Vietnam's investment banking shift favors bank-backed securities firms in 2026

The investment banking (IB) sector in Vietnam is seeing a shift in competition among securities firms. The focus is moving from traditional brokerage to capital arrangements and IB services. This change comes as IB enters a recovery phase, supported by a stronger corporate bond market and rising demand for long-term capital from businesses. TCBS, VPBankS, and HDBS dominate the IB revenue landscape, together holding around 80 per cent of the market. TCBS leads with 43 per cent, followed by VPBankS at 20 per cent and HDBS at 16 per cent. TCBS also commands an 86 per cent share in advising on corporate bond issuances.

In the first quarter of 2026, TCBS reported IB revenue of VNĐ526 billion (US$19.9 million), a 27 per cent year-on-year increase. Securities firms linked to banks, such as TCBS and VPBankS, benefit from their parent banks’ customer networks and resources. For example, HDBank’s IB activities contribute approximately 36 per cent of its total revenue.

Despite IB making up only about 4.2 per cent of the securities industry’s total revenue, most of this income is concentrated among bank-affiliated firms. The sector’s growth is tied to the improving corporate bond market and businesses’ need for medium- and long-term capital. The IB market remains highly concentrated, with a few major players controlling the majority of revenue. Bank-affiliated securities firms continue to lead due to their access to broader financial ecosystems. The recovery in IB and corporate bonds suggests further growth potential for these companies.