VPS Securities

What VPS Securities does

VPS Securities (Công ty Cổ phần Chứng khoán VPS) is a Vietnamese securities firm founded in 2006 and listed on the Ho Chi Minh Stock Exchange (HOSE) under ticker VCK since December 16, 2025, following an IPO in November 2025 that raised VND 12,139 billion. The firm provides stock brokerage, margin lending, investment banking advisory (IPO underwriting, M&A, bond issuance), and proprietary capital investment services to retail investors, institutional clients, and corporations operating in Vietnam's equity markets.

The company operates a platform-plus-modules architecture centered on three proprietary retail-facing trading platforms — SmartOne (mobile super-app with EKYC onboarding, integrated payments, and lifestyle services), SmartPro (professional-grade platform for active traders), and SmartEasy (simplified interface for new investors) — complemented by SmartOne Web launched in October 2025. Underlying infrastructure includes the KRX trading system (live from May 2025 in alignment with Vietnam's market upgrade), TradingView Advanced Chart integration, and an ISO/IEC 27001:2022 certified information security management system. VPS holds the #1 stock brokerage market share in Vietnam for five consecutive years across all four exchanges (HSX, HNX, UPCOM, and derivatives), with 2025 market shares of 15.95%, 19.49%, 17.76%, and 38.99% respectively.

Revenue is generated through four streams: brokerage commissions (VND 3,770 billion in 2025, +18.3% YoY), margin lending interest (VND 2,504 billion, +42.1%), proprietary capital operations (VND 1,694 billion, +31.4%), and investment advisory (VND 139 billion, +126.7%), totaling VND 8,261 billion in 2025 revenue. Distribution combines product-led growth through self-serve digital platforms with enterprise sales for institutional and investment banking clients, plus partnership channels including Viettel Money (securities investment embedded in a telecom super-app), Vietnam Airlines, Booking.com, and VietinBank Insurance. The IPO proceeds are being deployed primarily into expanding the margin lending book (which reached VND 30,407 billion in Q1 2026) and secondarily into technology infrastructure (VND 900 billion planned) and human resources (VND 270 billion planned).

Name

VPS Securities

Legal name

Công ty Cổ phần Chứng khoán VPS

Website

https://vps.com.vn

Company type

Public

Founded year

2006

Operating status

Ipo

Headcount range

1,001–5,000 employees

Short description

VPS Securities is Vietnam's largest stock brokerage by market share for five consecutive years, offering digital trading platforms, margin lending, and investment banking advisory services to retail and institutional investors across Vietnam.

Ownership category

akta.pro rank

Product category

Securities Brokerage

NAICS

Investment Banking and Securities Intermediation (523150), Investment Banking and Securities Intermediation (52315), Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Asset-Backed Securities (6189)

akta.pro primary industry

Secondary Offerings & Share Sales (Secondary Placements) (FSACAAAG)

akta.pro secondary industries

Corporate Bond Trading Platforms (FSAFACAB), Securitized Products Trading Platforms (MBS/ABS/CLO) (FSAFACAK), Securities Lending & Collateral Management (Custodian-Led) (FSAFAHAC)

Keywords

• Stock brokerage services
• Securities trading platform
• Margin lending services
• Investment banking advisory
• Retail trading platform

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage Commissions: Revenue from stock brokerage services on HSX, HNX, UPCOM and derivatives exchanges. VPS maintains #1 market share position generating consistent commission income.
2. Margin Lending: Interest income from margin lending (ky quy) services. VPS deployed IPO proceeds primarily for margin lending activities, with loan balance reaching 30,407 billion VND in Q1 2026.
3. Capital Investment Operations: Proprietary trading and capital market investment activities generating consistent returns. Capital increased substantially post-IPO.
4. Investment Banking Advisory: Corporate finance advisory including IPO underwriting, M&A advisory, and bond issuance services for institutional clients.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels5 records

Core offering

VPS Securities is a Vietnamese securities firm that provides stock brokerage services on HSX, HNX, UPCOM and derivatives exchanges, margin lending (ky quy), bond investment products, investment banking advisory (IPO underwriting, M&A, bond issuance), and proprietary capital investment activities. Its services are delivered primarily through proprietary digital trading platforms—SmartOne (retail super-app), SmartPro (professional traders), SmartEasy (beginner investors), and SmartOne Web (web)—supported by physical branches in Hanoi, Ho Chi Minh City, and Da Nang.

Product overview

VPS Securities operates as a comprehensive securities firm with a platform-plus-modules architecture. The core ecosystem includes three main trading platforms: SmartOne (mobile super-app for retail investors), SmartPro (advanced platform for professional traders), and SmartEasy (simplified interface for new investors), plus SmartOne Web (web-based platform launched October 2025). These platforms are complemented by value-added modules including margin lending, IPO subscription, bond investment products, and investment advisory services. VPS serves three distinct customer segments: Individual Customers (retail brokerage and wealth management), Institutional Customers (corporate trading and services), and Investment Banking (M&A advisory, bond issuance, strategic consulting). The company leverages its leading 17.05% market share in stock brokerage (Q3 2025) to drive cross-selling of margin lending and other financial services.

Differentiator

Problem solved

Functional benefit

Brands

• SmartOne: Primary mobile and web trading application for stocks and financial products. VPS SmartOne is described as the leading securities investment app in Vietnam.
• SmartPro
• SmartEasy

Products and services

• VPS SmartOne Flagship mobile and web super-application offering comprehensive securities investment services including stock trading, margin lending, investment research, IPO subscription, and market recommendations for retail investors in Vietnam.
• VPS SmartPro Advanced trading platform with sophisticated tools, real-time data, and comprehensive market analysis features designed for professional and active traders.
• VPS SmartEasy Simplified trading platform with an easy-to-use interface catering to new or beginner investors entering the Vietnamese securities market.
• SmartOne Web Web-based version of the VPS SmartOne trading platform, providing next-generation securities trading tools and analysis capabilities for investors via browser.
• Margin Lending (Cho vay ký quỹ) Margin financing product enabling clients to borrow funds against securities holdings to expand buying power for trading. Promotional rate of 8% per year offered to new and existing customers.
• Bond Investment Corporate bond issuance and distribution service providing investors access to bond products with competitive yields and flexible investment terms and amounts.
• Investment Banking Advisory Investment banking advisory service covering IPO underwriting, M&A advisory, and bond issuance structuring for corporate clients, supported by dedicated relationship managers and field sales coverage.
• Institutional Customer Services Comprehensive securities and corporate finance services tailored for institutional clients and corporations, including custody, professional trading, and strategic advisory.
• Proprietary Trading & Capital Investment Operations Firm's proprietary trading and capital market investment activities using VPS's balance sheet, generating investment returns and contributing to overall revenue mix.

Quantifiable outcome

• 5 consecutive years as #1 market share leader in stock brokerage
• +4 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability2 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• IPO Distribution Agents (10 firms)coreChannel Partner/ Reseller/ Distributor · 11 October 2025VPS officially announced 10 distribution agents for its IPO share offering, including major securities firms and banks participating in the IPO subscription process.
• TradingViewcoreTechnology or Integration · 13 February 2025VPS integrated TradingView's Advanced Chart functionality into its trading platforms, providing VPS customers with professional-grade charting tools for investment analysis and decision-making.
• VietinBank Insurance (VBI)minorGTM or Marketing Partner · 30 August 2024VPS partnered with VietinBank Insurance to offer 'Safe Trading - Confident Investment' insurance program protecting VPS customers, integrated into SmartOne platform.
• Booking.comminorGTM or Marketing Partner · 30 July 2024VPS partnered with Booking.com to offer accommodation booking discounts (from 15%) on the VPS SmartOne platform, enhancing the super app's lifestyle offerings.
• Vietnam AirlinesminorGTM or Marketing Partner · 29 July 2024VPS partnered with Vietnam Airlines to offer promotional programs for Lotus Gold members when opening securities accounts and trading at VPS, cross-promoting services to Vietnam Airlines frequent flyers.
• Gaia Nature Conservation CenterminorStrategic or Co-development Partner · 23 May 2024VPS partnered with Gaia Center for the 'Green Legacy' initiative, planting 1,100 trees at Cuc Phuong National Park as part of the 'Dear Future' environmental campaign.
• Viettel Money (VDS)coreChannel Partner/ Reseller/ Distributor · 4 March 2024VPS partnered with Viettel Digital Service (VDS) to launch 'Easy Investment - Peaceful Returns' feature on the Viettel Money super app, enabling users to invest in securities directly through the Viettel Money platform. This partnership extends VPS's distribution reach to Viettel Money's large user base.

Scale indicators21 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• MB Securities (MBS): Military Bank's securities subsidiary, a growing Vietnamese brokerage with retail and institutional focus. MBS has been expanding market share rapidly and competes with VPS for both retail customers and corporate finance mandates.
• KIS Vietnam Securities Corporation: Korean-backed (Kyobo Securities) Vietnamese brokerage providing retail and institutional brokerage plus investment banking. KIS competes directly with VPS across HOSE, HNX, and UPCOM market share rankings.
• VNDirect Securities Corporation: Major Vietnamese online-focused brokerage competing directly with VPS in retail and institutional segments. VNDirect offers digital trading platforms, margin lending, and investment banking services, and is known for technology-driven retail acquisition.
• Mirae Asset Securities (Vietnam): Foreign-backed (Korean) Vietnamese securities firm providing retail brokerage, institutional services, and proprietary trading. Backed by Mirae Asset's global capital, it competes directly for market share across Vietnamese exchanges.
• Yuanta Securities Vietnam: Taiwan-backed Vietnamese securities firm offering retail brokerage, margin lending, and investment banking. Yuanta is a significant competitor in the Vietnamese brokerage rankings, particularly on HNX.
• Bao Viet Securities (BVSC): Vietnamese securities firm backed by Bao Viet Holdings, offering full-service brokerage, investment banking, and proprietary trading. BVSC competes for market share across Vietnamese exchanges and investment banking mandates.
• SSI Securities Corporation: One of Vietnam's largest securities firms by market capitalization and historically a #1 brokerage competitor. SSI offers retail brokerage, margin lending, investment banking, and proprietary trading — directly overlapping VPS's full-service model. Competes head-to-head on Vietnamese exchanges.
• Techcom Securities (TCBS): Techcombank's securities arm and a fast-growing tech-focused Vietnamese brokerage. TCBS has rapidly scaled retail market share through digital platforms and aggressive customer acquisition, directly competing with VPS's SmartOne/SmartPro/SmartEasy.
• Ho Chi Minh City Securities Corporation (HSC): Established Vietnamese securities firm offering full-service brokerage, investment banking, and asset management. HSC has historically been among the top-tier brokerages competing with VPS for institutional and retail market share.
• ACB Securities (ACBS): Asia Commercial Bank's securities subsidiary offering retail and institutional brokerage services in Vietnam. ACBS leverages its parent bank's customer base for cross-selling brokerage products, competing directly with VPS's integrated offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xzalo.me/3124735759970171503
• YouTubeyoutube.com/@VPSSecurities
• Facebookfacebook.com/VPSSecurities
• LinkedInlinkedin.com/company/vps-securities-jsc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VPS Securities