Vietnamese securities companies are still mainly operating under the traditional business model, with key characteristics:

• Expanding brokerage market share as a core strategy: widening the brokerage team/ Sales Collaborators (VPS model); digitalization and automation; attractive promotional programs for retail investors.
• Revenue mix remains heavily dependent on margin lending – the primary driver of profitability. Along with that, regulatory requirements for capital and risk management have been continuously increasing.
• By 2025, many securities firms start showing clearer breakthroughs in proprietary revenue thanks to better utilization of capital in the market uptrend.

Competition in the securities industry is intensifying due to the expansion of banking-ecosystem securities firms, rapid capital increases, and promotional campaigns aimed at attracting new investors. The market share pie still holds significant opportunities (low penetration rate); however, maintaining a strong position requires considerable effort in both scale and strategic vision.

In 2026, the business outlook for the securities sector is expected to remain positive, supported by several key drivers:

• Robust economic growth, with a GDP growth target of 10% in 2026, will strengthen expectations for corporate earnings expansion. In addition, Vietnam’s potential market upgrade will serve as a catalyst for long-term foreign capital inflows, reinforcing the sustainable growth outlook of the equity market.
• Building on the momentum of 2025, we expect market liquidity to increase modestly in 2026, while margin lending revenue across the industry is projected to continue expanding, with an estimated 20% growth. Meanwhile, proprietary trading activities are likely to remain active, supporting the earnings outlook of securities companies in 2026.
• A notable development in 2025 is the sector’s early participation in the digital asset market; however, we believe this segment remains nascent and is unlikely to contribute meaningfully to revenue or profit for securities firms in the short term.

(EN) GTJASVN Research_Vietnam Securities Sector_EMBRACING NEW HORIZONS, REACHING REGIONAL PROMINENCE_Nov 2025