Vietnam Securities Sector Reshuffled: SSI, New Listings, FTSE Upgrade
This Aveluro analysis covers SSI on HOSE in the Financial Services sector. The classified event type is sector sentiment, with mixed sentiment and a deterministic market-impact score of 4.0/10. Source coverage came from Tuổi Trẻ - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Vietnam’s securities sector has undergone a dramatic reshuffle in market capitalization rankings over the past year, with new listings such as TCX, VPX, VCK, and LPS entering the top tier. SSI remains the largest listed securities firm by market cap, but its long-standing dominance was interrupted when TCX debuted. The upcoming FTSE Russell index upgrade, effective September 21, 2026, is expected to bring passive inflows exceeding $1.5 billion, potentially benefiting the sector.
Key Facts
- SSI’s market cap stood at VND 85,800 billion as of September 3, 2025, leading the sector for 4,635 trading sessions.
- TCX listed on October 21, 2025, with a market cap of VND 113,139 billion, surpassing SSI’s VND 80,130 billion on the same day.
- VPX began trading on December 11, 2025, and VCK on December 16, 2025; LPS listed on August 18, 2026, entering the top 5.
- HCM was the only existing top-10 firm to increase market cap, up 12.9% to VND 35,166 billion, but fell from 5th to 7th place.
- SHS dropped from 6th to 11th, with a 44.4% decline, the steepest among the previous top 10.
- VN-Index rose 9% over the year, from 1,681.30 to 1,832.12 points, while HOSE average daily trading value in August 2026 was half of September 2025.
- Foreign investors net sold VND 94,000 billion on HOSE in 2026 through the third week of August.
- FTSE Russell added 117 Vietnamese stocks to its Global Equity Index Series on August 21, 2026, including 27 in the All-Cap index; seven are securities firms: SSI, VIX, VCI, VND, HCM, TCX, and VCK.
What Happened
Over the past year, the market capitalization ranking of Vietnam’s top securities companies has been almost completely reshuffled. Compared to September 3, 2025, the top 10 now retains only six old names, and their rankings have all changed. SSI, which had held the number one position for 4,635 out of 4,913 trading sessions, saw its streak of 832 consecutive days at the top broken when TCX debuted on October 21, 2025, with a market cap of VND 113,139 billion, 41% higher than SSI’s VND 80,130 billion on the same day.
Three other new listings quickly joined the leading group: VPX (December 11, 2025), VCK (December 16, 2025), and LPS (August 18, 2026), which entered the top 5 immediately. The remaining five spots in the top 10 are held by VIX, HCM, VCI, VND, and MBS. Among these, only HCM increased its market cap, by 12.9% to VND 35,166 billion, though it still fell from 5th to 7th place. SHS dropped from 6th to 11th, with a 44.4% decline, the steepest among the previous top 10, and DSE fell from 10th to 12th.
The market cap declines occurred amid lower market liquidity, with HOSE’s average daily trading value in August 2026 only half of September 2025, and heavy foreign selling of VND 94,000 billion on HOSE in 2026. Meanwhile, the market is entering a period of index upgrade, with FTSE Russell’s changes effective September 21, 2026. The State Securities Commission’s Vice Chairman Bùi Hoàng Hải stated that Vietnam’s weight in the index increased to 0.49%, up from the 0.328% expected in April, and he believes passive inflows will exceed the $1.5 billion previously estimated by securities firms.
Market Context
SSI (HOSE) closed at VND 21,350 on August 28, 2026, reflecting a challenging year for the sector. The broader VN-Index rose 9% over the same period, but securities stocks underperformed due to declining trading volumes and persistent foreign selling. The entry of new, large-cap securities firms like TCX, VPX, VCK, and LPS has intensified competition and altered the sector’s market cap hierarchy. The FTSE Russell upgrade, effective September 21, 2026, is a key catalyst that could boost liquidity and valuations for the seven securities firms included in the All-Cap index.
Strategic Significance
The reshuffling highlights the dynamic nature of Vietnam’s securities industry, with new entrants challenging established players. For long-term investors, the FTSE Russell upgrade represents a significant opportunity, as passive inflows exceeding $1.5 billion could enhance liquidity and support valuations across the sector. The inclusion of seven securities firms in the All-Cap index underscores their importance in the market. However, the sector’s performance remains tied to overall market conditions, including trading volumes and foreign investor sentiment. The upgrade’s success will depend on continued improvements in market infrastructure, such as the implementation of a central counterparty (CCP) and new risk management products, as outlined by the State Securities Commission.
What to Watch
- Actual passive inflows following the FTSE Russell upgrade effective September 21, 2026, and their impact on trading volumes and stock prices.
- Quarterly earnings reports from major securities firms, particularly SSI, TCX, VCK, and VPX, to assess the impact of new competition on market share and profitability.
- Foreign investor flows: whether net selling continues or reverses, as this will influence sector valuations.
- Regulatory developments, including the operational launch of the CCP and any new risk management products for investors.
- Market liquidity trends, especially average daily trading value on HOSE, as a key driver of securities firms’ revenues.