Fifteen securities firms paid nearly 14.3 trillion dong to the state budget

VPS remains the largest taxpayer among Vietnam's securities firms, while TCBS and MBS posted sharp increases in the 2025 financial year.

The list of Vietnam's 15 largest taxpaying securities firms for 2026 has been published as part of the Vietnam Largest Taxpayers (VNTAX) system. The ranking is based on amounts actually paid to the state budget during the 2025 financial year.

According to figures compiled by CafeF, the 15 companies on the list paid a combined total of approximately 14.3 trillion dong to the state budget, an increase of 2.948 trillion dong, or nearly 26%, from the previous year.

The sharp rise in contributions came as the stock market expanded in trading volume, liquidity and the number of investor accounts.

VPS leads for a third consecutive year

VPS held on to the top spot with payments of 2.848 trillion dong, up 546 billion dong from 2024.

The firm accounted for nearly 20% of the total paid by the 15 companies and contributed about 18.5% of the increase across the list. This is the third year in a row that VPS has led the ranking, a run that began in 2023.

The result came as VPS retained the largest market share in brokerage of stocks, fund certificates and covered warrants on the Ho Chi Minh Stock Exchange in 2025, at 15.95%.

TCBS ranked second with 2.369 trillion dong, up 760 billion dong or more than 47% year on year. That was the largest absolute increase among the 15 firms, accounting for more than a quarter of the total rise across the ranking.

The result lifted TCBS past SSI from third to second place. SSI came third with 1.807 trillion dong, up 143 billion dong.

Another notable change was the rise of MBS. Its budget payments increased from 553 billion dong to 834 billion dong, or nearly 51%, moving the firm from eighth to sixth place. By growth rate, MBS ranked second on the list.

DNSE was last on the list with 332 billion dong but recorded growth of nearly 38%, placing it among the fastest-growing contributors.

KIS Vietnam paid 395 billion dong, up nearly 23%, moving up one place to 12th.

Of the 15 companies, 10 are private sector firms; three are subsidiaries of banks with controlling state ownership, namely MBS, VCBS and BIDV Securities; and two belong to South Korean financial groups, KIS Vietnam and Mirae Asset.

Besides the three subsidiaries of state-controlled banks, the list also includes TCBS, VPBankS, HD Securities and ACBS, which are member companies of or have ownership links to joint stock commercial banks.

Notably, 14 of the 15 companies increased their budget payments compared with 2024. ACBS was the only firm to record a slight decline, from 403 billion dong to 390 billion dong.

Of the nearly 14.3 trillion dong paid by the 15 securities firms, personal income tax accounted for roughly 9.313 trillion dong, or 65%. Corporate income tax came to about 4.166 trillion dong, or 29%.

The remainder comprised value-added tax, other taxes and obligations arising from the particular nature of each firm's operations.

The personal income tax figures include amounts paid on behalf of others by the securities firms, such as tax arising from securities transactions, dividends, other investment income and employee income.

Budget payments therefore reflect not only each firm's business performance but also, to some extent, the scale of activity flowing through its systems, including client numbers, transaction values, transfers and investment income streams subject to withholding.

In 2025, the VN-Index closed at 1,784.49 points, up 40.9% from the end of the previous year. The HNX-Index finished at 248.77 points, up 9.4%.

Average trading value reached 29.202 trillion dong per session, 39% higher than in 2024.

During the year, more than 2.57 million new securities accounts were opened, bringing the total above 11.87 million, up 27.7%. On average, more than 214,000 new accounts were opened each month.

The simultaneous rise in liquidity, investor numbers and budget obligations underlines the growing role of securities firms in Vietnam's capital market infrastructure.

Beyond brokerage and investment products, these firms serve as the point at which taxes arising from clients' investment activity are withheld, aggregated and remitted to the state budget.

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Source: TheLeader — theleader.vn. Republished to share knowledge with founders and investors in the HCM VIF ecosystem.