The HoChiMinh Stock Exchange has released its brokerage market share rankings for equities, fund certificates and covered warrants for the fourth quarter and the full year of 2025, highlighting notable shifts among the top 10 securities firms.

 

VPS Securities maintained its leading position in Q4 2025 with a market share of 14.28 per cent, although this declined from 16.45 per cent in the previous quarter, marking its lowest level since Q4 2022.

 

SSI Securities Corporation ranked second, recording its fifth consecutive quarter of market share growth. Its market share rose to 12.50 per cent in Q4 2025, the highest level in 22 quarters.

 

Techcom Securities ranked third with a market share of 9 per cent, up 1.25 percentage points quarter-on-quarter, followed by Ho Chi Minh City Securities Corporation with 6.74 per cent.

 

Vietcap, MBS and VNDirect placed fifth, sixth and seventh, respectively, with all three posting declines compared with Q3 2025. VNDirect recorded the steepest fall, with its market share dropping from 5.42 per cent to 4.62 per cent, a decrease of 0.8 percentage points.

 

KIS Vietnam Securities moved up one position to eighth place as its market share increased from 3.17 per cent to 3.46 per cent. Notably, VPBank Securities entered the top 10 for the first time, ranking ninth with a 3.21 per cent share. Meanwhile, Mirae Asset Securities (Vietnam) fell two places to rank tenth after its market share declined sharply from 4.67 per cent to 2.82 per cent.

 

For the full year 2025, VPS Securities continued to lead the HOSE brokerage market with a 15.95 per cent share, while SSI ranked second with 11.53 per cent, its highest annual market share in the past five years.

 

Market conditions remained highly supportive throughout the year. At the close of trading session on December 31, 2025, the VN-Index ended at 1,784.49 points, the highest level in the 26-year history of Việt Nam’s stock market. For the full year, the index surged 40.87 per cent, placing Việt Nam among the world’s top 10 best-performing stock markets and the top three in Asia.

 

The market liquidity rose by around 33 per cent compared with 2024, reflecting investors’ medium- and long-term expectations related to the market upgrade process, improvements in mechanisms for foreign investors, and strong macroeconomic growth.

 

In this context, competition in the brokerage market continued to intensify, as securities firms ramped up investment in technology, trading systems, service quality and comprehensive value offerings for clients. — VNS

 

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