In the market share rankings, VPS Securities and TCBS Securities continue to dominate the top two positions. VPS has widened its lead, securing an 18.18% market share in Q4 2025 and 19.49% for the entire year.
While the top two positions remain unchanged, the rest of the rankings have seen significant shifts.
On a quarterly basis, VNDIRECT Securities and SSI Securities swapped their 3rd and 4th positions. VNDIRECT climbed the ranks with its market share increasing from 6.19% to 8.28%, while SSI relinquished its spot despite its market share rising from 6.81% to 8.27%.
Notably, four new companies entered the rankings: VPBank Securities (VPBankS) at 6th place with a 4.75% market share, HSC Securities at 7th with 2.9%, KIS Vietnam Securities at 8th with 2.78%, and Vietcombank Securities (VCBS) at 10th with 2.63%.
Conversely, four companies exited the rankings: BVSC Securities, FPTS Securities, Vietcap Securities, and Mirae Asset Securities (Vietnam). Additionally, BSC Securities dropped three places to 9th, with its market share declining from 3.81% to 2.68%.
For the full year, SSI and VNDIRECT reversed their Q4 2025 positions, with SSI moving up to 3rd and VNDIRECT dropping to 4th. FPTS Securities also gained one spot, ranking 9th despite its market share decreasing from 3% to 2.92%.
Three companies entered the top 10: DNSE Securities at 6th with a 3.12% market share, VPBankS at 7th with 2.98%, and HSC at 9th with 2.86%. Mirae Asset, BSC, and BVSC Securities, however, fell out of the top 10.
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Significant Changes in HNX Brokerage Market Share Rankings
Source: HNX, compiled by the author
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– 5:03 PM, January 8, 2026
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