Vietnam's top 10 securities companies

According to information from the Ho Chi Minh City Stock Exchange (HoSE), VPS Securities Joint Stock Company continued to lead the brokerage market share on the HoSE exchange in 2023 with 19.06%.

Thus, VPS has maintained its position as the top brokerage market leader on the HoSE exchange for three consecutive years, widening the gap with its closest competitors such as SSI, VNDirect...

Following behind, the second and third positions belong to SSI Securities Corporation (10.44%) and VNDirect Securities Corporation (7.01%), respectively, with no changes compared to 2022.

At the fourth position, Techcom Securities Joint Stock Company (TCBS) has "overtaken" Ho Chi Minh City Securities Corporation (HSC), holding 6.32% market share. HSC dropped to fifth place in the rankings, with a 5.32% market share. Meanwhile, Mirae Asset Securities Company has dropped one rank from the previous year, down to sixth place with 5.06%.

The remaining four positions belong to MB Securities Joint Stock Company, Viet Capital Securities Joint Stock Company, KIS Vietnam Securities Corporation, and FPT Securities Joint Stock Company (FPTS). There has also been some reshuffling among the bottom-ranking companies in the top 10 compared to the previous year.

Overall, the brokerage transactions of these top 10 companies collectively account for nearly 70% of the total market share.

Let's delve into the profiles of these leading firms with more detailed financial information for 2023.

1. Vietnam Thinh Vuong Securities Commercial Joint Stock Company (VPS)

In the stock market, VPS Securities Joint Stock Company (VPS) leads in brokerage market share across three exchanges: Ho Chi Minh City Stock Exchange (HoSE), Hanoi Stock Exchange (HNX), and UPCoM, as well as in the derivatives market. In the underlying market, VPS's brokerage market share in Q4 and the entire year of 2023 is estimated to exceed 1/5 of the total market. In the derivatives market, VPS holds 58.1% market share in Q4 and 59.16% for the entire year of 2023.

As a result, the brokerage segment of the company has performed exceptionally well in Q4 and throughout 2023. According to the just-released consolidated financial report for Q4/2023, the brokerage segment's revenue reached 808 billion VND, a 47% increase compared to the same period last year. In Q4/2023, there were a total of 65 trading sessions, resulting in VPS earning over 12 billion VND in brokerage fees on average per day.

In Q4/2023, VPS Securities achieved operating revenue of 1,589 billion VND, marking a 13% increase compared to the same period last year. After deducting expenses, the brokerage firm recorded a pre-tax profit of over 238 billion VND in Q4/2023, which is 2.4 times higher than the same period last year.

As of December 31, 2023, the total assets of the company amounted to 22,459.4 billion VND, an increase of over 2,200 billion VND compared to the beginning of the year.

VPS's FVTPL portfolio had a value of 5,598 billion VND, higher by 1,837 billion VND compared to the beginning of the year. Within this portfolio, monetary market instruments amounted to 4,948.7 billion VND, while bonds were valued at 603 billion VND, representing increases of 1,249 billion VND and 582.5 billion VND, respectively, compared to the beginning of the year.

Listed and unlisted stocks recorded values of 30.6 billion VND and 15.4 billion VND, respectively. Investments held to maturity (HTM), including term deposits exceeding 3 months, amounted to 1,671 billion VND, which was not accounted for in the same period last year.

2. SSI Securities Corporation (SSI)

Established in 1999, SSI Securities has been a stalwart presence in Vietnam's financial landscape, embodying a legacy of excellence and pioneering spirit. Over the past two decades, SSI has distinguished itself as a leading institution in the country's securities sector, offering a diverse array of services tailored to meet the evolving needs of investors.

In 2023, SSI's total revenue reached 6,984 billion VND, with pre-tax profit reaching 2,705 billion VND, marking a respective increase of 12% and 35% compared to 2022. Specifically, revenue from the securities services segment amounted to 3,134.8 billion VND. Within this segment, brokerage, custody, investment advisory, and other services contributed over 1,566 billion VND, while margin lending and advance payments for securities purchases reached 1,568.4 billion VND.

As of December 31, 2023, the total assets and shareholders' equity reached 68,519 billion VND and 22,584 billion VND, respectively, marking increases of 33% and 3% compared to the end of 2022.

3. VNDIRECT Securities Corporation (VNDirect)

VNDirect Securities Corporation stands as a cornerstone of Vietnam's financial landscape, leveraging its dynamic presence and comprehensive suite of services to cater to the diverse needs of investors since its inception in 2006. With a steadfast commitment to excellence, VNDirect has emerged as a leading player in Vietnam's securities industry, offering a spectrum of financial services ranging from brokerage to investment banking and asset management.

In the cumulative span of 2023, VNDirect recorded operational revenue of 6,562 billion VND, marking a 6% decrease compared to 2022. However, pre-tax profit surged by an impressive 44% to reach 2,482 billion VND. Net profit amounted to 2,018 billion VND, witnessing a substantial increase of 48% compared to the corresponding period.

By the end of 2023, VNDirect's total assets stood at over 41,700 billion VND, reflecting a 7% growth from the beginning of the year. Notably, the proprietary trading portfolio held a book value of over 16,600 billion VND, showing a decrease of 2,000 billion VND from the end of the third quarter. This decline primarily stemmed from unlisted bond holdings (1,880 billion VND) and certificate of deposit investments (1,065 billion VND). Conversely, the value of unlisted stocks and fund certificates saw an increase of nearly 500 billion VND from the end of the third quarter, reaching over 1,100 billion VND.

4. Techcom Securities Joint Stock Company (TCBS)

TCBS, a subsidiary of Techcombank, has earned recognition for its extensive market knowledge and customer-centric approach, making it a preferred choice for investors seeking reliable financial services.

TCBS provides a wide array of services, including securities brokerage, investment banking, securities underwriting, and corporate advisory, supported by a team of seasoned professionals.

TCBS is currently one of the securities companies with one of the largest capital bases in the market, and its automatic risk management system is helping the company to expand its margin lending operations.

In 2023, TCBS achieved revenue of 1,602 billion VND, marking a 7% growth compared to 2022. As of December 31, 2023, the total assets reached nearly 44 trillion VND, representing a 14% increase from the end of Q3/2023 and a 68% increase from the end of 2022.

The balance of margin lending and advance payments for securities purchases reached 16.6 trillion VND, increasing by 78% compared to the end of 2022. According to TCBS, this significant rise stems from the more active participation of domestic individual investors, driven by reduced interest rates, making securities a more attractive investment channel compared to banks.

The short-term borrowing and accrued interest payable as of December 31, 2023, amounted to 18.062 trillion VND, up by 49% compared to the end of 2022. In Q4/2023, the company successfully extended its foreign short-term loans to medium-term loans, totaling over 2.6 trillion VND, and raised an additional 2.5 trillion VND from domestic credit institutions, increasing the total credit limit to over 17.350 trillion VND, with approximately 85% of it secured by collateral.

5. Ho Chi Minh City Securities Corporation (HSC)

Founded in 2003, HSC has established itself as a leading brokerage and investment banking firm in Vietnam, extending its strong presence beyond Ho Chi Minh City.

HSC offers a diverse range of services, including equity brokerage, investment research, asset management, and corporate finance, addressing the needs of a broad spectrum of clients.

Renowned for its market expertise and customer-centric approach, HSC continues to play a pivotal role in facilitating capital market activities and promoting financial inclusivity.

In 2023, the company's operational revenue amounted to over 2.903 trillion VND, reflecting a decline of over 25%.

In the revenue structure, brokerage activities generated 672 billion VND, constituting 30% of the total revenue.

Revenue from margin lending activities reached 1.066 trillion VND, equivalent to 47% of the total revenue. Margin lending activities held the largest proportion in the company's revenue structure for 2023. As of December 31, 2023, the margin lending balance stood at over 12.135 trillion VND, increasing by 64% compared to the beginning of the year.

Compared to the previous year, revenue from margin lending and brokerage activities decreased by 16% and 24%, respectively. This decline was attributed to lower market liquidity compared to 2022.

Revenue from proprietary trading activities reached 473 billion VND for the year, contributing 21% to HCM's total revenue. The company stated that proprietary trading activities primarily involved market-making for ETFs and warrant products with guarantees.

As of December 31, 2023, the company’s total assets amounted to 17,911 billion VND, with shareholders' equity reaching 8,312 billion VND. The earnings per share (EPS) for 2023 stood at 1,475 VND per share, while the return on equity (ROAE) ratio reached 8.3%.

The company's assets are primarily comprised of loans, assets at fair value through profit or loss (FVTPL), and cash. Among these, the loan balance reached over 12,135 billion VND, accounting for two-thirds of the total assets.

6. Mirae Asset Securities (Vietnam) Joint Stock Company (MiraeAsset)

Mirae Asset Securities Vietnam emerges as a pivotal player in Vietnam's dynamic financial landscape, embodying a legacy of excellence and innovation in the realm of securities services. Established as part of the esteemed Mirae Asset Financial Group, the company brings forth a wealth of expertise and a global perspective to the local market.

In 2023, the company recorded a 5.4% decrease in operational revenue, amounting to 2,497 billion VND. After-tax profit reached 566.3 billion VND, declining by 1.4 times compared to 2022.

As of December 31, 2023, Mirae Asset Securities Vietnam's total assets reached over 19,983 billion VND, with the majority being short-term assets accounting for 19,639 billion VND, while the remaining 344.3 billion VND constituted long-term assets. Liabilities totaled 10,286 billion VND, with short-term liabilities accounting for 10,272 billion VND and long-term liabilities amounting to 14.5 billion VND. Shareholders' equity of the company as of the end of Q4/2023 stood at 9,697 billion VND.

By the end of December 2023, revenue from margin lending activities reached 1,312 billion VND, while temporary advance services achieved 122.2 billion VND, marking respective increases of 38.2% and 7.3% compared to the end of 2022.

7. MB Securities Joint Stock Company (MBS)

As a subsidiary of Military Commercial Joint Stock Bank (MB), MBS has emerged as a prominent player in Vietnam's securities landscape, renowned for its professionalism and integrity.

MBS provides an extensive suite of services, including securities trading, investment advisory, wealth management, and financial planning, tailored to meet the diverse needs of its clientele.

With a commitment to excellence and ethical conduct, MBS remains a trusted partner for investors seeking personalized financial solutions and strategic guidance.

8. Vietcap Securities Joint Stock Company (Vietcap)

Vietcap Securities Joint Stock Company was established in 2007 and has since become one of the fastest-growing securities companies in Vietnam.

In 2023, the company's operational revenue amounted to 2,472 billion VND, marking a 22% decrease compared to the previous year. Within this, profit from assets at fair value through profit or loss (FVTPL) accounted for 943 billion VND, profit from loans and receivables reached 689 billion VND, and brokerage revenue totaled 535 billion VND.

Pre-tax and after-tax profits were recorded at 570 billion VND and 492 billion VND, respectively, marking a decrease of 46% and 43% compared to the same period. Compared to the pre-tax profit target of 1,000 billion VND, Vietcap Securities only achieved 57% of the target.

As of March 31, 2023, the total assets of the company stood at 17,255 billion VND, increasing by 3,013 billion VND compared to the beginning of the year.

9. KIS Vietnam Securities Corporation (KIS)

KIS Vietnam Securities Joint Stock Company (KIS Vietnam) was established in December 2010 by Korea Investment & Securities Co., Ltd (KIS Korea), in collaboration with the Vietnam Textile and Garment Group and other shareholders. KIS Korea initially held a 48.8% stake in KIS Vietnam in November 2010 and gradually increased its ownership percentage over the years, currently holding an official ownership rate of 99.8%. Over the course of 10 years operating in the Vietnamese market, KIS Vietnam has continuously raised capital to expand its business activities, with its charter capital reaching 3,761 billion VND and expected to increase further in the future.

In the first quarter of 2024, KIS Vietnam Securities Joint Stock Company (KIS) reported operational revenue of 603.23 billion VND, marking a robust growth of nearly 26% compared to the same period last year. Furthermore, the after-tax profit surged by an impressive 96% to reach 154.5 billion VND.

10. FPT Securities Joint Stock Company (FPTS)

FPTS is a subsidiary of FPT Corporation and a member of the largest information technology services group in Vietnam, FPT Corporation. On July 13, 2007, FPTS was granted a license and commenced operations under the authority of the State Securities Commission with activities in securities and finance. After 10 years of operation, in January 2017, FPTS was officially listed on the Ho Chi Minh City Stock Exchange with the trading code FTS.

In 2023, FPTS Securities Company's accumulated pre-tax profit increased by 23% compared to 2022, reaching nearly 542 billion VND, exceeding the set targets.

In conclusion, the 10 largest securities companies in Vietnam play a pivotal role in driving the growth and development of the country's capital market. With their extensive range of services, market expertise, and commitment to excellence, these firms continue to shape the future of Vietnam's financial landscape, driving innovation, fostering investor confidence, and facilitating economic growth.

For more detailed information about these companies, please refer to our company reports. Contact us via [email protected] to be supported.

Vietnam Business Information