Brokerage firms in Vietnam facilitate trading on the Ho Chi Minh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) under the Vietnam Stock Exchange (VNX), offering equities, bonds, ETFs, derivatives, and IPOs. Regulated by the State Securities Commission (SSC), these firms operate in a fast-growing market with ~800 listed companies (VN-Index at ~1,250 points as of October 31, 2025, up ~8.5% YTD), a market capitalization of ~VND 6,500 trillion (US$260 billion), and explosive retail participation (over 8 million investor accounts, +20% YoY). In 2025, the sector includes ~120 SSC-licensed securities companies, blending full-service (research, advisory) with digital fintechs (e.g., VCBF, Finhay). "Best" brokers prioritize low commissions (0.1-0.35% tiered), reliable VNX platforms, customer support in Vietnamese, and SSC compliance amid a bullish market (VN-Index projected 15-20% growth, driven by tech/manufacturing).

This guide, updated as of October 31, 2025, ranks and details top firms based on HOSE/HNX turnover (volume/value; daily ~VND 20-30 trillion), active clients (from SSC/VNX data), user ratings from BrokerChooser (5/5 scale), Rankia.vn, and Reddit/VietnamInvesting, plus criteria like fees, platform usability, branch networks (Ho Chi Minh City, Hanoi), and regulatory standing. We cover largest by turnover/clients (local focus, noting international for forex/global), best overall picks, detailed profiles for the top 10, comparisons, regulations, trends, and selection tips. Data reflects 2025 trends: Digital trading at 75%+ (SSI/VNDIRECT lead), ETF surge (+25% AUM), and foreign investor inflows (QFII up 10%).

Largest Brokerage Firms in Vietnam by Turnover and Active Clients (HOSE/HNX Data, Q3 2025)

HOSE/HNX rank securities firms by order volume; top 10 handle ~60% of retail flow. Securities houses dominate; banks via subsidiaries.

Top 10 by Turnover (HOSE/HNX Leaders, 2025)

Top 10 by Active Clients (Est. from SSC/VNX, 2025)

Sources: HOSE Q1 2025, VietnamCredit, The Investor, Statista.

Best Overall Brokerage Firms in Vietnam 2025

Aggregating ratings from BrokerChooser, Rankia.vn, VietnamCredit, and Reddit/VietnamInvesting. Focus on ISA eligibility, VND 0–5M commissions, app ratings (4.5+), and SSC licensing.

Best for Beginners and Overall

Best for Active Traders (F&O / Volume)

Best for Low Costs and ETFs

Best for Full-Service and HNWIs

Detailed Profiles of the Top 10 Brokerage Firms in Vietnam

1. SSI Securities (SSI)

• Overview: Leading securities firm; Ho Chi Minh City; 5M clients; VietnamCredit #1.
• Fees: HOSE: VND 0; US: VND 0; AMC: Free.
• Account Types: ISA, Retirement Fund.
• Platform: SSI app (4.9/5); HTS.
• Pros: NISA-like ISA, research, IPOs; SSC.
• Cons: Peak overload.
• Best For: Retail/ISA.

2. VNDIRECT Securities

• Overview: Digital giant; Hanoi; 3M users.
• Fees: HOSE: VND 0–3M; ETFs: VND 0; AMC: Free.
• Account Types: ISA, Global.
• Platform: VNDIRECT app (4.8/5).
• Pros: Global access, beginner tools; SSC.
• Cons: Variable fees.
• Best For: Global beginners.

3. VCBS (Vietcombank Securities)

• Overview: Vietcombank arm; Hanoi; institutional.
• Fees: HOSE: VND 0; F&O: VND 1M; AMC: Free.
• Account Types: ISA.
• Platform: VCBS app (4.7/5).
• Pros: Bank trust, execution; SSC.
• Cons: Basic retail.
• Best For: Institutions.

4. VPS Securities

• Overview: Award-winner; Ho Chi Minh; Triple A Best 2025.
• Fees: HOSE: VND 0; ETFs: VND 0; AMC: Free.
• Account Types: ISA.
• Platform: VPS app (4.6/5).
• Pros: Research, sustainable finance; SSC.
• Cons: Less global.
• Best For: Sustainable investors.

5. MB Securities (MBS)

• Overview: Military Bank arm; Hanoi; IPO leader.
• Fees: HOSE: VND 0–2M; AMC: Free.
• Account Types: ISA, IPO.
• Platform: MB app (4.6/5).
• Pros: IPO access, bank linkage; SSC.
• Cons: Military bias.
• Best For: IPOs.

6. Vietcap Securities (VCI)

• Overview: Rising star; Ho Chi Minh; 34% institutional.
• Fees: HOSE: VND 0; F&O: VND 1M; AMC: Free.
• Account Types: ISA.
• Platform: Vietcap app (4.5/5).
• Pros: Institutional strength; SSC.
• Cons: Retail secondary.
• Best For: Pros.

7. Techcom Securities (TCBS)

• Overview: Techcombank fintech; Hanoi.
• Fees: HOSE: VND 0–1.5M; ETFs: VND 0.
• Account Types: ISA-Growth.
• Platform: TCBS app (4.6/5).
• Pros: Fintech tools, analytics; SSC.
• Cons: Bank-locked.
• Best For: Tech-savvy.

8. Agribank Securities (AGR)

• Overview: State-owned; rural/retail.
• Fees: HOSE: VND 0; AMC: Free.
• Account Types: ISA.
• Platform: AGR app (4.4/5).
• Pros: State trust, low costs; SSC.
• Cons: Basic global.
• Best For: Rural investors.

9. KIS Vietnam Securities

• Overview: Korean-backed; Ho Chi Minh; global.
• Fees: HOSE: VND 0–2M; F&O: VND 1.5M.
• Account Types: ISA.
• Platform: KIS app (4.5/5).
• Pros: International, research; SSC.
• Cons: Fees.
• Best For: Global.

10. Dragon Capital (VDSC)

• Overview: Foreign JV; advisory.
• Fees: HOSE: VND 0.2%; F&O: 0.03%.
• Account Opening: Free.
• Investment Options: BVC stocks, PMS.
• Customer Service: Advisory.
• Pros: Cross-border; SSC.
• Cons: Higher min VND 5B.
• Best For: HNWIs.

Comparisons: Key Metrics Across Top Firms

Regulations and Governing Bodies in Vietnam

• Regulator: SSC (State Securities Commission).
• Key Rules:
• Tiered commissions (0.35% max for <VND 100M).
• T+2 settlement; DCV via VSD.
• ISA (tax-free: VND 100M/year).
• Investor Protection:
• VSD Fund (up to VND 100M).
• SSC mediation.
• 2025 Updates:
• ISA expansion (VND 200M limit).
• Digital KYC via VNeID.
• ESG mandatory for VN30.

2025 Trends and Market Insights

• Bullish Momentum: VN-Index ~1,250 (+8.5% YTD); 15–20% projected (manufacturing, FDI).
• ISA Surge: VND 500T AUM (+30% YoY); 8M accounts.
• Digital Boom: 75% app trades (SSI/VNDIRECT).
• ETF/Global: US ETFs +25%; QFII inflows VND 50T.
• Challenges: Inflation (4%), 65% retail losses.
• Growth: 8M+ accounts (+20% YoY); brokerage revenue VND 20T.

How to Choose the Best Brokerage Firm in Vietnam

Tips:

• Open ISA first (tax-free).
• Use VNeID for e-KYC.
• Link bank for auto-funds.
• Diversify with CEDEARs.

For latest, visit ssc.gov.vn or vnx.vn.
Trading involves risk—invest wisely.