Securities brokerage firms in Vietnam have been growing rapidly over the last three years due to the rise of retail investors during the pandemic era leading to a significant increase in market liquidity. Along with their growth, Vietnamese securities firms have also been diversifying their earnings model beyond brokerages; and sources of funding, which include foreign currency debts in addition to capital infusion and domestic corporate bonds to finance the high growth..

The long-term outlook for Vietnam’s securities service sector is relatively positive given the low investor penetration as well as increasing foreign fund flow backed up by strong fundamental factors; and market infrastructure under improvement progress. However, since 2Q2022, the market has been going sideways with low daily liquidity. In addition, the securities service sector is also going through numerous headwinds relating to tightening credit to financial assets, policy corrections, and low trading sentiment from retail investors.

As a leading domestic credit rating agency in Vietnam, FiinRatings has conducted credit ratings and/or performed surveillance for companies such as MB Securities and VietCapital Securities. With requests from several major investors and creditors, we would like to organize a Webinar where we will discuss and share our views as an independent agency on the credit outlook of Vietnam’s securities service sector..