In Q3 2026, VPS still tops brokerage market share on HoSE, but it leads SSI by only 0.45 percentage points. According to the HoSE ranking reported by Tuổi Trẻ on 5 October, the top three firms, VPS, SSI and TCBS, are now all above 10%, and the gap from third place to first is just 1.51 points.Tuổi TrẻThời báo Tài chính
For anyone holding VCK (VPS), SSI or TCX (TCBS), the table answers only half the question. Brokerage fees are just one revenue stream for a securities firm. Put the market-share ranking next to the revenue mix, and the order of the three firms nearly reverses.
Who gained share and who lost it in Q3
Market share here means the share of stock and fund-certificate trading value on HoSE executed by each firm's clients. VPS leads with 11.54%, down 1.07 points from 12.61% in Q2. In Q1 it was 15.32%, so VPS has lost 3.78 points over two quarters.Tuổi Trẻ
SSI is second at 11.09%, almost unchanged from 11.17% in Q2. TCBS holds third but rose from 9.36% to 10.03%, topping 10% for the first time. In the middle of the table, Vietcap (VCI) rose from 7% to 7.8% and stays fourth, while HSC (HCM) slipped from 6.8% to 6.1% and remains fifth.Tuổi Trẻ
Rank changes happened only at the bottom. KIS rose from 2.99% to 3.72% and moved up to eighth. Mirae Asset edged up from 2.94% to 3.03% in ninth. VPBankS (VPX) is the sharpest reversal: it climbed from 2.94% to 3.57% in Q2 to reach eighth, then fell back to 2.81% in Q3 and dropped to tenth.Tuổi Trẻ
The combined share of the ten largest firms fell from 65.19% in Q2 to 64.86% in Q3, and stood at 69.05% at the start of the year.Người Quan Sát Trading is being spread more evenly, both among the leaders and between the top ten and everyone else.
The gap narrowed because VPS fell, not because SSI rose
The gap between the top two shrank from 1.44 points in Q2 to 0.45 points in Q3. The headline invites the reading that SSI is accelerating. The data say otherwise: SSI actually slipped 0.08 points, so the entire narrowing comes from VPS losing 1.07 points.Tuổi Trẻ
What VPS lost did not flow to SSI either. The biggest gainers in the quarter were Vietcap (up 0.8 points), KIS (up 0.73) and TCBS (up 0.67). On the other side, besides VPS, VPBankS lost 0.76 points and HSC lost 0.7.
Two kinds of change should be kept apart. VPS's decline has run for two straight quarters, 3.78 points in total, so it is an established trend. VPBankS's slide appeared in a single quarter, right after a strong one, which is not enough to call a trend. TCBS's move above 10% also needs at least one more quarter to show whether it holds.
Market-share rank is not brokerage-revenue rank
One quarter of lost share does not necessarily drag profit down by the same amount, because each firm earns from a different income mix. The latest financial statements published cover Q2 2026, released in mid-July, and they show the top three firms differ widely. The figures below are Q2 and remain the latest benchmark until Q3 reports come out.
VPS depends on brokerage the most. In Q2, brokerage and custody revenue was VND 643 billion, or 27.3% of total operating revenue of VND 2,354 billion. Margin lending brought in VND 1,031 billion, or 43.8%, and the loan book at quarter-end stood at VND 31,311 billion.Vietnambiz
SSI leans toward investment activity. Standalone Q2 revenue was VND 3,312 billion, of which investing brought in VND 1,462 billion (about 44%) and margin lending VND 1,092 billion (about 33%). Brokerage and advisory revenue was VND 490 billion, roughly 14.8% (calculated from the two figures above). Margin and advance-payment loans at 30 June were VND 40,473 billion.Đầu tư Chứng khoán
TCBS is furthest from brokerage. Net income from brokerage, commissions and custody in Q2 was only VND 69 billion, down 21% year on year. In the same quarter, margin and advance-payment lending brought in VND 1,380 billion of net income, about 42% of the total and roughly 20 times brokerage. The loan book at 30 June exceeded VND 51,500 billion.Thương Trường
Set the three loan books side by side and the order flips against the market-share table. TCBS ranks third in brokerage but lends the most on margin, about VND 51,500 billion. SSI is second in both tables. VPS leads in brokerage but has the smallest loan book of the three, VND 31,311 billion. Note that each firm presents its mix differently (TCBS on net income, VPS and SSI on revenue), so comparisons are only approximate on proportions.
Why the rankings diverge
The available data are not enough to settle on a single cause for VPS losing share while others gain. Three explanations are worth weighing.
The first is income mix. A firm that earns mainly from margin lending or bond distribution can accept low trading fees to keep clients, because profit comes from elsewhere. For a firm like VPS, where more than a quarter of revenue comes from brokerage fees, that kind of competition is far costlier.
The second is lending capacity. Heavy traders often use margin too, so a firm with more lending room finds it easier to keep them. The ranking of loan books, TCBS, SSI, then VPS, matches the direction of share shifts, but that is correlation, not proof of causation.
The third is flow from institutional and foreign clients, which may have helped KIS or Mirae Asset in the quarter. HoSE does not disclose client mix by firm, so this remains a hypothesis.
Q3 reports will answer the rest
Among the top ten, the listed firms are VPS (VCK), SSI, TCBS (TCX), Vietcap (VCI), HSC (HCM), MBS and VPBankS (VPX). For VCK, brokerage share is the most important variable, since more than a quarter of Q2 revenue came from it. For TCX, rising share barely moves profit because brokerage is a small contributor; the line to read is the margin loan book. SSI sits in between: share is flat, and results depend more on its investment portfolio and margin.
If the Q2 rhythm holds, when TCBS reported on 15 July and VPS on 20 July, Q3 reports from these firms should land between mid and late October. Three items to set side by side then are VPS's brokerage revenue against Q2's VND 643 billion, the margin loan books of TCBS and SSI against end-June, and the brokerage share of total revenue at each firm.
The conclusion for now: brokerage share on HoSE is spreading more evenly among the leaders, and VPS bears the largest impact because its revenue mix leans most toward brokerage. If VPS's Q3 brokerage revenue falls by more than its share, the pressure has reached profit. If margin lending grows enough to offset it, losing the brokerage ranking is not yet a profit story.