The securities brokerage ‘battle’ grows ever more fierce

Statistics for the past quarter show that the combined market share of the top 10 firms fell by as much as 4%, from 69.05% in the first quarter to 65.19%, the lowest level in many years. Of these, only three names – SSI, TCBS and VPBankS – still managed to expand their market share amid fierce competition.

The Ho Chi Minh City Stock Exchange (HOSE) has just released data on brokerage market share for the second quarter and the first half of 2026.

Accordingly, in the second quarter of this year, VPS Securities continued to lead in brokerage market share on HOSE with 12.61%. Although it maintained its leading position, VPS’s brokerage market share in the second quarter fell sharply from 15.32% in the previous quarter, equivalent to a loss of 2.71% of market share to rivals.

This result shows that VPS’s overwhelming advantage has narrowed somewhat after many consecutive quarters of dominating the market.

In the next position, SSI Securities’ market share showed a positive signal as it edged up from 11.14% to 11.17%, reflecting SSI’s stable business capabilities and expanding customer base amid declining market liquidity.

Ranked third is TCBS with 9.36%, up slightly from 8.85% in the previous quarter, thereby holding on to third place. Meanwhile, Vietcap still ranked fourth with 7% market share on HOSE, despite a slight decline from 7.35% in the previous quarter.

On the other side, all four firms immediately behind saw their scale narrow considerably. Vietcap Securities’ market share fell from 7.35% to 7%. The next two companies, MB Securities and HSC, both saw their market share drop 0.5%.

The largest decline belonged to VNDirect, as the company continued to lose 0.82% of market share, falling to its lowest level in many years at 3.96%.

A newly listed name on the market, VPBankS Securities, recorded the strongest increase among the top 10 firms. According to HOSE data, VPBankS’s market share rose from 2.94% in the first quarter to 3.57%. Alongside the increase in ratio, VPBankS’s ranking also rose to eighth, surpassing two firms – KIS Vietnam and Mirae Asset Vietnam.

The fact that only a few securities companies with the largest brokerage market share on HOSE – such as TCBS, SSI and VPBankS – recorded growth in the past quarter, while the remaining firms all saw their market share narrow to varying degrees, partly shows the increasingly fierce competition in the securities brokerage market.

Vietcombank Securities (VCBS) even no longer featured in the top 10 after holding 2.87% market share in the first quarter. Replacing VCBS is Mirae Asset Vietnam with 2.94% market share, thereby returning to the group of the 10 largest brokers on HOSE.

For the first half of 2026 as a whole, VPS led in market share on HOSE with 14.14%. Second and third place went to SSI and TCBS.

Amid narrowing market liquidity, an unusual signal in brokerage activity is that the combined market share of the top 10 firms fell from 69.05% in the first quarter to 65.19%, the lowest level since the fourth quarter of 2022 (62.01%). This means that nearly 36% of market share now belongs to brokers outside the top 10.

Securities brokerage market share on HOSE in Q2/2026

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Source: TheLeader — theleader.vn. The article is republished for the purpose of sharing knowledge with the community of founders and investors in the HCM VIF ecosystem.