Against a backdrop of tightening market liquidity, VPS maintained its leading brokerage market share in Q3/2026. As Vietnam’s market upgrade opens up new opportunities, the Company continues to strengthen its technology capabilities and develop long-term investment solutions, broadening the ways in which it supports investors.
According to Q3/2026 brokerage market share data published by the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX), VPS Securities Joint Stock Company (HOSE: VCK) maintained its leading position across all four markets: HOSE equities 11,54%, HNX equities 18,15%, UPCoM 14,24%, and derivatives 33,78%.
The results came against a backdrop of continued moderation in market liquidity. Average daily trading value across HOSE and HNX fell to approximately VND18.13 trillion, down 46% from Q1/2026 (VND33.68 trillion) and 58% year-on-year (VND42.70 trillion), returning to levels broadly comparable with the market trough in the second half of 2024. The VN-Index faced increasing resistance at higher levels, while prevailing deposit rates prompted investors to take a more measured approach to equity allocation.
Foreign investors remained net sellers on HOSE, although net selling declined from VND48.452 trillion in Q2 to VND18.066 trillion in Q3. While foreign selling pressure eased, there was yet to be a clear reversal in flows. Against this backdrop of more cautious trading activity, VPS maintained its leading positions in both the cash equity and derivatives markets.
Market upgrade creates new opportunities for Vietnam’s capital markets
Vietnam’s reclassification by FTSE Russell to Secondary Emerging Market status took effect on September 21, 2026. Vietnamese equities are scheduled to be included in global indices in four phases through September 2027. The reclassification creates opportunities to attract capital from index-tracking funds and increase the representation of Vietnamese equities in global investment portfolios. Over the longer term, it is also expected to support a broader investor base and deepen the domestic capital market.
These prospects are supported by ongoing financial market reforms in Vietnam. Under the Government’s Scheme for Comprehensive Reform of the Financial Market, the stock market is positioned as an important channel for mobilizing medium- and long-term capital for the economy. Key priorities for the next phase include expanding the institutional investor base, modernizing market infrastructure, and diversifying investment products.
The Ministry of Finance has also highlighted the need to strengthen corporate governance, improve market access for foreign investors, and establish a comprehensive legal framework for emerging market models. As market accessibility and quality continue to improve, the opportunities created by the reclassification could increasingly translate into longer-term capital flows supporting businesses and the broader economy.
Against this backdrop, securities companies are taking on a broader role in the development of the capital market. Beyond providing reliable trading infrastructure and robust risk management, the market increasingly requires services tailored to institutional investors, alongside solutions that enable individual investors to manage and accumulate assets with a long-term investment horizon.
Building on its long-standing market share leadership, VPS continues to invest in technology, strengthen operational capabilities, and develop investment solutions, expanding the ways in which it supports investors throughout their investment journey.
Shaping the future with VPS Smart Indexing
One of the solutions VPS has developed for this new phase is VPS Smart Indexing (VSI), which commenced operations in August 2026. Based on the Direct Indexing model, VSI addresses an increasingly important need among individual investors: building a portfolio for long-term wealth accumulation while maintaining a disciplined investment strategy through different market cycles.
With VSI, customers retain direct ownership of the individual stocks in their portfolios, while VPS manages the investment process on their behalf. The solution combines the expertise of VPS’s investment professionals with algorithmic technology to construct portfolios aligned with each customer’s available capital, monitor portfolio allocations, and rebalance holdings based on predefined investment principles.
As customers make regular additional contributions, new capital is allocated according to the same investment strategy, allowing their long-term accumulation plans to continue consistently over time.
The value of this approach extends beyond the initial investment decision. Investors retain visibility into the individual stocks they own, while portfolio weighting, monitoring and rebalancing are carried out systematically. This represents a broader evolution in VPS’s approach to serving investors - from facilitating trade execution to supporting the implementation and maintenance of long-term investment strategies.
According to VPS, VSI represents the first step in a new generation of investment solutions. Building on this foundation, the Company will continue to develop solutions around evolving investor needs, supporting Vietnam’s stock market as it enters its next stage of development.
