VNdirect

What VNdirect does

VNdirect (Công ty Cổ phần Chứng khoán VNDIRECT) is a Vietnam-based, HOSE-listed (ticker: VND) full-service securities and investment services company founded in 2006 and headquartered in Hanoi, with regional offices in Ho Chi Minh City and Da Nang. The company operates a multi-platform digital ecosystem centered on VNDSTOCK (securities trading via web, DBOARD, DSTOCK mobile app, and Protrade Trial virtual derivatives), VNDGO (multi-asset investment covering DBond/VBond corporate bonds, VNDAF/VNDBF/VNDCF funds, ETF IPAAM VN100, and DSIP/Single Stock Savings programs), and VNDCARE expert advisory services (DWA wealth advisory, DBA brokerage advisory, DPM discretionary portfolio management). Supporting infrastructure includes BANKGATE — an integrated payment layer connecting VNDIRECT accounts to 12 major Vietnamese banks for 24/7 deposits and withdrawals — plus the MyDGO wealth management platform, STOCKBOOK investor community, and DGO Academy education vertical.

VNdirect's revenue model is diversified across multiple streams: securities brokerage commissions (equities, derivatives, covered warrants), margin lending balances, debt capital markets advisory and arrangement fees, fund certificate distribution, corporate bond distribution (DBond/VBond), and subscription-based expert advisory retainers (DBA, DWA, DPM). Pricing is hybrid: a quote-based fee schedule for retail brokerage, percentage-based transaction fees and management fees for funds (e.g., VN VALUE at 1.5% per year management, 0.15% selling fee), and transaction-based pricing for fund certificates. The company serves two primary customer cohorts: individual/retail investors (mass-market and affluent segments pursuing trading, savings, and wealth accumulation) and corporate/institutional clients (bond issuers, IPO candidates, and treasury teams needing DCM and capital-markets advisory).

VNdirect's go-to-market is sales-led and hybrid in channel mix: self-serve digital onboarding and trading via web/app, supplemented by expert advisory, three physical transaction offices, and a robust education/marketing funnel via DGO Academy, social media, STOCKBOOK community, and newsletters. Under the VNDNEXT 2026-2030 strategy, the company is repositioning itself from a traditional securities broker into a comprehensive financial institution — targeting 15% average ROE over the five-year period, deepening its leadership in Vietnamese debt capital markets (#1 market share at 94,000+ billion VND bond advisory value in FY2025), and positioning to capture inbound capital from Vietnam's September 2026 FTSE Russell upgrade to secondary emerging-market status.

Name

VNdirect

Legal name

Công ty Cổ phần Chứng khoán VNDIRECT

Website

https://vndirect.com.vn

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

VNdirect (HOSE: VND) is a Hanoi-headquartered, Vietnamese full-service securities company operating a multi-platform ecosystem for retail trading, multi-asset investment, debt capital markets advisory, and wealth management, serving individual investors, corporate issuers, and institutional clients across Vietnam.

Ownership category

akta.pro rank

Product category

Securities Brokerage and Wealth Management

NAICS

Investment Banking and Securities Intermediation (523150), Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Discretionary Portfolio Management (DPM) (FSAAABAC)

akta.pro secondary industry

Stock Borrow/Loan (Equities Securities Lending) (FSACAFAD)

Keywords

• Securities brokerage services
• Wealth management advisory
• Online stock trading
• Debt capital markets
• Investment fund products

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. Securities Brokerage: Commission-based stock trading services including equities, derivatives, and covered warrants
2. Margin Lending: Secured lending against investor portfolios for leveraged trading
3. Debt Capital Markets: Bond issuance advisory, arrangement, and distribution services. Achieved #1 market share with over 94,000 billion VND in advisory value in FY2025
4. Fund Certificates: Distribution of open-ended funds including equity, bond, and balanced funds
5. Corporate Bonds: Distribution of short-term DBond and long-term VBond corporate bond products
6. Advisory Services: Expert advisory packages including DBA (brokerage expert), DWA (wealth management expert), and DPM (portfolio management) services

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

VNDIRECT is a Vietnamese securities company that provides brokerage and trading in equities, derivatives, covered warrants, and margin financing via its VNDSTOCK platform; multi-asset wealth management via VNDGO covering open-ended funds (VNDAF, VNDBF, VNDCF), ETFs (IPAAM VN100), and corporate bonds (DBond, VBond); expert advisory services (DWA wealth advisory, DBA brokerage advisory, DPM portfolio management); and corporate finance / Debt Capital Markets advisory, including IPO preparation and bond issuance arrangement.

Product overview

VNDIRECT operates as a comprehensive financial institution offering a multi-platform product ecosystem centered around securities trading and wealth management. The core offerings include VNDSTOCK (securities trading platform with DBOARD price board, DSTOCK mobile app, and Protrade Trial), VNDGO (multi-asset investment platform featuring DBond/VBond bonds, VNDAF/VNDBF/VNDCF funds, and ETF IPAAM VN100), and VNDCARE (expert services including DWA wealth advisory, DBA brokerage advisory, and DPM portfolio management). Supporting infrastructure includes BANKGATE payment integration with 12 Vietnamese banks, MyDGO wealth management platform, STOCKBOOK community, and DGO Academy education platform. The company also offers DSIP target savings products and Single Stock Saving programs, positioning itself as a full-service financial services provider transitioning from traditional brokerage to comprehensive financial institution under the VNDNEXT strategy.

Differentiator

Problem solved

Functional benefit

Brands

• VNDSTOCK: Stock trading platform providing securities trading services including stocks, derivatives, covered warrants, and margin trading.
• VNDGO
• VNDCARE
• DGO Academy
• DBOARD
• DSTOCK
• MyDGO
• DBond
• Vbond
• VNDAF
• VNDBF
• VNDCF
• ETF IPAAM VN100
• Single Stock Saving

Products and services

• VNDSTOCK Securities trading platform providing stock trading, derivatives trading, covered warrants, and margin trading services with advanced trading tools for individual and professional investors.
• VNDIRECT DSTOCK Mobile App Mobile trading application optimized for professional investors to trade securities on the go.
• DBOARD Multi-channel securities trading price board platform providing real-time market data, advanced trading tools, and diverse order types.
• Protrade Trial Virtual derivatives trading platform allowing users to practice derivatives trading without real capital exposure.
• VNDGO Multi-asset investment platform encompassing bonds, fund certificates, ETF products, and savings solutions for comprehensive wealth building.
• DBond Short-term bond portfolio offering attractive interest rates with VNDIRECT's buyback commitment at specified return dates.
• VBond Long-term corporate bond product with interest rates committed by issuers, typically offering higher returns than traditional savings.
• VNDAF Open-ended Equity Fund Open-ended equity fund investing in Vietnam Top Performer Asset stocks with expected long-term returns of 12-15%, accessible with minimum 100,000 VND.
• VNDBF Open-ended Bond Fund Open-ended bond fund investing in listed bonds and secure certificates of deposit with stable returns and flexible redemption.
• VNDCF Flexible Bond Fund Flexible bond investment fund providing diversified bond portfolio management with flexible investment terms.
• ETF IPAAM VN100 Index fund tracking the VN100 index using passive investment strategy, tradeable like listed stocks.
• MyDGO Multi-channel wealth management platform enabling asset allocation and specialized account setup for different investment goals with risk management.
• VNDCARE Expert Advisory Services Expert service package offering wealth management advisory (DWA) and securities brokerage advisory (DBA) services with dedicated specialists for personalized account management.
• DWA Discretionary Wealth Advisory Discretionary wealth management advisory service with dedicated expert consultants for personalized account management and asset allocation.
• DBA Discretionary Brokerage Advisory Securities brokerage expert service helping investors find market opportunities, select stock portfolios, and learn trading strategies.
• DPM Discretionary Portfolio Management Portfolio management service for investors lacking time and experience, delegating portfolio building and management to professional investment experts.
• BANKGATE Online payment platform connecting securities accounts with 12 major Vietnamese banks for 24/7 deposits and withdrawals with instant processing.
• DSIP Target Savings Investment Target savings investment portfolio offering essential life goals savings, sustainable income, and long-term returns through target savings programs, open-ended equity funds, and bond funds.
• Single Stock Saving Stock-based savings program allowing monthly investments in quality stocks as an alternative to traditional savings, with scheduling reminders and investment discipline tools.
• Debt Capital Markets (DCM) Advisory Bond issuance advisory, arrangement, and distribution services for corporate and institutional clients, including green bond transactions, achieving #1 market share with over 94,000 billion VND in advisory value in FY2025.

Quantifiable outcome

• 94,000+ billion VND bond advisory issuance value in FY2025, #1 market share
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature7 records

Partnerships

One partnership is on record.

• FTSE RussellcoreStrategic or Co-development PartnerVietnam's FTSE Russell upgrade from frontier to secondary emerging-market status confirmed for September 2026. This milestone is expected to trigger significant capital inflows, with passive flows estimated at up to US$500 million and active inflows up to US$5 billion. VNdirect has prepared infrastructure and technology upgrades to support increased foreign investor participation.

Scale indicators6 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• SSI Securities Corporation: Vietnam's largest securities brokerage by market share, listed on HOSE under ticker SSI. Directly comparable to VNdirect across retail brokerage, margin lending, DCM, and proprietary investment funds, and is the most direct head-to-head competitor in the Vietnamese brokerage league tables.
• Ho Chi Minh City Securities Corporation (HSC): One of Vietnam's largest and oldest securities firms, listed on HOSE. Competes with VNdirect across retail brokerage, institutional brokerage, advisory, and DCM, with overlapping product portfolios including margin lending and proprietary funds.
• VietCapital Securities (VCSC): Vietnamese securities firm offering brokerage, investment banking, and asset management services. Directly comparable to VNdirect's full-service securities model with institutional research, ECM/DCM, and wealth management offerings.
• Mirae Asset Securities (Vietnam): Vietnamese subsidiary of Korean financial group Mirae Asset, providing brokerage, investment advisory, and fund management. Comparable to VNdirect as a full-service Vietnamese securities franchise with both retail and institutional focus.
• ACB Securities (ACBS): Securities arm of Asia Commercial Bank (ACB), one of Vietnam's largest banks. Competes with VNdirect in brokerage and wealth management, leveraging ACB's large deposit base for margin lending and customer cross-sell.
• Bao Viet Securities (BVSC): Securities arm of Bao Viet Holdings, one of Vietnam's largest insurance and financial services groups. Overlaps with VNdirect in brokerage, investment advisory, and fund management, with similar full-service positioning.
• KAF Vietnam (KAF Investment Bank): Malaysian-owned investment bank with a meaningful Vietnam franchise focused on institutional brokerage and ECM. Comparable to VNdirect's institutional and DCM capabilities, particularly as a peer in advisory league tables.
• Phillip Securities (Vietnam): Vietnamese subsidiary of Singapore-based PhillipCapital, offering retail brokerage and wealth management. Comparable to VNdirect in retail digital brokerage and multi-product wealth distribution in Vietnam.
• Yuanta Securities (Vietnam): Vietnamese subsidiary of Taiwan-based Yuanta Group, providing brokerage and investment services. Comparable to VNdirect as a foreign-affiliated full-service Vietnamese broker with both retail and institutional offerings.

Regional players

• Maybank Kim Eng Securities (Vietnam): Vietnamese brokerage arm of Malaysia's Maybank Group. Provides institutional and retail brokerage services in Vietnam, directly comparable to VNdirect's institutional franchise and increasingly relevant as regional capital flows into Vietnam post-FTSE upgrade.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/VNDIRECT1
• Facebookfacebook.com/vndirect
• Xx.com/vndirect

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 VNdirect