Vietnam Brokerage Market Share War: Top 10 Hits 5-Year Low in Q2 2026
This Aveluro analysis covers VPS. 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.
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Overview
The top 10 brokerage firms on the Ho Chi Minh Stock Exchange (HoSE) saw their combined market share fall to 65.19% in Q2 2026, the lowest level in 20 quarters, according to exchange data. This decline reflects fierce competition among securities companies amid subdued market liquidity. VPS Securities remained the leader for the 22nd consecutive quarter but its share slipped to 12.61%, while SSI Securities reached 11.17%. VCBS exited the top 10 after a capital increase, while Mirae Asset Securities (MAS) re-entered.
Key Facts
- Top 10 brokerages’ combined HoSE market share fell to 65.19% in Q2 2026, the lowest in approximately 20 quarters.
- VPS Securities held the No. 1 spot for the 22nd consecutive quarter but its share dropped to 12.61%, the lowest since becoming leader.
- SSI Securities ranked second with an 11.17% market share, narrowing the gap with VPS.
- VCBS completed a charter capital increase from 2.5 trillion VND to 8.5 trillion VND in late May 2026, funded by retained earnings and additional capital from Vietcombank.
- VCBS plans to further raise charter capital to 12.5 trillion VND by 2027.
- Mirae Asset Securities (MAS) re-entered the top 10 at No. 10, replacing VCBS.
- Several state-owned brokerages including BSC, VBSE, BVS, and PSI have announced capital increase plans.
What Happened
Data from HoSE for Q2 2026 shows that the top 10 securities companies by brokerage market share collectively held 65.19%, the lowest level in five years. This marks a continued erosion of concentration in the brokerage industry, as smaller firms gain ground. VPS Securities maintained its lead with a 12.61% share, but this was its lowest since taking the top position. SSI Securities followed closely at 11.17%, reflecting a narrowing gap.
The only change in the top 10 was VCBS dropping out and being replaced by Mirae Asset Securities (MAS). VCBS had frequently fluctuated around the 3% market share threshold since 2023, making its exit unsurprising. However, VCBS recently completed a significant capital increase to 8.5 trillion VND, with plans to reach 12.5 trillion VND by 2027, which could boost its competitive position. MAS, which had previously ranked as high as fourth in late 2022, returned to the top 10 after a period of stagnation due to limited capital for margin lending.
Market Context
VPS (unlisted on HoSE, but its parent VNDirect is listed) and SSI (HOSE: SSI) are the two largest brokerages by market share. SSI closed at 26,950 VND on July 9, 2026, down 0.92% on volume of 10.6 million shares. VPS shares (HOSE: VPS) closed at 9,570 VND, down 0.52% on thin volume. MAS (HOSE: MAS) closed at 34,800 VND on June 1, 2026, down 0.57%. The broader securities sector has seen selective gains, with stocks like PSI (HNX: PSI) rising over 40% in the past six months, while HCM (HOSE: HCM) and BVS (HNX: BVS) gained over 20%. The sector is under pressure from geopolitical uncertainties and cautious investor sentiment, keeping market liquidity below previous peaks.
Strategic Significance
The declining market share of top brokerages signals a structural shift in Vietnam’s securities industry. As competition intensifies, firms are moving away from reliance on brokerage fees toward margin lending, proprietary trading, and balance sheet optimization. The capital raising trend, exemplified by VCBS and others, is aimed at expanding margin lending capacity and supporting proprietary investment. This shift could lead to greater earnings volatility but also higher returns on equity for well-capitalized firms. The entry of foreign-backed players like Mirae Asset adds further competitive pressure, while state-owned firms are also bolstering capital to defend their positions.
What to Watch
- Q3 2026 market share data from HoSE to see if the top 10 concentration stabilizes or declines further.
- VCBS’s ability to regain a top-10 position following its capital increase to 8.5 trillion VND.
- Capital increase announcements from other brokerages, particularly BSC, VBSE, BVS, and PSI.
- Margin lending growth and its impact on brokerage earnings in upcoming quarterly reports.
- Changes in market liquidity and investor sentiment, which could alter competitive dynamics.