15 securities companies paid nearly 14,300 billion VND to the budget

VPS continues to lead the list of securities companies paying the largest budget in Vietnam, while TCBS and MBS recorded strong increases in fiscal year 2025.

The list of 15 securities companies paying the largest budget in Vietnam in 2026 has just been announced within the framework of the Vietnam Largest Taxpayers - VNTAX system. The rankings are built based on the actual amount paid to the budget in fiscal year 2025.

According to data compiled by CafeF, the 15 businesses on the list have paid a total of approximately VND 14,300 billion into the state budget, an increase of VND 2,948 billion, equivalent to nearly 26% compared to the previous year.

Contribution level increased sharply in the context of the stock market expanding in terms of transaction scale, liquidity and number of investor accounts.

VPS leads for the third consecutive year 2024.

This business accounts for nearly 20% of the total submissions of 15 companies and contributes about 18.5% of the increase of the entire list. This is the third consecutive year VPS has led the way, since 2023.

The above results take place in the context that VPS continues to lead the market share of stock brokerage, fund certificates and covered warrants on the Stock Exchange Ho Chi Minh City in 2025, with a market share of 15.95%.

Second is TCBS with 2,369 billion VND, an increase of 760 billion VND, equivalent to more than 47% compared to the previous year. This is the largest absolute increase among the group of 15 businesses, contributing more than a quarter of the total increase of the entire table.

Thanks to this result, TCBS surpassed SSI to rise from third place to second place. SSI ranked third with 1,807 billion VND, an increase of 143 billion VND.

Another notable change is the promotion of MBS. Enterprise budget contributions increased from VND 553 billion to VND 834 billion, equivalent to nearly 51%, thereby bringing MBS from eighth to sixth position. In terms of growth rate, MBS ranks second on the list.

DNSE ranked at the bottom of the table with 332 billion VND but recorded an increase of nearly 38%, belonging to the group of enterprises with the highest growth rate.

KIS Vietnam paid 395 billion VND, an increase of nearly 23% and moved up one place to 12th place.

Among the 15 enterprises, there are 10 companies belonging to the private enterprise sector; three companies are subsidiaries of state-dominated banks, including MBS, VCBS and BIDV Securities; two companies belonging to Korean financial groups are KIS Vietnam and Mirae Asset.

In addition to the three subsidiaries of state-owned banks, the list also includes TCBS, VPBankS, HD Securities and ACBS that are member companies or have ownership relationships with joint stock commercial banks.

Notably, 14 out of 15 businesses recorded an increase in budget payments compared to 2024. ACBS is the only case with a slight decrease, from 403 billion VND to 390 billion VND.

Of the total of nearly 14,300 billion VND paid into the budget by 15 securities companies, personal income tax reached about 9,313 billion VND, accounting for 65%. Corporate income tax reached about 4,166 billion VND, equivalent to 29%.

The remainder includes value added tax, other taxes and obligations arising according to the operating characteristics of each enterprise.

Personal income tax in the published data includes amounts paid on behalf of securities companies, such as taxes arising from stock transactions, dividends, other investment income and income of employees.

Therefore, the amount paid to the budget not only reflects the business results of each securities company but also partly shows the scale of activities passing through the enterprise's system, including the number of customers, transaction value, transfer activities and tax-deductible investment income streams.

In 2025, VN-Index closed at 1,784.49 points, an increase of 40.9% compared to the end of last year. HNX-Index reached 248.77 points, up 9.4%.

The average transaction value reached 29,202 billion VND per session, 39% higher than in 2024.

During the year, the market added more than 2.57 million securities accounts, bringing the total number of accounts to over 11.87 million, an increase of 27.7%. On average, more than 214,000 new accounts are opened each month.

The simultaneous increase in liquidity, number of investors and budget obligations shows the growing role of securities companies in capital market infrastructure.

In addition to brokerage activities and providing investment products, these businesses are also the focal point for deducting, collecting and transferring taxes arising from customers' investment activities to the state budget.

---

Source: TheLeader — theleader.vn. The article is reposted for the purpose of sharing knowledge for the founder and investor community in the ecosystem HCM VIF.