DNSE’s first appearance among Vietnam’s Top 10 private securities companies and Top 15 securities companies by contributions to the State budget demonstrates that technology does more than enhance the investor experience - it can also underpin an efficient and sustainable growth model.
In previous years, rankings of Vietnam’s largest corporate contributors to the State budget were largely dominated by banks, manufacturing conglomerates and real estate companies - industries that typically require large asset bases and extensive operating networks to generate revenue. This landscape, however, is gradually changing as a growing number of fintech and digital securities companies emerge among the country’s leading taxpayers.
Within the securities industry, DNSE Securities is one of the most notable representatives of this trend. According to VNTax2026, DNSE has entered the Top 10 private securities companies and Top 15 securities companies by contributions to the State budget in Vietnam for the first time, with total payments of VND 332 billion, up nearly 38% from the previous period and placing the company among the fastest-growing firms in the industry.
DNSE’s inclusion in the ranking is not merely a corporate milestone. It also demonstrates that digital securities firms are beginning to translate their technological advantages into tangible business performance, thereby making increasingly significant contributions to the broader economy.
Technology is reshaping the economics of growth
The key advantage of fintech companies lies not only in reducing costs, but also in allocating resources more efficiently.
Traditional securities firms typically expand by opening more branches and increasing their brokerage workforce, resulting in progressively higher operating expenses. Technology-driven firms, by contrast, choose to invest heavily in digital infrastructure from the outset. Once their operating platforms are fully established, each additional client or transaction requires little corresponding expansion in headcount or organizational capacity.
This significantly changes the cost structure. Instead of spreading resources across operational functions, companies can allocate more capital to activities that directly generate revenue, including customer acquisition, financial services expansion, margin lending and product development. This shift enables businesses to scale more efficiently while improving operating performance.
DNSE is among the companies that have pursued this approach from an early stage. Guided by its philosophy of “simplifying investing,” the company has built the entire investment journey on a digital platform, covering eKYC, trading, wealth management and AI-powered investment tools.
At the same time, DNSE has been at the forefront of the securities industry’s “all-in-one app” trend by integrating investment, payment and cash-flow management services within a single platform. Tools such as the Ensa AI Investment Assistant, Investment Ideas, Strategy Backtesting, an open API system and Deal-based Margin solutions not only enhance the user experience but also allow DNSE to automate numerous operational processes that previously depended heavily on human intervention.
Continuous investment in digital platforms, automation of the investment experience and expansion of its product ecosystem have enabled DNSE to maintain one of the highest customer growth rates in the market. To date, the company has attracted more than 1.9 million accounts, providing a strong foundation for further expansion in brokerage, financial services and margin lending.
Accelerating business growth and expanding market share
The effectiveness of DNSE’s technology-driven operating model is clearly reflected in its financial performance. In the first six months of 2026, operating revenue reached VND 848 billion, up nearly 60% year on year. Growth was driven by nearly all core business segments. Interest income from loans and receivables reached VND 336 billion, up 47%, remaining the company’s largest revenue source; securities brokerage revenue rose sharply by 81% to VND 222 billion, reflecting the rapid expansion of both its customer base and brokerage market share. By the end of the second quarter, outstanding margin loans and advances against securities sales had reached a record of more than VND 6.3 trillion, providing a strong foundation for the sustainable growth of its financial services business.
Alongside the expansion of its business scale, DNSE’s cost structure also highlights the distinct characteristics of a technology-driven securities model. The majority of expenses stem from brokerage activities, provisions for financial assets and funding costs associated with lending - items directly linked to revenue growth and the expansion of the loan book. Meanwhile, administrative expenses have remained modest relative to revenue growth, indicating that DNSE has maintained a lean operating structure even as its business continues to scale. In other words, rather than spending more simply to sustain operations, DNSE is directing a greater share of its resources toward core activities that directly generate revenue and create value for investors.
While its financial results show how technology has helped DNSE optimize its cost structure, the company’s growth in market share and customer base demonstrates how that advantage has translated into tangible competitive strength.
By the end of the second quarter of 2026, DNSE entered the Top 8 securities firms by brokerage market share for listed equities on the Hanoi Stock Exchange for the first time, with a 2.88% market share. In the derivatives segment - an area that places particularly high demands on technology infrastructure and processing speed - DNSE continued to rank second in the market, capturing 25.38% of market share in the second quarter and 25.47% in the first six months of the year. This marked the seventh consecutive quarter in which DNSE remained among the market leaders. Notably, the company achieved this position only slightly more than three years after entering the derivatives market from a zero base.
Contributing to the development of Vietnam’s capital market
Using technology to optimize the cost structure is not a short-term strategy aimed at sacrificing profitability in exchange for market share. For DNSE, it represents the foundation of a scalable growth model that can also maintain resilience through the cyclical fluctuations of the securities market.
As Vietnam’s capital market enters a new stage of development, supported by the prospect of a market upgrade and the objective of expanding the retail investor base, companies with strong technology platforms, lean cost structures and effective risk management capabilities will have greater room for growth. This is also the model that DNSE has consistently pursued over the years.
From a broader perspective, this creates a virtuous cycle of value creation for the market as a whole. Technology helps optimize operating costs; resources can then be reinvested in products and services; investors benefit from an improved experience; businesses expand their operating scale and generate more sustainable cash flows. As companies create greater value for customers, their capacity to contribute to the State budget also increases. This is therefore not merely a story of corporate growth, but also evidence of how technology is helping improve the quality and sustainability of Vietnam’s stock market development.
Ms. Nguyễn Ngọc Linh, Chief Executive Officer of DNSE, said: “DNSE invests in technology with the ultimate objective of enhancing the investor experience, thereby creating momentum for stronger growth across our core business activities. We believe that by creating value for the retail investor community, DNSE can also establish a solid foundation for long-term growth, increase our meaningful contributions to the State budget, support the development of Vietnam’s capital market, and help create sustainable value for the broader economy.”
PRIVATE 100 and VNTAX 200 rankings for 2026 (based on actual tax payments made in 2025):
2025 Vietnam Largest Taxpayers Awards Ceremony: View here
Source: CafeF
