IPA Investments

What IPA Investments does

IPA Investments Group (legal name: I.P.A Investments Group JSC / Công ty Cổ phần Tập đoàn Đầu tư I.P.A; HNX: IPA) is a Vietnamese publicly-listed holding company founded in 1998 (as VTS Co., Ltd.) and headquartered in Hanoi. Since 2022 it has organized itself as a four-pillar "Capability Bank" (Ngân hàng Năng lực): IPA Solution (digital infrastructure including the DTOS, DGOS and FSS platforms plus the IPAS intelligence hub), IPA Management (governance and operating-model redesign), IPA Partners (capital and investment management with approximately 26,000 billion VND in AUM across PE funds, voluntary pension funds, and trust services), and IPA Living (wellbeing distribution across health, wealth, and growth). The group operates 35+ subsidiaries supporting 7,000+ employees, with consolidated assets of 11,233 billion VND and consolidated shareholder equity of 4,902 billion VND as of 2025.

The group's core revenue engines are its two largest operating subsidiaries — VNDIRECT Securities (HoSE: VND), a sales-led brokerage and investment bank with ~600 brokers, over 1 million retail accounts (~200 trillion VND customer NAV), a #1 bond DCM advisory market share of 94,000+ billion VND (+32% YoY) in FY2025, and new carbon-market trading/custody infrastructure on VNX and VSDC; and PTI (Post and Telecommunications Insurance), a non-life insurer with 2 million+ policyholders, more than 100 products, and a distribution network spanning 55 branches, 200+ transaction offices and 12,000 postal points via Vietnam Post. The group monetizes through transaction fees and commissions (brokerage, retail product sales), interest on margin lending, fund management and performance fees, recurring insurance premiums, and technology subscription/implementation revenue from DTOS, DGOS and FSS deployments.

Go-to-market combines enterprise field sales (IPA Solution direct sales; VNDIRECT's advisory and IB team; corporate governance advisory through IPA Management) with consumer distribution via VNDIRECT's self-directed digital trading platform, VNDGO and PTIcare apps, the IPA Living Dstation physical network, and PTI's Vietnam Post channel. A 2026 AGM-approved charter capital increase from 2,138.5 billion VND to 3,066 billion VND (including a 1,000 billion VND private placement) supports ecosystem reinvestment and bond repayment.

Name

IPA Investments

Legal name

I.P.A Investments Group JSC (Công ty Cổ phần Tập đoàn Đầu tư I.P.A)

Website

https://ipa.com.vn

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

IPA Investments Group is a Vietnamese publicly-listed holding company (HNX: IPA) operating a four-pillar "Capability Bank" ecosystem spanning technology (IPA Solution), governance (IPA Management), capital (IPA Partners), and wellbeing distribution (IPA Living), anchored by VNDIRECT securities and PTI insurance. It serves Vietnamese enterprises with capital markets, digital transformation, and governance services, and consumers with insurance, investment, and wellness products.

Ownership category

akta.pro rank

Product category

Merchant Banking & Financial Services

NAICS

Corporate, Subsidiary, and Regional Managing Offices (551114), Health and Welfare Funds (525120)

SIC

Services-Management Consulting Services (8742), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Integration-Centric Low-Code (Workflow + iPaaS) (HDAEAKAC)

akta.pro secondary industries

iPaaS (Cloud Integration Platforms) (HDAEAIAB), Enterprise Architecture & IT Operating Model (BPAHAEAB)

Keywords

• Merchant banking services
• Investment management
• Securities brokerage
• Insurance services
• Digital transformation solutions

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, Others

Revenue model

1. Technology Services & Digital Solutions: IPA Solution provides technology solutions (DTOS, DGOS, FSS) to businesses, generating revenue through technology implementation, digital transformation consulting, and ongoing technology services. Revenue is growing as the group commercializes technology platforms outside the ecosystem to reduce dependence on capital markets.
2. Investment Management & Capital Services: IPA Partners manages approximately 26,000 billion VND in assets through Private Equity Funds, Voluntary Pension Funds, and Trust Services. Revenue is generated through fund management fees, performance fees, and investment returns.
3. Securities Brokerage & Investment Banking: VNDIRECT generates revenue from brokerage commissions, margin lending interest, advisory fees, and debt capital markets services. The company led the market in bond issuance advisory with over 94,000 billion VND in advisory value in FY2025. Also involved in carbon market trading and custody services.
4. Insurance Premiums & Claims: PTI generates revenue from insurance premiums across motor, health, travel, and commercial insurance products. The company manages over 100 insurance products and aims to expand from 2 million to 10 million customers.
5. Wellbeing Products & Services: IPA Living distributes health products (Gobio cluster: NAO, GAO, Vietcharm, Delivie, TLTM, Khang Tuệ, Homefood), wellness services (AnVie, Dstation), and community living solutions. Revenue from retail product sales and service fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

IPA Group operates as a "Capability Bank" ecosystem with four integrated pillars: IPA Solution (digital technology infrastructure offering FSS, DTOS, and DGOS platforms for enterprise digital transformation), IPA Partners (capital and investment management through Private Equity Funds, Voluntary Pension Funds, and Trust Services managing approximately 26,000 billion VND), IPA Living (wellbeing distribution including VNDIRECT securities brokerage, PTI non-life insurance, and the Gobio health product cluster), and IPA Management (governance, operational standardization, and asset management for portfolio companies). The group serves both enterprises and individual consumers across Vietnam through 35+ member companies and 7,000+ employees.

Product overview

IPA Group operates as a Capability Bank ecosystem with four integrated pillars: IPA Solution (digital technology infrastructure), IPA Living (wellbeing distribution), IPA Management (governance), and IPA Partners (capital). IPA Solution provides three core technology modules (DTOS, DGOS, FSS) plus the IPAS intelligence hub. IPA Living encompasses health products (Gobio cluster with NAO, GAO, Vietcharm, Delivie, Tôi Là Thảo Mộc, Khang Tuệ, Homefood), wealth services (VNDIRECT, PTI), and growth communities (AnVie Life, PTICare, VNDGO) through Dstation physical touchpoints. The ecosystem integrates VNDIRECT's carbon market services, VNeID authentication, and HWG Asset Tower alongside PTI's OCR-based digital claims processing and PTIcare platform.

Differentiator

Problem solved

Functional benefit

Brands

• IPA Solution: Digital technology infrastructure providing solutions through FSS, DTOS, and DGOS platforms for business digital transformation and optimization.
• IPA Living
• IPA Management
• IPA Partners
• Gobio
• HWG Ecosystem
• VNDIRECT
• PTI (Bảo hiểm Bưu điện)
• DStation

Products and services

• VNDIRECT Securities Brokerage & Trading Securities brokerage, margin lending, advisory, and digital trading platform serving retail and institutional investors. Operates approximately 600 brokers and advisory teams across Vietnam.
• VNDIRECT Investment Banking & DCM Advisory Debt Capital Markets advisory and bond issuance services. Led the market with over 94,000 billion VND in bond advisory value in FY2025, ranking #1 in market share, including 3 green bond transactions representing over 35% of the green bond segment.
• VNDIRECT Carbon Market Services Securities services enabling trading of carbon emission quotas and carbon credits through VNX trading system and VSDC clearing and settlement system.
• PTI Non-Life Insurance Products Non-life insurance products spanning motor, health, travel, and commercial lines. Manages over 100 insurance products and serves over 2 million current policyholders with a vision to reach 10 million.
• IPA Partners Private Equity Funds Private equity investment management services providing capital and investment infrastructure for portfolio companies. Manages assets within approximately 26,000 billion VND in total AUM.
• IPA Partners Voluntary Pension Funds Voluntary pension fund management services for individual and corporate retirement savings as part of IPA Partners' capital and investment infrastructure.
• IPA Partners Trust Services Trust and fiduciary services for capital deployment and asset protection within IPA Partners' capital and investment infrastructure.
• IPA Solution Digital Transformation Services Digital transformation technology solutions delivered through three platforms: DTOS (3-5 year strategic transformation roadmaps), DGOS (governance platform redesign), and FSS (financial sector solutions with SSC compliance). Sells to enterprise clients outside the ecosystem.
• Gobio Health & Wellness Products Consumer health product cluster including brands NAO, GAO, Vietcharm, Delivie, Tôi Là Thảo Mộc (TLTM), Khang Tuệ, and Homefood, focused on organic agricultural and wellness products distributed within the IPA Living wellbeing ecosystem.
• AnVie Sustainable Living Products Sustainable living brand offering organic agriculture products and wellness retreats under AnVie CBX and GSF sub-brands, positioned within the IPA Living HWG ecosystem Grow dimension.

Quantifiable outcome

• VNDIRECT bond issuance advisory: 94,000+ billion VND in FY2025, #1 market share, up 32% YoY
• +4 more outcomes

Named customers5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and strategic.

• Vietnam Securities Exchange (VNX)coreTechnology or Integration · 25 June 2026VNDIRECT was approved by VNX to participate in the domestic carbon market trading system. This complements its existing membership in the VSDC clearing and settlement system, making VNDIRECT the first securities company to be present on both the trading and custody platforms of Vietnam's carbon market.
• Vietnam Securities Depository (VSDC)coreTechnology or Integration · 15 June 2026VNDIRECT was approved by VSDC as a custodian and settlement member for carbon transactions. Combined with VNX membership, this enables VNDIRECT to provide a full-stack carbon market service from trading to custody and settlement.
• Ministry of Public Security - Center for Research and Application of Population and ID Data (RAR, C06)strategicTechnology or Integration · 4 March 2026VNDIRECT became the first securities company to partner with the Ministry of Public Security's RAR Center to integrate VNeID electronic identity verification and remote digital signing into its securities trading platform. The partnership connects directly with Vietnam's national population database, enabling faster, more secure customer onboarding and contract execution.
• VNDIRECT Securities CorporationcoreStrategic or Co-development PartnerVNDIRECT is a strategic shareholder and partner in PTI, providing investment management expertise and financial advisory that helped transform PTI from a company with 380 billion VND accumulated losses to sustainable profitability within 3 years.
• Vietnam Post (Buu Chinh)coreChannel Partner/ Reseller/ DistributorPTI leverages Vietnam Post's extensive distribution network across Vietnam — one of the country's largest retail networks with nearly 12,000 postal service points, 55 branches, and 200+ transaction offices — to distribute insurance products to underserved populations across 34 provinces.
• International Partners (Thailand, Singapore, Australia, India, Dubai)strategicGTM or Marketing PartnerVNDIRECT established networks with major partners across Asia and expanded its international investor base to include investors from Thailand, Singapore, Australia, India, and Dubai, preparing for Vietnam's FTSE Russell market reclassification to Secondary Emerging Market status expected September 2026.
• Healthcare & Medical Network (PTI)coreChannel Partner/ Reseller/ DistributorPTI has established a nationwide network of garages and healthcare/medical facilities across Vietnam to support its insurance claims processing, rescue operations, and customer service. The network supports the PTIcare digital platform and on-site claim inspection services.
• FTSE RussellcoreOthersVietnam's securities market, including companies like VNDIRECT and PTI, is being reclassified by FTSE Russell from Frontier Market to Secondary Emerging Market status, effective September 2026. This reclassification is expected to attract approximately 6 billion USD in international capital flows.

Scale indicators16 records

Recent moves6 records

Expansion highlights8 records

Broad incumbents

• FPT Corporation: Vietnamese technology conglomerate spanning IT services, telecommunications, education, and financial services. Comparable to IPA Solution's technology platform ambitions and shares the conglomerate-ecosystem approach, though FPT is much larger and more technology-led.
• Masan Group: Vietnamese conglomerate with consumer, retail, and financial services businesses (including Techcombank stake). Comparable to IPA Group's diversified ecosystem model spanning consumer products, services, and financial holdings, though Masan is more consumer-focused.

Direct peers

• SSI Securities Corporation: One of Vietnam's largest securities brokerages, providing brokerage, investment banking, and asset management services. Directly competes with VNDIRECT in brokerage commissions, bond advisory, and margin lending, with a comparable institutional and retail customer base.
• PVI Holdings: Vietnamese insurance and financial services holding company with a major non-life insurance subsidiary (PVI Insurance). Directly competes with PTI in non-life insurance, particularly in commercial and industrial lines, and overlaps in investment management.
• Bao Viet Holdings: Vietnam's largest insurance and financial services conglomerate, offering life and non-life insurance, investment, and banking services. Competes directly with PTI in non-life insurance and overlaps with VNDIRECT in investment management.
• VinaCapital: Vietnamese asset management and private equity firm managing multiple PE, closed-end fund, and real estate vehicles. Comparable to IPA Partners due to overlapping PE fund management, AUM scale, and Vietnam-focused investment mandates.
• Techcom Securities (TCBS): Securities subsidiary of Techcombank, one of Vietnam's leading brokerage and investment banking franchises. Competes with VNDIRECT in brokerage, margin lending, and ECM/DCM advisory, with backing from a top-tier banking parent.
• Ho Chi Minh City Securities Corporation (HSC): Vietnamese securities brokerage and investment bank with strong institutional and retail franchise. Directly competes with VNDIRECT across brokerage, advisory, and investment banking services in Vietnam's listed-equity and debt capital markets.
• Mirae Asset Vietnam: Vietnamese securities and asset management subsidiary of South Korea's Mirae Asset Group. Directly comparable to VNDIRECT in brokerage and investment banking, with international backing similar to DB Insurance's role with PTI.
• Dragon Capital: Vietnam-focused asset management firm operating open-end funds, closed-end funds, and private equity strategies. Comparable to IPA Partners in fund management model, Vietnam-only mandate, and focus on both institutional and retail investors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries9 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 IPA Investments