Vietnamese (HOSE) Capital Markets Industry Analysis

Industry Valuation and Performance

Has the Vietnamese Capital Markets Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 30 Jul 2026	₫483.7t	₫84.7t	₫34.7t	15.6x	14x	5.7x
Sat, 27 Jun 2026	₫537.7t	₫82.3t	₫33.8t	15.7x	15.9x	6.5x
Mon, 25 May 2026	₫534.4t	₫82.4t	₫33.8t	15.3x	15.8x	6.5x
Wed, 22 Apr 2026	₫534.6t	₫78.0t	₫33.2t	17.6x	16.1x	6.8x
Fri, 20 Mar 2026	₫530.3t	₫76.3t	₫33.1t	17.3x	16x	7x
Sun, 15 Feb 2026	₫567.1t	₫75.9t	₫33.1t	18.9x	17.1x	7.5x
Tue, 13 Jan 2026	₫555.2t	₫58.1t	₫24.2t	18.6x	23x	9.6x
Thu, 11 Dec 2025	₫392.3t	₫56.0t	₫23.2t	17.9x	16.9x	7x
Sat, 08 Nov 2025	₫397.7t	₫55.9t	₫23.2t	18.4x	17.2x	7.1x
Mon, 06 Oct 2025	₫335.9t	₫38.2t	₫11.8t	22.5x	28.4x	8.8x
Wed, 03 Sep 2025	₫385.1t	₫37.9t	₫11.9t	27x	32.5x	10.2x
Fri, 01 Aug 2025	₫319.2t	₫37.6t	₫11.9t	22.6x	26.8x	8.5x
Sun, 29 Jun 2025	₫232.9t	₫37.7t	₫12.2t	18.3x	19.1x	6.2x
Tue, 27 May 2025	₫232.6t	₫37.3t	₫12.1t	18.8x	19.2x	6.2x
Thu, 24 Apr 2025	₫220.7t	₫37.3t	₫12.5t	17.1x	17.7x	5.9x
Sat, 22 Mar 2025	₫255.6t	₫37.1t	₫12.8t	17.9x	20x	6.9x
Mon, 17 Feb 2025	₫230.1t	₫36.5t	₫11.8t	18.7x	19.4x	6.3x
Wed, 15 Jan 2025	₫214.3t	₫35.0t	₫12.1t	15.2x	17.7x	6.1x
Fri, 13 Dec 2024	₫234.9t	₫35.0t	₫12.1t	16.5x	19.4x	6.7x
Sun, 10 Nov 2024	₫230.7t	₫35.0t	₫12.1t	16.5x	19.1x	6.6x
Tue, 08 Oct 2024	₫240.9t	₫34.8t	₫11.9t	17.3x	20.2x	6.9x
Thu, 05 Sep 2024	₫223.6t	₫34.8t	₫11.9t	17.6x	18.8x	6.4x
Sat, 03 Aug 2024	₫210.4t	₫34.6t	₫11.8t	16.5x	17.8x	6.1x
Mon, 01 Jul 2024	₫213.6t	₫32.0t	₫10.6t	16.5x	20.2x	6.7x
Wed, 29 May 2024	₫234.4t	₫32.0t	₫10.6t	18.3x	22.2x	7.3x
Fri, 26 Apr 2024	₫217.3t	₫32.1t	₫10.7t	15.4x	20.3x	6.8x
Sun, 24 Mar 2024	₫235.8t	₫30.5t	₫9.1t	22.3x	26x	7.7x
Tue, 20 Feb 2024	₫212.0t	₫29.6t	₫8.7t	20.3x	24.4x	7.2x
Thu, 18 Jan 2024	₫200.4t	₫29.6t	₫7.5t	19.7x	26.7x	6.8x
Sat, 16 Dec 2023	₫194.1t	₫29.5t	₫7.4t	20.5x	26.2x	6.6x
Mon, 13 Nov 2023	₫184.8t	₫29.5t	₫7.4t	18.5x	24.9x	6.3x
Wed, 11 Oct 2023	₫193.1t	₫24.7t	₫5.2t	23.3x	37.1x	7.8x
Fri, 08 Sep 2023	₫211.7t	₫24.7t	₫5.5t	24.2x	38.4x	8.6x
Sun, 06 Aug 2023	₫183.1t	₫24.2t	₫5.5t	22.7x	33.4x	7.6x

Current Industry PE

Investors are pessimistic on the Vietnamese Capital Markets industry, indicating that they anticipate long term growth rates will be lower than they have historically.

The industry is trading at a PE ratio of 13.9x which is lower than its 3-year average PE of 22.0x.

The 3-year average PS ratio of 7.1x is higher than the industry's current PS ratio of 5.7x.

Past Earnings Growth

The earnings for companies in the Capital Markets industry have grown 85% per year over the last three years.
Revenues for these companies have grown 52% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Vietnamese Financials industry?


VN Market	1.96%
Financials	-1.29%
Capital Markets	-2.25%
Asset Management	-1.39%
Investment Banking and Brokerage	-2.25%

Industry PE

Investors are most optimistic about the Investment Banking and Brokerage industry even though it's trading below its 3-year average PE ratio of 22.1x.

Analysts are expecting annual earnings growth of 9.0%, which is lower than the prior year's growth of 23.2% per year.

Forecasted Growth

Analysts are most optimistic on the Investment Banking and Brokerage industry, expecting annual earnings growth of 9.0% over the next 5 years.
However this is lower than its past earnings growth rate of 23% per year.

In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 9.0% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
SSI SSI Securities	₫23.25k	2.6% +₫1.5t	-31.4%	PE12.8x
VCI Vietcap Securities	₫20.80k	4.5% +₫1.0t	-33.0%	PE16.4x
VIX VIX Securities	₫12.20k	0.8% +₫245.0b	-52.3%	PE7.6x
ORS Tien Phong Securities	₫13.60k	1.5% +₫124.8b	22.5%	PE92.5x
APG APG Securities	₫4.57k	2.7% +₫26.8b	-61.8%	PE150.4x

SI Securities Corporation Closes My Dinh Branch

Pursuant to the Law on Securities No. 54/2019/QH14, as amended and supplemented by Law No. 56/2024/QH15; pursuant to Decree No. 155/2020/NÐ-CP dated December 31, 2020 of the Government detailing the implementation of a number of articles of the Law on Securities, as amended and supplemented by Decree No. 245/2025/NÐ-CP dated September 11, 2025; pursuant to Decision No. 686/QD-BTC dated February 28, 2025 of the Minister of Finance stipulating the functions, tasks, powers and organizational structure of the State Securities Commission; based on the License for securities business No. 03/GPHDKD dated April 5, 2000 issued by the Chairman of the State Securities Commission to Saigon Securities Incorporation (now SSI Securities Corporation); based on the Decision approving the establishment of a branch of securities company No. 718/QD-UBCK dated September 14, 2010 issued by the Chairman of the State Securities Commission approving Saigon Securities Incorporation (now SSI Securities Corporation) to establish Saigon Securities Incorporation - My Dinh Branch (now SSI Securities Corporation - My Dinh Branch); based on the dossier requesting the closure of My Dinh Branch of SSI Securities Corporation; in consideration of the proposal of the Head of the Securities Business Management Department. The Chairman of the State Securities Commission decided to revoke the Decision approving the establishment of a transaction office of securities company No. 718/QÐ-UBCK dated September 14, 2010 issued by the Chairman of the State Securities Commission approving SSI Securities Corporation to establish SSI Securities Corporation - My Dinh Branch. This Decision shall take effect from the date of signing and is an integral part of the License for securities business No. 03/GPHÐKD dated April 5, 2000 issued by the Chairman of the State Securities Commission to SSI Securities Corporation. The Chief of Office, the Head of the Securities Business Management Department, the Chief Executive Officer of the Vietnam Exchange, the Chief Executive Officer of the Hochiminh Stock Exchange, the Chief Executive Officer of the Hanoi Stock Exchange, the Chief Executive Officer of the Vietnam Securities Depository and Clearing Corporation, SSI Securities Corporation and relevant parties shall be responsible for the implementation of this Decision.

Vietnamese (HOSE) Capital Markets Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

New major risk - Revenue size

Bidv Securities Joint Stock Company Announces Revision of Business Registration Issued by Business Registration and Corporate Finance Department - Hanoi City Department of Finance

New major risk - Earnings quality

Third quarter 2025 earnings released: EPS: ₫397 (vs ₫414 in 3Q 2024)

New major risk - Shareholder dilution

Second quarter 2026 earnings released: EPS: ₫84.00 (vs ₫428 in 2Q 2025)

Second quarter 2026 earnings released: ₫14.18 loss per share (vs ₫31.00 loss in 2Q 2025)

New major risk - Shareholder dilution

Second quarter 2026 earnings released: EPS: ₫924 (vs ₫294 in 2Q 2025)

Second quarter 2026 earnings released: EPS: ₫610 (vs ₫595 in 2Q 2025)

SI Securities Corporation Closes My Dinh Branch

Second quarter 2026 earnings released: EPS: ₫112 (vs ₫86.23 in 2Q 2025)

FPT Securities Joint Stock Company Announces Change in Certificate of Business Registration

New minor risk - Share price stability

Now 20% overvalued after recent price rise