Competition heats up as securities brokerages battle for HoSE market share

Competition heats up as securities brokerages battle for HoSE market share

VPS's market share fell to 12.61 per cent from 15.32 per cent in the previous quarter, representing a loss of 2.71 percentage points to competitors.

VPS maintained a clear lead over its peers despite sharp declines in the market share. — Photo courtesy of VPS

Brokerage market share on the Hochiminh Stock Exchange (HoSE) continued to shift in the second quarter of 2026, with market leader VPS Securities recording the steepest decline among the top firms while competitors including SSI Securities, Techcom Securities (TCBS) and VPBank Securities (VPBankS) expanded their presence amid intensifying competition.

According to the latest rankings released by HoSE, VPS remained the largest brokerage house during the quarter. However, its market share fell to 12.61 per cent from 15.32 per cent in the previous quarter, representing a loss of 2.71 percentage points to competitors.

Although VPS maintained a clear lead over its peers, the decline indicated that the company's dominant position had narrowed after several consecutive quarters of leading the market.

SSI retained second place with an 11.17 per cent market share, up slightly from 11.14 per cent in the first quarter. 

The stable performance reflected the firm's ability to retain clients and maintain brokerage operations despite weaker market liquidity during the second quarter, which intensified competition across the securities brokerage industry.

TCBS remained the standout performer among the leading firms. Its brokerage market share increased from 8.85 per cent to 9.36 per cent, allowing the company to consolidate its third-place ranking while posting the strongest market share growth within the industry's leading group.

Vietcap continued to rank fourth with a 7 per cent market share, although this was down modestly from 7.35 per cent in the previous quarter. Ho Chi Minh City Securities Corporation (HSC) followed with a 6.8 per cent share, declining by about 0.5 percentage points from the first quarter.

The downward trend also extended to several other major brokerages. 

MB Securities (MBS) saw its market share decrease from 5.29 per cent to 4.79 per cent, while VNDirect's share fell from 4.78 per cent to 3.96 per cent.

Among the seven largest brokerages on HoSE, only TCBS and SSI reported market share gains during the quarter. The remaining firms all recorded declines to varying degrees, reflecting increasingly fierce competition for brokerage business.

Further down the rankings, VPBank Securities emerged as one of the quarter's notable gainers. The company expanded its market share from 2.94 per cent to 3.57 per cent, overtaking KIS Vietnam, whose share declined from 3.21 per cent to 2.99 per cent, to become the eighth-largest brokerage on HoSE.

Meanwhile, Vietcombank Securities (VCBS) dropped out of the top 10 after holding a 2.87 per cent market share in the first quarter. 

Mirae Asset Vietnam replaced VCBS in the rankings with a market share of 2.94 per cent, returning to the group of HoSE's 10 largest brokerage firms.

The latest figures also pointed to a decline in market concentration. The combined market share of the ten largest brokerages fell to 64.19 per cent in the second quarter from 69.05 per cent in the previous quarter, indicating that nearly 36 per cent of brokerage activity was handled by firms outside the top 10. 

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