An investor checks stock prices at a brokerage firm in HCM City. — VNA/VNS Photo

There is a new leader in the securities brokerage industry with VPS Securities Joint Stock Company dislodging long-time incumbent SSI Securities Corporation from the top spot.

It marks a big jump for VPS, which ranked third last year with a market share of 8.22 per cent, rising to 10.84 per cent in the fourth quarter.

In the first quarter of this year its market share rose to 13.24 per cent, with SSI following with 11.89 per cent, and HCM City Securities Corporation (8.23 per cent), VNDirect Securities Corporation (7.46 per cent), and Viet Capital Securities JSC (5.62 per cent).

Mirae Asset Securities (Vietnam) Limited Liability Company, MS Securities Joint Stock Company, Techcom Securities JSC, FPT Securities Joint Stock Company, and BIDV Securities Joint Stock Company each accounted for 3.25-4.5 per cent.

Nguyen Hong Nam, CEO of SSI Securities Corporation, said: “Competition is very necessary to promote the development of the market. Brokerage market share is an important criterion for each securities firm but is certainly not the sole operational goal. Each company has its own goals to pursue and act upon.”

Market capitalisation on HOSE as of March 31 skyrocketed by 93.56 per cent from a year earlier to more than VND4.46 quadrillion (US$193.72 billion).

It was equivalent to 70.95 per cent of the country’s GDP.

In the first quarter the VN-Index, the benchmark stock index, touched 1,200 points three times but could not cross what has become a key psychological barrier.

It has crossed 1,200 points in April. — VNS