Derivatives Market: VPS Securities Loses Ground as DNSE Surges Ahead

The Hanoi Stock Exchange has unveiled the top 10 brokerage market shares for derivatives in Q3/2025. The data highlights a notable shift in market share, with VPS Securities relinquishing its dominance to other brokerage firms.

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Top 10 Derivatives Brokerage Market Share in Q3/2025

In Q3, VPS’s derivatives brokerage market share dropped to just over 36%, a significant decline of more than 10 percentage points compared to the previous quarter. Once dominating nearly 60% of the market, VPS has seen its derivatives market share steadily erode throughout 2025.

Conversely, most other firms in the top 10 experienced market share gains. Notably, DNSE Securities stood out with a 23.67% market share, a surge of over 6 percentage points from the previous quarter. In just two years since launching its derivatives product, DNSE has demonstrated remarkable growth in this arena. In Q1/2024, the company first entered the top 10 with a 5th place ranking (4.01% share). Within a year, DNSE climbed to 2nd place in Q1/2025 (16.7%) and has continued to expand its market share since.

Remarkably, in the HNX’s base brokerage rankings, DNSE Securities also achieved an impressive breakthrough by entering the top 6 with a 4.63% market share, right behind industry giants VPS, TCBS, SSI, MBS, and VNDIRECT.

Returning to the derivatives market, SSI, HSC, VNDIRECT, and FPTS all recorded market share increases in Q3.

VPBankS entered the top 10 with a 2.09% market share, while Mirae Asset exited the rankings.

Dong Tu

– 14:46 08/10/2025

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