HoSE Q3-2026 Brokerage Share: VPS Slips Again, SSI Closes Gap, VPBankS Falls to 10th
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
HoSE published Q3-2026 brokerage market share rankings showing VPS losing share for a third consecutive quarter, down to 11.54%, while SSI held second place at 11.09%. The gap between the top two narrowed to 0.45 percentage points, and VPBankS fell to 10th with 2.81% as the top 10 brokers’ combined share slipped to 64.86%.
Key Facts
- VPS held the No. 1 HoSE brokerage share at 11.54% in Q3-2026, down 1.07 percentage points quarter-on-quarter.
- VPS share has fallen for three straight quarters: 15.32% in Q1, 12.61% in Q2, 11.54% in Q3.
- SSI ranked second at 11.09%, down slightly from 11.17% in Q2; the VPS-SSI gap narrowed from 1.44 points to 0.45 points.
- TCBS rose to 10.03% from 9.36%, and Vietcap (VCI) rose to 7.8% from 7.0%; HSC fell to 6.1% from 6.8%.
- VPBankS dropped to 10th at 2.81%, down 0.76 points from 3.57% in Q2, when it ranked 8th.
- KIS Vietnam climbed to 3.72% from 2.99%, overtaking VPBankS for 8th; Mirae Asset (MAS) edged up to 3.03%.
- Top 10 brokers’ combined HoSE share fell to 64.86% from 65.19% in Q2.
What Happened
According to the HoSE quarterly brokerage market share release, VPS retained the top position but continued to cede ground, with its share falling to 11.54% from 12.61% in Q2 and 15.32% in Q1. SSI, listed on HOSE, held second place at 11.09%, a marginal decline from 11.17%, leaving the two leaders separated by less than half a percentage point.
TCBS stayed third with share rising to 10.03%, and Vietcap moved up to 7.8%, while HSC slipped to 6.1%. The most pronounced reversal came from VPBankS, which had improved to 3.57% and 8th place in Q2 but fell to 2.81% and 10th in Q3, overtaken by KIS Vietnam at 3.72% and Mirae Asset at 3.03%. VCBS, which exited the top 10 in Q2, did not return. The top seven positions were unchanged; only the last three ranks shifted.
Market Context
SSI closed at VND 19,650 on 5 October 2026, with peer HCM at VND 23,400, VCI at VND 18,600 and parent-bank TCB at VND 32,500. The securities sector has been a high-beta proxy for Vietnamese retail participation, and the steady erosion of the top 10’s combined share to 64.86% points to a market where liquidity is spreading across a longer tail of brokers rather than concentrating at the top.
Strategic Significance
For SSI, the narrowing gap to VPS matters less than the absolute trend: its share is broadly stable while the incumbent leader bleeds volume, which supports the thesis that scale, margin lending capacity and institutional franchise remain durable competitive advantages. The rise of TCBS and Vietcap, and the volatility of VPBankS, illustrate that bank-backed and technology-led entrants can win share quickly but may struggle to hold it. A fragmented market compresses brokerage fee pricing power across the sector, shifting the earnings burden toward margin lending, proprietary books and advisory mandates.
What to Watch
- HoSE Q4-2026 brokerage share release for confirmation of whether VPS stabilizes or SSI overtakes it.
- SSI’s Q3-2026 earnings disclosure, including brokerage revenue and margin lending balances.
- VPBankS and KIS Vietnam share trends, to test whether the 8th-10th rank volatility persists.
- Sector-wide average brokerage fee rates and any pricing response to fragmentation.
- Foreign-ownership and block-trade filings at SSI, VCI and HCM as a read on institutional flows.