The 2025-2026 period continues to mark a strong transformation for Vietnam’s securities sector, with simultaneous expansion in capital base, client base and business models. Alongside strengthening traditional activities, securities companies are stepping up competition on multiple fronts:

• Brokerage market share is being expanded through broader broker/collaborator networks, stronger digital transformation and fee-incentive programs to attract new clients, especially retail investors.
• Margin lending remains the key earnings driver. At the same time, charter capital continues to rise to support business expansion. In 2026, total charter capital of securities companies is expected to increase by 37% YoY.
• Compared with 2025, sector competition is intensifying as bank-affiliated securities companies accelerate capital raising, expand their customer base and deepen integration with parent-bank ecosystems. After TCBS and VPBankS completed IPOs in 2H2025, 2026 has seen LPBS complete its IPO in June and list on HOSE in August, alongside HDBS’s IPO plan and TPBank’s increase of ownership in TPS to 51%. Existing bank-affiliated securities companies such as VCBS, MBS, BSC and ACBS are also implementing large-scale capital-raising plans.

Notably, competition is no longer limited to brokerage market share, but has shifted to capital scale, margin capacity, investment-banking capability, asset management and ecosystem monetization. This gives bank-affiliated securities companies a meaningful advantage from existing clients and capital strength, while increasing pressure on independent securities companies to defend market share through pricing, products, technology and service quality. Even so, HOSE data show that concentration has not increased accordingly: the Top 10’s combined market share declined from 68.13% in Q4/2025 to 65.19% in Q2/2026, indicating that stronger competition is also driving market-share fragmentation.

The stock-market opportunity remains large given low penetration: by the end of Q2/2026, securities accounts were equivalent to 13% of Vietnam’s population. However, maintaining position will require stronger scale and a clear strategic vision. (See market-share trends on slide 21)