Brokerage competition intensifies as market liquidity surges in Q1

Vietnam's stock market saw a marked improvement in liquidity in the first quarter (Q1) of 2026, attracting substantial investor inflows. From the start of the year through the end of March, average trading value exceeded $1.4 billion per session, up almost 20 per cent compared with the 2025 average.

While the brokerage segment has grown, competition – particularly among mid-tier securities firms – has intensified. Data from the Ho Chi Minh City Stock Exchange (HSX), Hanoi Stock Exchange (HNX), and the Unlisted Public Company Market (UPCoM) show that the top three firms retained their rankings, though notable shifts occurred among those trailing behind.

Accordingly, VPS Securities maintained its top position across all three exchanges. Its market share on HSX edged down to 15.3 per cent, but improved significantly on HNX and UPCoM compared with the Q4 of 2025. On HSX, SSI Securities and Techcom Securities remained firmly in the top three.

In the mid-tier group, Vietcap Securities climbed to fourth place with 7.35 per cent, narrowly surpassing Ho Chi Minh City Securities Corporation. Meanwhile, VCBS re-entered the rankings, replacing Mirae Asset Vietnam.

At FPT Securities, declining brokerage market share has pushed the firm out of the HSX top 10 since Q2 of 2025. Addressing shareholders at its AGM held on March 31 in Hanoi, the company leadership cited intensifying fee competition as a key factor behind falling brokerage revenue.

According to FPTS executives, as many securities firms simultaneously cut fees to attract and retain clients, the company has little choice but to follow suit to avoid losing market share. They acknowledged that maintaining higher fees might preserve short-term benefits but would erode long-term competitiveness and directly impact the client base. Where competition once centred primarily on fee cuts, the race has now entered a more complex phase, with advantages increasingly driven by capital, technology, and integrated service ecosystems.

Vietcap Securities stands out as one of the firms posting the most impressive brokerage market share gains in Q1. Analysts note that advisory activities have also contributed to improved brokerage revenue. As early as Q1, the company booked advisory income from the initial public offering of Hoa Phat Agriculture.

Advisory operations are expected to continue growing, supported by new IPO deals. With a pipeline of deals valued at approximately $400–500 million, brokerage revenue is expected to benefit from this advisory-driven momentum. Spillover effects from other business pillars are also likely to persist.

At the end of 2025, Vietcap completed a private placement of 127.5 million shares, successfully raising more than $158 million. Under the plan, 80 per cent of the proceeds shall be allocated to margin lending, while 20 per cent will support proprietary trading. This strong capital base, aligned with the sharp rebound in market liquidity, has helped Vietcap deliver robust growth since the start of the year.

Speaking at the company's AGM on March 30, CEO Ton Minh Phuong estimated that the company's pre-tax profit in Q1 reached around $16 million, up more than 30 per cent on-year.

Recent developments also show that several securities firms have quickly established new positions after only a few years of transformation through mergers and acquisitions, with many firms now targeting entry into the top tier. For instance, after rapidly expanding its presence in derivatives brokerage, DNSE Securities entered the top 10 market share in the underlying equity segment on UPCoM for the first time in Q1.

At the company's AGM on March 26, chairman Nguyen Hoang Giang said he was confident DNSE would have greater opportunities to grow its equity brokerage market share. The expectation is underpinned by its ability to leverage technology infrastructure and the anticipated integration with VNeID, which could rapidly broaden its client base.

DNSE has been investing heavily in technology infrastructure, user experience, and expanding its customer base for derivatives as part of a strategic transition towards the underlying equity market.

Aside from DNSE Securities, many other securities firms are also accelerating investment in technology – from trading platforms and open APIs to applications of AI. These efforts are aimed at enhancing customer experience, increasing trading frequency, and ultimately expanding brokerage market share.

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