Tri Viet Securities

What Tri Viet Securities does

Tri Viet Securities, operating under the T-Cap brand since 28 May 2026, is a Vietnamese public securities brokerage firm founded in 2006 and listed on HNX/HOSE under the ticker TVB. The company is majority-owned by Tri Viet Asset Management Group (TVC / T-Corp), which holds approximately 55.5% of equity and operates an integrated buy-side / sell-side ecosystem with roughly 5,000 billion VND in affiliated assets under management. TVB provides securities brokerage, margin lending, proprietary trading, investment advisory, and wealth management services to individual retail investors (its primary segment), corporate and institutional clients, and financial investors seeking delegated investment mandates.

The firm runs a digital-first distribution stack comprising the TVB Mobile Trade application on iOS and Android, a browser-based web trading platform at trading.tcap.vn, a real-time online price board at banggia.tvsc.vn, and an eKYC system enabling fully online paperless account opening in roughly three minutes, supported by a call center (1900 96 96 88). The technology is standard brokerage infrastructure rather than proprietary AI; no AI/ML capabilities are disclosed. The product surface also includes corporate brokerage, IPO advisory, discretionary account management, and dividend-payment services.

TVB's revenue model is transaction-fee and trading-P&L driven. FY2021 operating revenue of 479 billion VND broke down roughly as proprietary trading (over 180 billion VND, ~42%), brokerage commissions (nearly 133 billion VND), and margin lending (~107 billion VND), with additional income from investment management. The firm has scaled registered capital aggressively, from 547 billion VND at the start of 2021 to 1,120 billion VND by year-end 2021 (including a 5.3 million-share ESOP), with a planned doubling to 2,240 billion VND via a 1:1 rights issue in Q1-Q2 2022. The company has also opened a 30% foreign ownership room to attract strategic investors from Japan, Korea, and the US. FY2021 ROE of 30.5% placed TVB in the top tier of Vietnamese securities firms, though FY2025 financial data (revenue ~3.12 trillion VND, net income ~794 billion VND) indicates a sharp decline from the FY2024 peak.

Name

Tri Viet Securities

Legal name

Công ty Cổ phần Chứng khoán Trí Việt

Website

https://tvsc.vn

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Tri Viet Securities, rebranded as T-Cap in May 2026, is a Vietnamese public securities brokerage firm providing brokerage, margin lending, proprietary trading, and wealth management to retail, corporate, and institutional investors through digital channels and the T-Corp ecosystem.

Ownership category

akta.pro rank

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Proprietary Trading (Tự doanh): Proprietary trading (self-dealing) is the largest revenue contributor, generating over 180 billion VND in 2021, up 584% YoY, accounting for approximately 42% of total operating revenue. The company trades in securities including bluechip stocks such as FPT, HPG, MWG, DXG, TCB.
2. Brokerage / Margin Lending (Môi giới và Cho vay margin): Brokerage commissions from executing client trades and interest income from margin lending. In 2021, brokerage revenue reached nearly 133 billion VND (up 154% YoY), and margin lending revenue reached 107 billion VND (up 56% YoY). The company also offers investment management and advisory services.
3. Securities Brokerage Commission: Revenue from brokerage commissions charged on client trades executed on the HOSE exchange.
4. Investment Management / Wealth Management: Asset management and investment advisory services for high-net-worth individuals and corporate clients, offered through the T-Corp ecosystem. Services include discretionary investment mandates and account management.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

Tri Viet Securities (T-Cap, TVB) is a Vietnamese securities brokerage firm offering stock trading execution, margin lending, proprietary trading, and investment advisory services to individual and corporate/institutional investors. The company distributes its services through digital channels (mobile app, web trading platform, eKYC online account opening) and a call center, while leveraging its parent T-Corp ecosystem for asset management and wealth management offerings.

Product overview

Tri Viet Securities (T-Cap) operates as a comprehensive securities brokerage and financial services firm offering a multi-channel product ecosystem. The core offerings include TVB Mobile Trade (iOS/Android mobile trading app), Web Trading Platform (browser-based trading), eKYC Online Account Opening (3-minute digital onboarding), and an Online Price Board for real-time market data. The company serves both individual and organizational customers through brokerage services, margin trading, financial investment advisory, and account management/wealth management services via its parent T-Corp group. The proprietary trading (tự doanh) operation is a significant revenue driver alongside traditional brokerage. The company underwent a major brand transformation to T-Cap in May 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• TVB Mobile Trade Mobile trading application for iOS and Android that enables investors to trade securities directly from mobile devices with real-time market data and account management functionality. Targeted at individual retail investors seeking mobile trading access.
• Web Trading Platform Browser-based online securities trading platform providing real-time quotes, order placement, and portfolio management for Vietnamese stock market investors.
• eKYC Online Account Opening Electronic Know Your Customer (eKYC) digital onboarding service enabling investors to open securities accounts fully online in approximately 3 minutes, with integrated identity verification and no need to visit a branch.
• Online Price Board (Bảng giá trực tuyến) Real-time online securities price board providing live market data and stock quotations for Vietnamese equities.
• Securities Brokerage (Môi giới chứng khoán) Core securities brokerage services facilitating the buying and selling of stocks on Vietnamese stock exchanges (HOSE/HNX). Generates commissions on client trades executed.
• Margin Trading (Giao dịch ký quỹ) Leveraged trading service allowing investors to borrow funds from the company to amplify their trading positions using their existing securities as collateral. Margin lending portfolio exceeded 1,008 billion VND at end-2021.
• Proprietary Trading (Tự doanh) Self-trading operations where the company trades securities for its own account, focused on bluechip stocks such as FPT, HPG, MWG, DXG, TCB. Generated over 180 billion VND in 2021, representing approximately 42% of total operating revenue.
• Individual Customer Services (Khách hàng cá nhân) Comprehensive brokerage and financial services tailored for individual retail investors, including account management, securities trading, and investment advisory.
• Corporate/Institutional Customer Services (Khách hàng tổ chức) Corporate and institutional financial services including securities trading, investment banking, and capital market solutions for businesses, including listed companies and IPO candidates.
• Financial Investment Services (Đầu tư tài chính) Financial investment channel providing advisory services, portfolio management, and investment recommendations for clients seeking wealth management via the T-Corp ecosystem.
• Account Management & Investment Delegation Services Professional account management and investment delegation services offered through T-Corp, providing portfolio management with no management fees and high expected returns via discretionary mandates.

Quantifiable outcome

• Net profit of 301.5 billion VND in 2021, a historical record 4x higher than prior year
• +5 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Tập đoàn Trí Việt (T-Corp) / CTCP Tập đoàn Quản lý tài sản Trí Việt (TVC)coreStrategic or Co-development PartnerTVB is a core member of T-Corp ecosystem, which also includes TVC (asset management). TVC holds 55.5% of TVB. The ecosystem operates a closed-loop model connecting buy-side (TVC asset management) and sell-side (TVB brokerage) services, connecting enterprises with investors. T-Corp manages approximately 5,000 billion VND in total assets under management.
• MBS (Công ty Chứng khoán MB)minorStrategic or Co-development PartnerMBS issued a buy recommendation for TVB stock with a target price increase of 39%, providing independent equity research coverage and analyst endorsement of TVB's growth potential.

Scale indicators10 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Mirae Asset Securities (Vietnam): Foreign-affiliated Vietnamese securities firm combining local brokerage with global Mirae Asset distribution. Directly comparable as a Vietnam-domestic broker competing for retail and institutional flow against TVB.
• BIDV Securities (BSC): Securities arm of BIDV, one of Vietnam's largest state-owned banks. Comparable to TVB in brokerage, margin, and investment banking services targeting institutional and retail clients in Vietnam.
• MB Securities (MBS): Vietnamese securities firm affiliated with Military Commercial Joint Stock Bank. Directly comparable to TVB in brokerage and margin lending, and is already an analyst-coverage partner that has issued buy recommendations on TVB.
• Yuanta Securities Vietnam: Foreign-affiliated Vietnamese securities firm offering brokerage, margin, and investment banking. Comparable to TVB in product mix and target customer segments within Vietnam.
• Saigon Securities Inc. (SSI): One of Vietnam's largest securities brokerage and investment banking firms, listed on HOSE. Directly comparable to TVB across retail brokerage, margin lending, proprietary trading, and investment banking, with a materially larger equity base.
• Ho Chi Minh City Securities Corporation (HSC): Top-tier Vietnamese securities firm offering brokerage, margin lending, and investment banking. HSC is the firm where TVB CEO Đỗ Đức Nam previously worked, making it a directly comparable peer in retail and institutional brokerage.
• VietCapital Securities (VCSC): Vietnamese securities and investment banking firm with retail and institutional brokerage plus advisory. Directly comparable to TVB in trading, margin, and investment banking service lines.
• VNDirect Securities Corporation (VND): Vietnamese securities brokerage with strong digital and retail focus, including a proprietary online trading platform. Directly competes with TVB in retail brokerage, margin financing, and proprietary trading on HOSE/HNX.
• KGI Securities Vietnam (KBSV): Foreign-affiliated Vietnamese broker offering retail and institutional brokerage plus margin lending. Directly comparable to TVB as a Vietnam-listed brokerage peer.
• ACBS (ACB Securities): Securities arm of Asia Commercial Bank offering brokerage and margin services. Comparable to TVB as a Vietnam-focused mid-tier securities firm with a bank-affiliated distribution channel.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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 Tri Viet Securities