Vietnam stock market shows high concentration among securities firms

The Vietnamese stock market is experiencing significant concentration, with a small group of securities companies dominating market share and lending activities. While there are 87 licensed securities firms, approximately 10 to 15 companies control the majority of the market.

Statistics from HoSE in the third quarter of 2026 indicate that the top 10 securities firms accounted for roughly 65% of the total trading market share. Notably, four companies—VPS, SSI, TCBS, and Vietcap—held over 40% of the market, a figure larger than the combined share of all firms outside the top 10. Some firms at the bottom of the top 10 rankings held less than 3% market share.

In terms of lending, 15 securities firms recorded total outstanding loans of approximately 339,000 billion VND, representing 75% of the entire market. TCBS led this segment with outstanding loans of about 55,000 billion VND, followed by VPBankS, SSI, and HSC. This trend suggests a growing divide between large-scale firms with strong financial capacity and smaller firms, sometimes referred to as “zombie” companies, which lack growth momentum and competitive advantages.