Top 15 Securities firms contributing the largest budget contribution in Vietnam announced for 2026: Total tax contribution reaches a record VND 14.3 trillion

According to data compiled by CafeF, the 15 securities firms on the list contributed a combined total of approximately VND 14.3 trillion to the state budget in 2025, representing an increase of around VND 2.948 trillion, or nearly 26%, compared to the previous year. The results reflect a rise in budget contributions from the securities sector amid the simultaneous expansion of market scale, liquidity, and the number of investor accounts.

VPS remained at the top of the list, with tax payments of VND 2,848 billion. The company accounted for nearly 20% of the total contributions from the 15 companies and contributed approximately 18.5% of the overall increase across the list. This marks the third consecutive year VPS has held the top position, since 2023. This result comes as VPS continued to lead brokerage market share in stocks, fund certificates, and covered warrants on the Ho Chi Minh City Stock Exchange in 2025, with a 15.95% market share.

Among the 15 companies on the list, 10 are private-sector enterprises, 3 are subsidiaries of majority state-owned banks (MBS, VCBS, and BSC), and 2 are owned by South Korean financial groups - KIS and Mirae Asset.

Unit: VND billion

Notably, 14 of the 15 companies recorded higher tax payments compared to 2024, indicating that the growth was not concentrated among just a few leading firms.

Of the nearly VND 14,300 billion paid into the state budget by the 15 securities companies, personal income tax accounted for approximately VND 9,313 billion, or 65%. Corporate income tax accounted for approximately VND 4,166 billion, or 29%. The remainder comprised value-added tax, other taxes, and certain tax obligations arising from the specific nature of each company's operations.

The personal income tax figures in the published data include amounts paid on behalf of clients by the securities companies, such as tax arising from securities transactions, dividends, other investment income, and employee income.

As such, the level of budget contribution reflects not only the securities companies' profitability, but also the scale of activity flowing through their systems - including client numbers, transaction value, transfer activity, and taxable investment income flows.

In 2025, the VN-Index closed at 1,784.49 points, up 40.9% from the end of the previous year. The HNX-Index reached 248.77 points, up 9.4%. Average daily trading value reached VND 29,202 billion per session, up 39% from the 2024 average. The market added more than 2.57 million new securities accounts, bringing the total number of accounts to over 11.87 million, up 27.7%. On average, more than 214,000 new accounts were opened each month.

The simultaneous rise in liquidity, account numbers, and budget contributions underscores the growing role securities companies play in capital market infrastructure. Beyond brokerage services and investment product offerings, these companies also serve as the point of contact for withholding, collecting, and remitting taxes arising from clients' investment activities to the state budget.

Source: Báo Điện tử Chính phủ