensitive for many individual investors