Vietnam's investment banking race heats up as digital shift reshapes competition

The investment banking sector in Vietnam is undergoing a notable shift. Competition among securities firms is moving away from traditional brokerage services towards capital arrangements and investment banking. This change is driven by digitalisation and the growing financial ecosystem. TCBS currently leads the market, holding 43 per cent of the total investment banking revenue. In the first quarter of 2026, its IB revenue rose by 27 per cent compared to the same period last year. The firm also dominates corporate bond issuance advice, with an 86 per cent market share.

VPBankS and HDBank are also key players. VPBankS accounts for around 20 per cent of the securities industry’s IB revenue, while HDBank’s IB activities contribute approximately 36 per cent of its total revenue. Together, TCBS, VPBankS, and HDBS control about 80 per cent of the sector’s IB revenue.

The industry is now entering a recovery phase. Improvements in the corporate bond market and rising demand for medium- and long-term capital from businesses are fuelling this growth. Banks are expanding their roles, transitioning from credit providers to full financial solution providers. Securities firms linked to banks benefit from their parent companies’ customer networks and resources. The race for funding is set to intensify in the coming years. The shift in competition and the increasing involvement of bank-affiliated firms will shape the future of investment banking in Vietnam. Digitalisation and ecosystem expansion will likely drive further changes in the sector.