Korean brokerages that entered Vietnam have begun to generate profits after years of preparation. These firms have established headquarters in the economic hub of Ho Chi Minh City and the capital, Hanoi, while expanding their network of sales branches. In Ho Chi Minh City, Mirae Asset Securities (MSVN), Korea Investment & Securities (KIS), and Shinhan Investment Corp (SSV) have set up base, while KB Securities (KBSV), NH Investment & Securities (NHSV), and Hanwha Investment & Securities (Pintree) have established themselves in Hanoi. As the results of long-term preparation translate into profits, these firms are accelerating efforts to expand their market share.
The Vietnamese market has remained rigid for a long time. The stock market has been classified as being in its infancy, characterized by retail investing centered on local individuals and a few large-cap stocks driving the overall index. The daily price limit (upper and lower limits) on the Ho Chi Minh Stock Exchange (HoSE) is 7%. Same-day trading, which is taken for granted domestically, is effectively unavailable due to inadequate trading systems. Short selling is also prohibited.
Foreign investors must open a VND account to invest and are subject to ownership limits (foreign ownership limits, FOL). However, since the establishment of the To Lam Communist Party of Vietnam General Secretary regime in 2024, efforts to improve regulations to attract foreign investment have gained momentum. Riding this atmosphere, the Vietnamese stock market is preparing to draw in overseas capital.
The Vietnamese stock market stands at an inflection point this year. Starting this year, orders from foreign institutional investors through global brokers are permitted, stimulating local investor sentiment. In particular, the Vietnamese stock market was upgraded from Frontier Market to Secondary Emerging Market in the FTSE index on September 21. As market value rises, a favorable environment is being created for long-term investment consideration by global exchange-traded funds (ETFs), pension funds, and institutional investors.
Three Firms, Three Styles in Economic Hub Ho Chi Minh City… Mirae’s ‘Localization,’ KIS’s ‘Sales Power,’ Shinhan’s ‘Group Synergy’
Mirae Asset Securities opened its doors as a foreign comprehensive securities firm in Vietnam in December 2007. Next year will mark the 20th anniversary of its entry into Vietnam. Mirae Asset Securities’ strategy is “localization.” The Vietnamese subsidiary has a dense offline network. In addition to the two major hubs in Hanoi and Ho Chi Minh City, it operates a total of 11 sales locations, including second-tier cities such as Da Nang and Can Tho.
This is a strategy suited to the local market structure, where brokerage fees and credit lending interest income are primary revenue sources. Mirae Asset Securities’ Vietnamese subsidiary distributes most of its profits as dividends to its Hong Kong entity. In June last year, General Manager Kang Moon-kyung moved to become the general manager of the India entity, and local resident Nguyen Hoang Yen was appointed general manager. The Vietnamese securities industry evaluates this as a case where the sales network has successfully taken root.
Korea Investment & Securities Vietnam was established in November 2010 and is transferring its “sales power” accumulated domestically to the local market. As of the end of the first half of this year, it operates a headquarters in Ho Chi Minh City, two branches, and four sales offices. Its workforce totals 319 employees. Korea Investment & Securities Vietnam’s business divisions cover the entire securities industry, including brokerage, investment banking (IB), and asset management.
In brokerage, it competes not only through stock and bond intermediation but also with credit lending services. In IB, it provides funding support centered on the debt capital market (DCM), structured finance, and investment advisory services. In particular, based on business know-how accumulated domestically, it proposes derivative portfolios to investors through covered warrants (CW) and ETF management. It plans to expand its business model into comprehensive asset management (AM) services in the future.
Shinhan Investment Corp Vietnam has its headquarters (The Met) in Ho Chi Minh City. This building houses affiliates including Shinhan Bank, Shinhan Finance, Shinhan Life, and Shinhan DS. This “group synergy” is leading to an expansion of Shinhan Investment Corp Vietnam’s position. Starting as a small securities firm with 5 billion won in capital ten years ago, Shinhan Investment Corp Vietnam has grown into the Shinhan Financial Group’s core IB hub in Southeast Asia through continuous new business development and capital increases.
Shinhan Investment Corp Vietnam has implemented a lifetime zero-fee policy for local retail customers since 2024. During the year 2024, when this policy was implemented, deposited assets and margin loan balances increased by 119% and 3.7 times, respectively. Although brokerage fee revenue decreased due to the free fees, focusing on the margins of newly acquired customers’ margin loans has led to simultaneous growth in overall profits and customer base.
Battle for Capital Hanoi… KB’s ‘ESG,’ NH’s ‘Partnership,’ Hanwha’s ‘Digital’
KB Securities acquired Vietnamese securities firm Maritime Securities in 2017 and officially launched its subsidiary, KB Securities Vietnam, the following year. Maritime Securities was a small-to-medium-sized brokerage ranked 27th by assets and 24th by equity in Vietnam, but it has now transformed into an overseas hub for KB Securities. Its strategy is image marketing led by “ESG.”
KB Securities Vietnam was selected as one of the top 10 ESG (Environmental, Social, and Governance) green companies (ESG10) in Vietnam’s financial and securities sector last July. The ESG10 is an ESG evaluation jointly announced by Vietnam market research institutional investor Vet Research and the Finance & Investment Newspaper, a media outlet under the Ministry of Finance. This signifies recognition of its level of ESG practice and long-term growth potential locally. Previously, KB Securities Vietnam was selected for CSI 2024 (Vietnam Sustainable Companies 2024) and APEA (Asia-Pacific Pyongyang Corporate Awards 2024), and it also made the list of seven leading securities firms in ESG practice in 2025.
NH Investment & Securities Vietnam is presenting long-term investment strategies to investors by utilizing its “partner network.” It officially sells funds from asset management companies that have established a foothold locally, such as VCBF, VCAM, Mirae Asset, and KIM. In August last year, it launched derivative products to expand its product lineup. NH Investment & Securities Vietnam also prioritizes regulatory compliance. Its policy is to establish itself as a trusted brokerage by protecting investor rights.
Hanwha Investment & Securities Vietnam started late but has firmly set its direction as a “digital” securities firm. It is currently implementing a zero-fee stock trading policy, following Shinhan Investment Corp Vietnam. In addition, it has equipped platforms necessary for an online securities firm, including its self-developed securities core system and Alp Trading. The plan is to lay the foundation for future growth by lowering customers’ transaction costs while providing a convenient investment environment.
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