Top 10 Securities Companies in Vietnam: From Market Leaders to Struggling Players

Vietnam's securities industry has rapidly matured over the past decade, evolving from basic brokerage services into full-service financial institutions encompassing technology integration, wealth management, and international partnerships. Utilizing comprehensive financial data, risk assessments, and the latest Vietnamese media sources, this article provides an objective ranking of the Top 10 Securities Companies in Vietnam based on market share, profitability, transparency, innovation, and risk management.

1. VPS Securities (CÔNG TY CỔ PHẦN CHỨNG KHOÁN VPS) – The Dominant Force

VPS continues to dominate the Vietnamese brokerage market with the highest trading volume and top market share on the Ho Chi Minh Stock Exchange (HOSE), holding 16.45% as of Q4/2024. Despite a slight dip in revenue, VPS remains highly profitable and operationally strong. Its tech-driven platform and aggressive pricing model have attracted millions of retail investors. The company’s resilience and consistent equity growth place it solidly at the top.

2. SSI Securities Corporation (CÔNG TY CỔ PHẦN CHỨNG KHOÁN SSI) – The Veteran Giant

As the oldest and most trusted broker in Vietnam, SSI ranks second in market share with 9.19%. SSI has maintained strong profitability, boasting total assets of over USD 2.8 billion and a net income of nearly USD 90 million in 2023. Its leadership team, commitment to market transparency, and extensive institutional base ensure its continued dominance, despite increasing competition from younger, more tech-savvy firms.

3. Techcom Securities (TCBS - CÔNG TY CỔ PHẦN CHỨNG KHOÁN KỸ THƯƠNG) – The Quiet Tech-Driven Performer

TCBS is perhaps the most underrated player in the market. Backed by Techcombank, it has quietly built one of the most profitable operations, with a 2023 EBITDA of USD 162 million and net income near USD 99 million. Its fully digital investment platform, TCInvest, makes it a favorite among affluent retail clients. Despite low media visibility, its financial strength and efficiency rank it third overall.

4. HSC – Ho Chi Minh City Securities Corporation (CÔNG TY CỔ PHẦN CHỨNG KHOÁN THÀNH PHỐ HỒ CHÍ MINH) – Steady and Strategic

HSC combines transparency, solid leadership, and nationwide reach. With over USD 735 million in total assets and net income above USD 27 million in 2023, HSC is a trusted name for institutional and retail clients. Although not as fast-growing as some rivals, it remains a stable, well-managed force in Vietnam’s capital market.

5. Vietcap Securities (VCSC - CÔNG TY CỔ PHẦN CHỨNG KHOÁN BẢN VIỆT) – Boutique Investment Powerhouse

Led by Chairwoman Nguyen Thanh Phuong, Vietcap positions itself as a boutique-style investment firm, combining client trust with in-depth advisory services. In 2023, Vietcap reported over USD 708 million in assets and USD 20 million in profit, showing resilience in a volatile market. Its strong institutional base and strategic leadership earn it the fifth spot.

6. VNDIRECT Securities (CÔNG TY CỔ PHẦN CHỨNG KHOÁN VNDIRECT) – Customer-Centric but Facing Challenges

VNDIRECT is widely recognized for its customer-first approach and digital transformation. However, missing financial disclosures in 2024 raised concerns about transparency. Still, with a large and loyal retail client base, strong leadership under Chairwoman Pham Minh Huong, and historical profitability, it holds sixth place in this year’s ranking.

7. MB Securities (MBS - CÔNG TY CỔ PHẦN CHỨNG KHOÁN MB) – Military-Backed and Growing

With ownership from MB Bank, MBS benefits from institutional strength and a conservative management style. In 2023, MBS experienced asset growth of 44% and a net profit of nearly USD 24 million. While it may not be as innovative as others, its stability, discipline, and cross-selling potential secure its position among the top 10.

8. Mirae Asset Securities Vietnam (MAS - CÔNG TY CỔ PHẦN CHỨNG KHOÁN MIRAE ASSET VIỆT NAM) – Capital-Rich, Transparency-Poor

Despite being backed by a global giant, Mirae Asset’s Vietnamese subsidiary raises serious concerns. While its market share is growing (4.08% in Q4/2024), the company has not publicly published any financial data. Its affiliated finance company reported accumulated losses exceeding USD 44 million in 2023–2024 and was involved in a data privacy scandal affecting 150,000 Vietnamese citizens, which raises both reputational and regulatory red flags. Its powerful brand keeps it in the top 10—for now.

9. KIS Vietnam Securities (CÔNG TY CỔ PHẦN CHỨNG KHOÁN KIS VIỆT NAM) – Foreign-Owned but Lacking Visibility

Owned 99.81% by Korea Investment & Securities, KIS has been in Vietnam since 2007 but suffers from minimal brand presence and zero public financial disclosure. Despite rising market share (3.2%), its complete lack of transparency and absence of local strategic leadership hurt its ranking.

10. FPT Securities (FPTS - CÔNG TY CỔ PHẦN CHỨNG KHOÁN FPT) – The Comeback Company

Backed by FPT Corporation and SBI Securities Japan, FPTS has recently returned to the top 10, showing asset growth of 55% in 2023 and USD 18 million in profit. Its technology-driven services and conservative financial style appeal to mid-level investors, but it remains small in terms of market share (2.92%) and brand impact compared to its peers.

Final Thoughts: Transparency and Innovation Will Define the Future

The Vietnamese securities market is increasingly competitive, and the winners of tomorrow will be defined not only by their trading volumes or parent banks but by transparency, technological advancement, customer engagement, and compliance discipline.

For investors, banks, and regulators alike, understanding the true health of these institutions is critical. That’s why independent analysis from firms like VANGUARD BUSINESS INFORMATION LLC (VNBIS)—which offers deep financial insights and risk management reports—is essential for navigating Vietnam’s dynamic capital market.

As Vietnam opens up further to international investors and digital trading, these rankings will continue to evolve. But one thing remains clear: Only those firms who combine strength with transparency will lead the next chapter of Vietnam’s financial transformation.