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Top 10 Derivatives Brokerage Market Share in Q4/2025 and 2025
Source: HNX, compiled by the author
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In Q4/2025, VPS Securities maintained its lead in the derivatives brokerage market, though its market share significantly narrowed compared to Q4/2024, dropping from 55.84% to 33.83%, indicating a noticeable slowdown.
Competition intensified as several brokerage firms demonstrated efforts to capture market share. Notably, DNSE surged from 9.98% to 24.26%, and Ho Chi Minh City Securities (HSC) rose from 6.03% to 9.19%, securing the second and third positions, respectively. SSI Securities also increased its market share from 3.02% to 6.87%, climbing two spots to fourth place.
Other firms improved their rankings, including VNDIRECT Securities, which moved up one spot to sixth, and Mirae Asset (Vietnam) Securities, which advanced one spot to ninth, both due to market share growth. Notably, VPBank Securities (VPBankS) maintained its position in the top 10 for the second consecutive quarter.
VPBankS has made a strong impression with its recent significant strides. In Q4/2025, the brokerage firm retained its top 10 market share on UPCoM, rose to the top 6 on HNX, and entered the top 10 on HOSE for the first time, ranking ninth.
In contrast, Techcombank Securities (TCBS) and MB Securities (MBS) saw declines, dropping one and two spots, respectively, due to reduced market share. Additionally, PHS Securities fell out of the top 10.
For the full year 2025, the top 10 derivatives brokerage market share saw no new entrants compared to 2024. However, similar to the trends in the final quarter and previous periods, the market share landscape is shifting, with VPS’s share plummeting from 58.09% to 38.99%. Conversely, the chasing group, particularly DNSE, experienced a remarkable rise from 6.14% to 21.47%.
DNSE has achieved a significant leap in the derivatives segment just 2.5 years after its launch, becoming a key business focus for this tech-driven brokerage firm.
 Source: HNX
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– 11:29 09/01/2026
Redistribution of UPCoM Market Share
VPS retains its lead in the UPCoM market share for 2025, though significantly reduced compared to 2024, indicating a more distributed market among competitors. TCBS climbs to second place, while VPBankS makes a notable ascent into the top ranks. Conversely, SHS and BSC exit the top 10.
DNSE Surges Ahead, Capturing Over 24% Market Share in Derivatives Brokerage
DNSE continues to make its mark in the derivatives securities segment, expanding its market share to 24.26% in Q4 and 21.47% for the entire year of 2025. This solidifies its position as the second-largest player in the derivatives market, as reported by HNX data.
How Will the HoSE Brokerage Market Share Fluctuate in 2025?
Among the top 3 brokerage firms leading the HoSE market share in 2025, VPS Securities appears to be lagging behind, while TCBS and SSI are surging ahead with remarkable momentum.
DNSE Solidifies Position as Top 2 Derivatives Broker with 24.26% Market Share
DNSE Securities Corporation (HOSE: DSE) continues to make its mark in the derivatives securities segment, expanding its market share to 24.26% in Q4/2025 and 21.47% for the full year 2025. This solidifies its position as the second-largest player in the derivatives market, as reported by HNX data.
Top 10 HNX Brokerage Market Share Sees Significant Fluctuations in Late 2025
According to the market share rankings of listed stock brokers published by the Hanoi Stock Exchange (HNX), VPS and TCBS maintained their top two positions in both Q4 2025 and the full year 2025, while other rankings experienced significant fluctuations compared to the same period last year.
