HoSE Q3/2026 Brokerage Market Share: SSI Closes on VPS, TCBS Tops 10%

Overview

HoSE published Q3/2026 brokerage market share data for stock and fund certificate trading value, showing the narrowest gap in recent memory between leader VPS and second-placed SSI. VPS held 11.54% and SSI 11.09%, while TCBS surpassed 10% for the first time at 10.03%. The ranking matters for listed securities tickers including SSI, VCI, HCM, MBS, VND and the bank-backed brokers tied to TCB and VPB, because market share feeds directly into brokerage revenue and client-acquisition economics.

Key Facts

• VPS led Q3/2026 with 11.54% share, its lowest level in 23 quarters.
• SSI ranked second at 11.09%, keeping a narrow gap to the top position.
• TCBS reached 10.03%, crossing the 10% threshold for the first time and holding third place.
• Vietcap (VCI) ranked fourth at 7.8%; HSC (HCM) fifth at 6.1%; MBS sixth at 4.84%.
• VNDirect (VND) placed seventh at 3.9%, followed by KIS Vietnam at 3.72%, Mirae Asset Vietnam at 3.03% and VPBankS at 2.81%.
• The top 10 brokers together controlled 64.86% of HoSE brokerage value share.
• Vietcap, TCBS and KIS Vietnam recorded the largest share gains this year, up roughly 0.6 to 0.8 percentage points each.

What Happened

HoSE released the quarterly brokerage market share table covering stock and fund certificate transaction value, according to the exchange’s published data. The top 10 comprised VPS, SSI, TCBS, Vietcap, HSC, MBS, VNDirect, KIS Vietnam, Mirae Asset Vietnam and VPBankS. VPS retained first place but at 11.54%, the lowest reading for the company in 23 quarters, indicating its lead is narrowing relative to earlier periods.

SSI followed at 11.09%, described as reflecting a client base balanced between individual and institutional investors, alongside long experience serving corporates and investment institutions. The article notes SSI is preparing capital, systems, products and service capacity for the post-upgrade phase of the Vietnamese market. On the losing side, VPS, HSC, VNDirect and VPBankS all saw share erode, while MBS and Mirae Asset posted modest gains. The source does not disclose revenue figures or absolute transaction values behind the percentages.

Market Context

SSI trades on HOSE and closed at VND 19,650 on 5 October 2026. Peer prices the same day were VCI at VND 18,600, HCM at VND 23,400 and MBS at VND 15,200. The securities sector’s competitive dynamic has shifted toward fee pressure and platform scale, with TCBS’s climb past 10% and Vietcap’s gains illustrating that share is moving toward brokers with strong digital distribution and retail reach. The dispersion within the top 10, where the leading cohort gained 0.6 to 0.8 percentage points while several incumbents contracted, points to a market where total brokerage value is growing but the split is concentrating.

Strategic Significance

The strategic read for long-term holders is that SSI’s position within 0.45 percentage points of VPS changes the competitive narrative: the gap between first and second is now small enough that a single strong quarter could reorder the table. For SSI, the article frames preparation for the post-upgrade market, covering capital, systems, products and service quality, as the basis for defending share against faster-growing challengers. For TCBS, crossing 10% validates a technology-led model that pressures traditional brokers on pricing. For HSC, VNDirect and VPBankS, continued share loss raises the question of whether distribution investment will need to step up to avoid structural erosion.

What to Watch

• HoSE’s Q4/2026 brokerage market share release, to see whether SSI overtakes VPS.
• TCBS’s ability to hold above 10% once the first-time threshold effect passes.
• Third-quarter earnings disclosures from SSI, VCI, HCM, MBS and VND for brokerage revenue and margin trends.
• Any capital-raising or product-launch announcements tied to post-upgrade market preparations.
• Foreign-ownership and free-float filings for the listed brokers as index-related flows develop.