Thien Viet Securities

What Thien Viet Securities does

Thien Viet Securities Joint Stock Company (TVS) is a Vietnam-based, HOSE-listed boutique investment bank founded in December 2006 under State Securities Commission license No. 36/UBCK-GPHĐKD. The firm operates four core business lines: investment banking advisory (M&A sell-side and buy-side, debt/equity capital raising, IPOs, and financial restructuring); asset management through wholly-owned subsidiary Thien Viet Asset Management (TVAM), which manages over VND 13,700 billion (~USD 560 million) across listed equities, fixed income, and private investments; institutional and retail brokerage; and proprietary trading and treasury. TVS has executed more than 50 advisory transactions collectively valued above USD 1.2 billion and serves corporate, institutional, and high-net-worth clients across financial services, consumer/retail, real estate, infrastructure, education, and healthcare verticals. Its client base includes both ambitious Vietnamese corporates and inbound international investors, with international partners spanning Goldman Sachs, Ayala Corporation, Mekong Capital, VinaCapital, Toho Gas, and Qualcomm (as M&A counterparty).

The firm's technology stack centers on three proprietary digital investment platforms: eWealth (comprehensive asset management and trading platform with intelligent analysis tools, MarketWatch trend-tracking, and corporate analysis tooling), an online trading platform at online.tvs.vn, and a smart price board at banggia.tvs.vn. These platforms support a hybrid wealth management model combining self-serve digital access with professional advisory, targeting retail and SMB investors in parallel with the enterprise-led investment banking channel. TVS monetizes through transaction-based advisory fees, recurring asset management fees and performance compensation, brokerage commissions on Vietnamese exchanges, proprietary trading P&L, and subscription-supported research publications (105+ macro, market, and industry reports). Charter capital has expanded 25x since inception to approximately VND 1,669 billion (~USD 68 million) as of June 2024, and the firm has recently deployed proprietary capital into Vietnamese electric mobility (Dat Bike, March 2026, USD 4M Series B) and voice AI (NamiTech, January 2026, USD 4M co-led with Toho Gas), while advising on the Qualcomm acquisition of VinAI's Generative AI Division in April 2025. Headcount is reported at 51–100 employees, with over 70% having tenures exceeding five years.

Name

Thien Viet Securities

Legal name

Thien Viet Securities Joint Stock Company

Website

https://tvs.vn

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Thien Viet Securities is a HOSE-listed Vietnamese boutique investment bank offering M&A advisory, capital raising, asset management via TVAM, brokerage, and proprietary investing, serving domestic corporates, international investors, and retail clients through proprietary digital wealth platforms.

Ownership category

akta.pro rank

Product category

Investment Banking and Securities Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

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

akta.pro industry

PRIMARYFSACAAAB

Follow-on Offerings (FPOs)

Financial & Insurance/Capital Markets & Securities/Equity Capital Markets (ECM)

SECONDARYFSABADAD

Private Banking Advisory & Discretionary Portfolio Management

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Private Banking

SECONDARYFSAAAAAI

Execution-Only / Self-Directed Investing Platforms

Financial & Insurance/Asset & Wealth Management/Retail & Mass-Affluent Wealth Management

Keywords

• Investment banking services
• Asset management
• Securities brokerage
• Mergers acquisitions advisory
• Wealth management

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Banking Advisory: M&A advisory (sell-side and buy-side), capital raising (debt, equity, and IPOs), and financial restructuring services. Revenue generated through advisory fees and transaction-based compensation.
2. Asset Management (TVAM): Portfolio management, account management, and fund management services. TVAM manages VND 13,700+ billion in assets including listed equities, fixed-income assets, and private investments. Revenue from management fees and performance-based compensation.
3. Institutional and Retail Brokerage: Brokerage services for institutional and retail clients trading on Vietnamese exchanges
4. Proprietary Trading and Treasury: Treasury and proprietary trading activities including fixed income investments
5. Research and Analysis: Research services including macro reports, market reports, and industry analysis provided to clients and supporting investment decisions

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Thien Viet Securities operates as a boutique investment bank providing Investment Banking advisory (M&A sell-side and buy-side, capital raising across debt/equity/IPOs, and financial restructuring), Asset Management through its TVAM subsidiary managing VND 13,700+ billion in listed equities, fixed income, and private investments, Principal Investment across listed equities, private equity, and debt, and Institutional and Retail Brokerage. The firm also distributes digital investment platforms (eWealth, Online Trading, Price Board) that enable self-directed trading and wealth management for individual investors.

Product overview

Thien Viet Securities (TVS) operates as Vietnam's pioneering boutique investment bank offering an integrated platform of financial services. The core offerings include Investment Banking (M&A advisory, capital raising, financial restructuring), Asset Management through subsidiary TVAM (managing VND 13,700+ billion in assets), and Principal Investment (listed equities, private equity, debt). The digital product suite encompasses three interconnected investment platforms: eWealth for comprehensive wealth management and trading, the Online Trading Platform for mobile trading, and Price Board for market data monitoring. These platforms collectively provide investors with asset management, order placement, market tracking, corporate analysis, and transparent investment reporting capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Trusted advisory services for M&A and capital raising built on TVS's proven expertise in landmark transactions across Vietnam, including sell-side and buy-side M&A advisory, capital raising (debt, equity, IPOs), and financial restructuring for corporate clients.
• Thien Viet Asset Management (TVAM) Subsidiary of TVS providing portfolio management, account management, and fund management services following a disciplined investment philosophy grounded in quantitative and qualitative research, managing VND 13,700+ billion in assets including listed equities, fixed-income assets, and private investments as of Q3 2025.
• Principal Investment Direct portfolio allocation across three strategic asset groups—listed equities, private equity, and debt—optimizing investment efficiency and sustainable growth for TVS's own balance sheet, including notable portfolio investments in Dat Bike, NamiTech, Ecomobi, Pizza 4P's, MindX, Finhay, Momo, TPBank, and Diana.
• eWealth Digital Wealth Platform Comprehensive digital wealth management and trading platform offering asset management solutions, intelligent analysis tools, diverse product choices, MarketWatch for money-flow trend tracking, corporate analysis dashboards, and high-quality investment services for individual and corporate investors.
• Online Trading Platform Mobile and web trading platform enabling investors to place orders quickly and manage their accounts transparently and intuitively through smartphone applications, with in-depth analytical features tailored for professional stock traders.
• Price Board Smart technology web application allowing investors to track market data and place orders quickly, providing real-time market monitoring capabilities with intuitive interfaces.
• Institutional and Retail Brokerage Brokerage services for institutional and retail clients trading on Vietnamese stock exchanges, complemented by proprietary Trading and Treasury activities including fixed income investments.
• Research and Analysis Research services including macro reports, market reports, and industry analysis published by TVS's Research Center to support client investment decisions, totaling 105 research items including monthly market and macro reports plus the H2 2025 Investment Strategy report.

Quantifiable outcome

• Over 50 successful transactions valued at more than USD 1.2 billion
• +3 more outcomes

Named customers16 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• Qualcomm (Advising on VinAI Acquisition)flagshipImplementation/ SI/ Consulting Partner · 2 April 2025TVS advised on Qualcomm's acquisition of VinAI's Generative AI Division, a landmark transaction in Vietnam's technology sector demonstrating TVS's M&A advisory capabilities.
• Allen & OverycoreImplementation/ SI/ Consulting PartnerInternational law firm providing legal advisory services, listed as a partner for complex transactions.
• Herman Henry & DominiccoreImplementation/ SI/ Consulting PartnerLegal advisory partner for transactions, listed as a key partner in TVS's ecosystem.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• SSI Securities Corporation: Vietnam's largest domestic securities firm offering brokerage, investment banking, asset management, and proprietary trading. Directly competes with TVS across virtually all business lines in the Vietnamese market.
• Ho Chi Minh City Securities (HSC): Established Vietnamese securities firm providing brokerage, investment banking, and asset management. A close direct peer to TVS in the HCMC-headquartered brokerage and ECM segment.
• VNDirect Securities: Major Vietnamese retail-focused brokerage with proprietary digital trading platforms. Competes with TVS in retail trading, wealth management, and online investment tools.
• Mirae Asset Securities Vietnam: Local subsidiary of Korean securities group offering brokerage and investment banking. Directly competes with TVS in Vietnamese equity brokerage and advisory.
• Kafi Securities (VCSC): Ho Chi Minh City-based full-service securities firm with strong M&A advisory franchise. Directly competes with TVS in investment banking and equity brokerage.
• Bao Viet Securities: Securities arm of Bao Viet Holdings offering brokerage, advisory, and fund management. Overlaps with TVS in investment banking and asset management for Vietnamese corporates.
• ACB Securities (ACBS): Securities arm of Asia Commercial Bank providing brokerage, investment banking, and wealth management. Comparable to TVS in serving retail and institutional clients.
• Viet Capital Securities: Vietnamese securities firm offering brokerage, investment banking, and asset management services. Comparable in scale and product mix to TVS.

Regional players

• Mekong Capital: Vietnam-focused private equity firm and listed TVS partner. Comparable through its principal investment and PE/VC activity overlapping with TVS's venture investments.
• VinaCapital: Leading Vietnamese asset management and private equity firm. Comparable to TVS through TVAM's asset management activities and principal investment exposure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@tvs-vn
• Xx.com/tvsninhnb
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments8 records

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

Frequently asked questions about Thien Viet Securities