Vietnam Securities Market: Retail-led expansion with digital disruption and scale-based competition

Vietnam’s securities market continues to demonstrate robust growth, driven by strong macro fundamentals, rising financial literacy, and ongoing regulatory reforms. From 2016 to 2024, the number of trading accounts increased fivefold to 9.2 million, surpassing the government’s 2025 target. Retail investors now dominate the market, accounting for over 80% of daily trading value. 

The market remains underpenetrated relative to regional peers, signaling ample room for growth. Stock market capitalization remains modest compared to GDP, while participation by institutional and foreign investors is still limited, highlighting untapped potential. 

Bank-backed securities firms currently lead the market due to funding advantages and integrated services. However, digital disruptors like TCBS, Finhay, and Entrade X are emerging, offering zero-commission trading and lean, scalable platforms that attract Vietnam’s growing base of tech-savvy investors. 

Key trends shaping the market include: 

• Zero-commission trading models driven by competitive pressure and lower digital costs 

• Rise of digital-first brokers offering app-based onboarding and AI-driven tools 

• Revenue shift toward margin lending and proprietary trading 

• Increasing pressure on traditional brokers to digitize and reduce cost structures 

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FiinGroup has been supporting foreign and domestic investors in various sectors especially banking, consumer finance, securities and other financial services. For further publications on other key sectors in Vietnam (Banking, Consumer Finance, Utilities, Logistics, etc.), please refer to our website: https://fiinresearch.vn 

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FiinGroup is Vietnam’s leading provider of financial data analytics platforms, business information, market research and consulting, credit ratings, and other data-driven analytics services via Platform as a Service (PaaS), annual package, and on-call services.      

To assist potential investors in unlocking the potential of Vietnam's Securities & Financial Services sector, FiinGroup has successfully supported various local and foreign investors via market assessment, market entry advisory, commercial due diligence, merger filing support and deal advisory to penetrate/ expand their businesses.  

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