Brokerage competition intensifies as market leadership narrows

The Ho Chi Minh City Stock Exchange (HSX) on July 6 released brokerage market share data for the second quarter and the first half of 2026.

According to the data, the combined market share of the top 10 brokerage firms fell by as much as 4 per cent, from 69.05 per cent in Q1 to 65.19 per cent in Q2, the lowest level recorded in recent years.

Among the leading firms, only SSI, TCBS and VPBankS managed to expand their market share amid increasingly fierce competition.

VPS Securities continued to lead brokerage market share on HSX in Q2 with 12.61 per cent. Although it maintained its top position, VPS's market share declined sharply from 15.32 per cent in the previous quarter, representing a loss of 2.71 percentage points to competitors.

The result suggests that VPS's previously overwhelming dominance has begun to narrow after several consecutive quarters leading the market.

SSI Securities ranked second, with its brokerage market share edging up slightly from 11.14 per cent to 11.17 per cent, reflecting the firm's stable business performance and continued ability to broaden its client base despite weakening market liquidity.

TCBS ranked third with a 9.36 per cent market share, up slightly from 8.85 per cent in the previous quarter, allowing it to retain its third-place position.

Vietcap remained fourth with a 7 per cent share on HSX, although this was down slightly from 7.35 per cent in Q1.

In contrast, the four firms immediately behind the top four all experienced notable declines in market share. Vietcap's brokerage market share fell from 7.35 per cent to 7 per cent, while MB Securities and Ho Chi Minh City Securities Corporation each lost 0.5 percentage points.

The steepest decline was recorded by VNDirect, which lost a further 0.82 percentage points, bringing its brokerage market share down to 3.96 per cent, the company's lowest level in many years.

Newly listed brokerage firm VPBankS posted the strongest growth among the top 10 firms. HSX data showed its market share rising from 2.94 per cent in Q1 to 3.57 per cent in Q2. The increase also lifted VPBankS to eighth place, overtaking KIS Vietnam and Mirae Asset Vietnam.

The fact that only a handful of the largest brokerage firms on HSX, including TCBS, SSI and VPBankS, recorded market share gains during the quarter, while all other firms saw varying degrees of contraction, highlights the increasingly intense competition in Vietnam's securities brokerage industry.

Vietcombank Securities even dropped out of the top 10 after holding a 2.87 per cent market share in Q1. It was replaced by Mirae Asset Vietnam, which returned to the list of HSX's 10 largest brokerage firms with a 2.94 per cent market share.

For the first half of 2026 as a whole, VPS remained the market leader on HSX with a 14.14 per cent brokerage market share, followed by SSI and TCBS in second and third place, respectively.

Against a backdrop of declining market liquidity, brokerage activity also revealed an unusual trend as the combined market share of the top 10 firms fell to 65.19 per cent, the lowest level since Q4 of 2022, when it stood at 62.01 per cent. This means that nearly 35 per cent of the market is now accounted for by brokerage firms outside the top 10.

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