HOSE Q3 2026 Brokerage Market Share: VPS Slips, SSI Holds Second

Overview

HOSE published its Q3 2026 brokerage market share rankings on 5 October 2026, showing VPS still leading at 11.54% but losing ground rapidly, SSI holding second at 11.09%, and TCBS improving to 10.03%. For SSI (HOSE), the flat sequential position confirms it is defending share in a market where the top 10 brokers’ combined footprint is shrinking rather than consolidating.

Key Facts

• VPS led Q3 2026 with 11.54% share, down from 17.05% in Q3 2025 and 12.6% in Q2 2026.
• SSI ranked second at 11.09%, followed by TCBS at 10.03%.
• TCBS improved from 7.75% in Q3 2025 and 9.36% in Q2 2026.
• Vietcap reached 7.8%, HSC 6.1%, and MBS 4.84%.
• KIS and Mirae Asset both moved up in the rankings; VPBankS fell two places to 10th.
• The top 10 brokers’ combined share was 64.86%, versus 65.24% in Q2 2026 and 69.05% in Q3 2025.
• HOSE published the ranking on 5 October 2026.

What Happened

HOSE released its quarterly top 10 brokerage market share table for Q3 2026, covering equity brokerage on the exchange. Chứng khoán VPS retained the top position at 11.54%, but the figure marks a third consecutive quarter of erosion from 17.05% a year earlier and 12.6% in the prior quarter. Chứng khoán SSI held second place at 11.09%, while Chứng khoán TCBS continued its climb to 10.03%, well above its 7.75% reading in Q3 2025.

Further down the table, Chứng khoán Vietcap rose to 7.8%, with Chứng khoán HSC at 6.1% and Chứng khoán MBS at 4.84%. Chứng khoán KIS and Chứng khoán Mirae Asset both improved their rankings, while VPBankS dropped two places to 10th. The aggregate share of the top 10 firms fell to 64.86% from 65.24% in the previous quarter and 69.05% a year earlier, which HOSE’s data implies a more dispersed brokerage landscape. The article does not disclose fee revenue, margin balances, or the identity of the firms absorbing the share lost by the top 10.

Market Context

SSI closed at VND 19,650 on 5 October 2026 on HOSE, with peer HCM at VND 23,400 and VCI at VND 18,600. TCB, the parent of TCBS, closed at VND 32,500. The securities sector has been a direct proxy for Vietnamese retail participation, and a falling top-10 concentration ratio points to smaller and mid-tier brokers capturing flow that previously accrued to the largest names. That dynamic pressures the operating leverage that historically supported SSI’s earnings through high-volume periods.

Strategic Significance

The strategic question for SSI is whether 11.09% represents a stable floor or a plateau before further erosion. VPS’s decline from 17.05% to 11.54% in a single year shows how quickly a technology-led challenger can lose momentum once pricing and platform advantages are matched, and TCBS’s rise to 10.03% shows the same playbook still works for others. For SSI, the durable thesis rests on advisory, institutional, and proprietary trading revenue rather than retail brokerage share alone; the risk is that a fragmented market compresses commission yields across the board, narrowing the margin cushion that has historically insulated the largest brokers.

What to Watch

• HOSE’s Q4 2026 market share table, expected in early January 2027, to see whether VPS stabilises or SSI closes the gap.
• SSI’s Q3 2026 earnings release for brokerage revenue, margin lending balances, and any commentary on commission pricing.
• TCBS and VPS disclosures on account openings and platform volumes, which would explain whether share gains are price-led or flow-led.
• Any State Securities Commission guidance on brokerage fee floors or market structure that could reverse the fragmentation trend.
• Foreign-ownership and block-trade filings for SSI, which would indicate whether institutional flows are offsetting retail share pressure.