Which securities firm holds largest stake in Vietnam’s FPT shares?

Data from FiinTrade shows the proprietary trading desks of securities firms in Vietnam have recorded net sales of more than VND400 billion (US$15.2 million) worth of FPT shares since 2024.

The trend has coincided with sustained foreign capital outflows from Vietnam-focused exchange-traded funds, prompting brokerages to sell shares for market-making activities and portfolio rebalancing.

Still, FPT remains a blue-chip stock in portfolios of many leading brokerages.

SSI Securities Corporation (SSI) and VNDirect Securities Corporation (VND) each held approximately VND30-40 billion ($1.1-1.5 million) worth of FPT shares as of the second quarter of 2026.

At VNDirect, the investment mainly serves as a hedge for covered warrants issued on FPT shares.

Among firms with larger positions, Ho Chi Minh City Securities Corporation (HSC) held around VND150 billion ($5.7 million) worth of FPT shares after cutting its stakes earlier this year.

Vietcap Securities JSC (VCI) has the largest exposure among brokerages that publicly disclose detailed proprietary portfolios, with nearly VND650 billion ($24.7 million) invested.

As FPT shares have been in a prolonged correction since 2025, most of these investments are currently showing mark-to-market losses.

Vietcap alone reported a paper loss of VND212.26 billion ($8 million) as of the second quarter of 2026, equivalent to nearly 33 percent of its investment.

This was also the largest loss in its equity portfolio, exceeding the approximately VND186-billion ($7 million) unrealized loss on shares of Khang Dien House Trading and Investment JSC (KDH).

The recent rebound in FPT shares since late July may narrow losses in the third quarter. However, the actual impact will depend on whether the stock can sustain its rebound in the coming months.

Meanwhile, the broader securities sector has yet to recover.

About 75 percent of securities stocks were down compared to early 2026.

Wrapping up the Monday trading session, FPT Securities JSC (FTS) fell nearly 25 percent, Saigon-Hanoi Securities JSC (SHS) dropped over 24 percent, SSI lost almost 19 percent, and Vietcap declined around 15 percent.

Foreign investors have also shifted positions.

Finland’s PYN Elite Fund sold all its FPT shares in early 2025, warning of a possible tech bubble similar to the dot-com crash in 2000-2002.

However, PYN Elite returned to buying FPT shares in October 2025.

By the end of June this year, FPT had become the fund's fourth-largest holding, accounting for about 7.7 percent of total assets.

The stock continued to decline until late last month before staging its current rebound.

Since the start of this year, the stock has dropped about 24.12 percent, becoming the second-worst performer in the VN30 basket after Saigon-Hanoi Commercial Joint Stock Bank (SHB), which has fallen 26.15 percent.

Compared with its record high in early 2025, FPT at one point lost nearly 47 percent of its market value.

The weak share price performance contrasts with the company's continued double-digit earnings growth.

In the first half of 2026, FPT reported revenue of VND26.269 trillion ($1 billion), up 12.6 percent year on year.

Its pre-tax profit reached VND5.714 trillion ($217 million), up 18 percent, while net profit attributable to shareholders of the parent company rose 14 percent year on year to VND5.055 trillion ($192 million).