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The company said it will continue to prioritise leading enterprises when selecting new investment targets.
On November 10, TVS reported a sharp earnings surge in Q3, with total operating revenue reaching $14.3 million, 116.6 per cent on-year. Robust revenue growth drove profit before tax to $8.53 million, up 285.7 per cent on-year, while profit after tax jumped 273.3 per cent on-year to $6.88 million.
For the first nine months of 2025, TVS recorded profit before tax of $12.9 million, up 60.2 per cent on-year. Meanwhile, its profit after tax reached $10.53 million, up 57 per cent on-year, reaching 83 per cent of the full-year goal.
With these results, TVS has maintained an average annual return of over 20 per cent on its listed equity investments for more than a decade, reflecting the firm’s strong management capabilities and disciplined investment strategy. Return on equity stood at 16 per cent, ranking among the top five securities firms in the market, based on data reported in TVS Briefing Q3 2025 business results.
As of September 30, total consolidated assets reached nearly $288.97 million, up 3.1 per cent from last year, while consolidated equity rose 11.3 per cent to approximately $98.86 million. Undistributed profit after tax stood at over $30.95 million.
In October, TVS implemented a capital increase plan, issuing an additional 333.99 million shares to existing shareholders at a 5:1 ratio. Raised capital will be fully allocated to investments in equities, bonds, fund certificates, term deposits, and certificates of deposit.
At the TVS Briefing meeting to update on results, CEO Nguyen Thanh Thao said, "The company is different from most securities firms, as it does not rely heavily on brokerage and margin lending. Instead, it follows a boutique investment banking model with a well-diversified revenue structure built on proprietary trading, asset management, and investment banking services."
In the first nine months of 2025, proprietary trading and asset management respectively contributed $7.3 million and $3.1 million in profit, achieving 88 per cent and 86 per cent of annual targets. The proprietary trading division posted strong performance, with management noting that the firm actively restructured its portfolio multiple times during the period to enhance investment efficiency and to realise profits to reduce market risks.
In asset management, total assets under management reached $847.9 million by the end of Q3, up roughly 30 per cent from the start of the year and surpassing the company’s full-year target of $817.5 million approved at the latest AGM.
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Expanding investments
As of September 30, Masan Group remained the largest listed holding in TVS’s portfolio, with a total investment cost of over $2.8 million, a significant increase from the beginning of the year. In contrast, the firm reduced its exposure to Hoa Phat Group and Techcombank after realising profit at favourable prices, thereby strengthening its cash position for the next investment phase.
Beyond listed equities, TVS also holds several private investments, underscoring its differentiated strategy compared with most securities firms.
Among these, MoMo stands out as a flagship long-term investment. TVS has accompanied the fintech platform since its early stage, with an investment of nearly $1.1 million. Now valued at around $2 billion, MoMo has become Vietnam’s leading fintech platform. TVS currently holds about 6 per cent of its shares, maintaining a 17-year strategic partnership.
In the same fintech landscape, TVS has also invested in Finhay, a digital investment platform targeting young investors. Finhay turned profitable in 2024 and continues to expand its tech-based products for Vietnamese users.
Another highlight in TVS’s private portfolio is Galaxy Entertainment & Education, which operates across film, entertainment, and online education. In entertainment, Galaxy owns 24 cinemas with 141 screens and serves more than 11 million users through its streaming platform, Galaxy Play.
In education, Galaxy Education continues to strengthen its position as one of Vietnam’s leading ed-tech companies, covering four key segments: English learning, online tutoring, standardised testing, and vocational training. During Q2, the company successfully raised $10 million in a funding round led by East Ventures.
TVS has also invested in NamiTech, which is expanding their footprints aggressively across Southeast Asia and Japan. NamiTech is an AI company developing pioneering solutions in voice and conversational intelligence, with applications across multiple industries. Its technologies help businesses enhance customer experience, automate operations, and optimise performance.
Most recently, TVS invested in Citics – a real estate data, valuation, and service platform that has digitised more than 34 million residential properties nationwide. By partnering with over 30 financial institutions, Citics is expected to play a key role in accelerating the digital transformation of Vietnam’s real estate market.
CEO Thao noted that unlike most investment funds, TVS is not bound by rigid divestment timelines, allowing the company to strategically choose the optimal exit window to maximise value for both the firm and its shareholders.
"Some of TVS’s current holdings have been long-term partnerships for several years," Thao said. "Over the next 12–18 months, the company plans to partially or fully divest 1–3 investments, while expanding its portfolio into healthcare, food and beverage, and electric vehicles, which have strong long-term growth potential and resilient demand even amid market volatility."
In proprietary trading, TVS will continue to pursue a disciplined liquidity management strategy, seeking higher-yield opportunities while maintaining sustainable profitability, Thao added.
As of now, the firm’s current investment portfolio – as a proportion of total assets – consists of 11 per cent listed equities, 56 per cent certificates and term deposits, 4 per cent bonds, and 4 per cent unlisted equities.
The investment banking segment has experienced stronger momentum since May, with a growing deal pipeline of mergers and acquisitions, equity capital markets, and debt capital markets transactions. These transactions are primarily focused on sectors with stable growth fundamentals such as consumer goods, seaports, logistics, and aviation.
