Vietnam Investment Banking Market Report Size Share Growth Drivers Trends Opportunities & Forecast 2025–2030

The Vietnam investment banking market, valued at USD 1.1 billion, is growing due to increasing FDI, expanding middle class, and government initiatives, focusing on advisory, M&A, and wealth management.

Region:Asia

Author(s):Rebecca

Product Code:KRAA6549

Pages:99

Published On:January 2026

About the Report

Base Year 2025

Vietnam Investment Banking Market Overview

  • The Vietnam Investment Banking Market is valued at USD 1.1 billion, based on a five-year historical analysis. This growth is primarily driven by increasing foreign direct investment, a burgeoning middle class, the government's push for economic reforms, robust capital market development, and strong FDI inflows targeting USD 40-60 billion in yearly registrations. The market has seen a rise in demand for advisory services, capital raising, and wealth management, reflecting the evolving financial landscape in Vietnam.
  • Key cities dominating the market include Ho Chi Minh City, Hanoi, and Da Nang. Ho Chi Minh City stands out as the financial hub due to its concentration of corporate headquarters and financial institutions. Hanoi, being the political capital, also plays a crucial role in regulatory and governmental financial activities, while Da Nang is emerging as a growing center for investment banking services.
  • Decree No. 65/2022/ND-CP issued by the Government of Vietnam requires securities companies, including those providing investment banking services, to maintain transparency by disclosing financial statements, business operations, and risk management practices, with compliance mandates for licensed entities including minimum charter capital of VND 25 billion and adherence to operational standards for client protection.
Vietnam Investment Banking Market Size

Vietnam Investment Banking Market Segmentation

By Service Type:The service type segmentation includes various offerings that cater to different financial needs. The subsegments are Equity Capital Markets, Debt Capital Markets, Mergers and Acquisitions Advisory, Corporate Finance, Structured Finance, Wealth Management Advisory, and Underwriting Services. Each of these services plays a vital role in the overall investment banking landscape, with specific trends and consumer preferences shaping their growth.

Vietnam Investment Banking Market segmentation by Service Type.

By Client Segment:The client segment categorization encompasses various types of clients that utilize investment banking services. This includes Large Corporations, Mid-Market Enterprises, Financial Institutions, Government and State-Owned Enterprises, and High-Net-Worth Individuals. Each client segment has distinct needs and preferences, influencing the types of services they seek from investment banks.

Vietnam Investment Banking Market segmentation by Client Segment.

Vietnam Investment Banking Market Competitive Landscape

The Vietnam Investment Banking Market is characterized by a dynamic mix of regional and international players. Leading participants such as Vietcombank Securities, SSI Securities Corporation, BIDV Securities, HSC Securities, VNDirect Securities, Mirae Asset Securities Vietnam, FPT Securities, Agribank Securities, Saigon Securities Inc., Techcombank Securities, MB Securities, ACB Securities, VPBank Securities, Dragon Capital, Sacombank Securities contribute to innovation, geographic expansion, and service delivery in this space.

Vietcombank Securities

1999

Hanoi, Vietnam

SSI Securities Corporation

1999

Ho Chi Minh City, Vietnam

BIDV Securities

2008

Hanoi, Vietnam

HSC Securities

2003

Ho Chi Minh City, Vietnam

VNDirect Securities

2006

Hanoi, Vietnam

Company

Establishment Year

Headquarters

Assets Under Management (AUM) or Revenue Scale

Year-over-Year Revenue Growth Rate (%)

Market Share in Investment Banking Services (%)

Client Retention Rate (%)

Average Deal Value (USD millions)

Service Fee Structure (basis points or percentage)

Vietnam Investment Banking Market Industry Analysis

Growth Drivers

  • Increasing Foreign Direct Investment (FDI):Vietnam's FDI inflows reached approximately $25 billion in future, reflecting a robust interest from foreign investors. The government’s commitment to improving the business environment, alongside trade agreements like the EU-Vietnam Free Trade Agreement, has attracted significant capital. This influx supports the investment banking sector by increasing demand for advisory services, capital raising, and mergers and acquisitions, thereby enhancing overall market growth.
  • Expanding Middle-Class Population:The middle-class population in Vietnam is projected to grow to 33 million in future, driving demand for diverse financial products and services. This demographic shift is fostering a greater need for investment banking services, including wealth management and financial planning. As disposable incomes rise, the middle class is increasingly seeking investment opportunities, which presents a significant growth avenue for investment banks in the region.
  • Government Infrastructure Development Initiatives:The Vietnamese government has allocated $120 billion for infrastructure projects in future, focusing on transportation, energy, and urban development. This investment is expected to stimulate economic growth and create opportunities for investment banks to engage in project financing and advisory roles. Enhanced infrastructure will also attract further foreign investment, thereby bolstering the investment banking sector's activities and revenues.

Market Challenges

  • Regulatory Compliance Complexity:The investment banking sector in Vietnam faces significant regulatory challenges, with over 200 laws and regulations governing financial services. Compliance costs are estimated to consume up to 10% of operational budgets for investment banks. This complexity can deter foreign investment and slow down the growth of local firms, as navigating the regulatory landscape requires substantial resources and expertise.
  • Competition from Global Investment Banks:Local investment banks are increasingly challenged by the presence of global players, which have established networks and resources. In future, global investment banks captured approximately 60% of the market share in Vietnam's investment banking sector. This competition pressures local firms to innovate and enhance service offerings, often leading to increased operational costs and reduced profit margins.

Vietnam Investment Banking Market Future Outlook

The Vietnam investment banking market is poised for significant transformation, driven by technological advancements and evolving consumer preferences. As digital banking solutions gain traction, investment banks will increasingly adopt fintech innovations to enhance service delivery and operational efficiency. Additionally, the focus on sustainable finance is expected to grow, with more firms integrating environmental, social, and governance (ESG) criteria into their investment strategies, aligning with global trends and investor expectations.

Market Opportunities

  • Digital Transformation in Banking Services:The shift towards digital banking is creating opportunities for investment banks to streamline operations and enhance customer engagement. With Vietnam's internet penetration rate exceeding 70%, banks can leverage digital platforms to offer innovative financial products, thereby attracting a tech-savvy clientele and improving service efficiency.
  • Development of Green Financing:The Vietnamese government aims to mobilize $30 billion for green projects in future, creating a burgeoning market for green bonds and sustainable investment products. Investment banks can capitalize on this trend by developing specialized services that cater to environmentally conscious investors, thus positioning themselves as leaders in the emerging green finance sector.

Scope of the Report

SegmentSub-Segments
By Service Type

Equity Capital Markets

Debt Capital Markets

Mergers and Acquisitions Advisory

Corporate Finance

Structured Finance

Wealth Management Advisory

Underwriting Services

By Client Segment

Large Corporations

Mid-Market Enterprises

Financial Institutions

Government and State-Owned Enterprises

High-Net-Worth Individuals

By Geographic Region

Northern Vietnam (Hanoi and surrounding provinces)

Central Vietnam (Da Nang and surrounding provinces)

Southern Vietnam (Ho Chi Minh City and surrounding provinces)

By Transaction Size

Small Transactions (Under $50 million)

Mid-Market Transactions ($50 million - $500 million)

Large Transactions (Over $500 million)

By Industry Sector

Infrastructure and Energy

Manufacturing and Export

Real Estate and Construction

Technology and Telecommunications

Consumer Goods and Retail

By Investor Type

Domestic Institutional Investors

Foreign Institutional Investors

Retail Investors

By Capital Market Status

Primary Market (IPOs and New Issuances)

Secondary Market (Trading and Liquidity)

Over-the-Counter (OTC) Transactions

Key Target Audience

Investors and Venture Capitalist Firms

Government and Regulatory Bodies (e.g., State Securities Commission of Vietnam, Ministry of Finance)

Private Equity Firms

Investment Funds

Corporate Finance Departments

Wealth Management Firms

Insurance Companies

Real Estate Investment Trusts (REITs)

Players Mentioned in the Report:

Vietcombank Securities

SSI Securities Corporation

BIDV Securities

HSC Securities

VNDirect Securities

Mirae Asset Securities Vietnam

FPT Securities

Agribank Securities

Saigon Securities Inc.

Techcombank Securities

MB Securities

ACB Securities

VPBank Securities

Dragon Capital

Sacombank Securities

Table of Contents

Market Assessment Phase

1. Executive Summary and Approach


2. Vietnam Investment Banking Market Overview

2.1 Key Insights and Strategic Recommendations

2.2 Vietnam Investment Banking Market Overview

2.3 Definition and Scope

2.4 Evolution of Market Ecosystem

2.5 Timeline of Key Regulatory Milestones

2.6 Value Chain & Stakeholder Mapping

2.7 Business Cycle Analysis

2.8 Policy & Incentive Landscape


3. Vietnam Investment Banking Market Analysis

3.1 Growth Drivers

3.1.1 Increasing Foreign Direct Investment (FDI)
3.1.2 Expanding Middle-Class Population
3.1.3 Government Infrastructure Development Initiatives
3.1.4 Rising Demand for Financial Advisory Services

3.2 Market Challenges

3.2.1 Regulatory Compliance Complexity
3.2.2 Limited Market Awareness
3.2.3 Competition from Global Investment Banks
3.2.4 Economic Volatility

3.3 Market Opportunities

3.3.1 Digital Transformation in Banking Services
3.3.2 Growth in Mergers and Acquisitions
3.3.3 Development of Green Financing
3.3.4 Expansion of Wealth Management Services

3.4 Market Trends

3.4.1 Increasing Use of Fintech Solutions
3.4.2 Focus on Sustainable Investment Practices
3.4.3 Rise of Alternative Investment Vehicles
3.4.4 Enhanced Regulatory Frameworks

3.5 Government Regulation

3.5.1 Foreign Ownership Limits
3.5.2 Capital Market Development Policies
3.5.3 Anti-Money Laundering Regulations
3.5.4 Tax Incentives for Investment Firms

4. SWOT Analysis


5. Stakeholder Analysis


6. Porter's Five Forces Analysis


7. Vietnam Investment Banking Market Market Size, 2019-2024

7.1 By Value

7.2 By Volume

7.3 By Average Selling Price


8. Vietnam Investment Banking Market Segmentation

8.1 By Service Type

8.1.1 Equity Capital Markets
8.1.2 Debt Capital Markets
8.1.3 Mergers and Acquisitions Advisory
8.1.4 Corporate Finance
8.1.5 Structured Finance
8.1.6 Wealth Management Advisory
8.1.7 Underwriting Services

8.2 By Client Segment

8.2.1 Large Corporations
8.2.2 Mid-Market Enterprises
8.2.3 Financial Institutions
8.2.4 Government and State-Owned Enterprises
8.2.5 High-Net-Worth Individuals

8.3 By Geographic Region

8.3.1 Northern Vietnam (Hanoi and surrounding provinces)
8.3.2 Central Vietnam (Da Nang and surrounding provinces)
8.3.3 Southern Vietnam (Ho Chi Minh City and surrounding provinces)

8.4 By Transaction Size

8.4.1 Small Transactions (Under $50 million)
8.4.2 Mid-Market Transactions ($50 million - $500 million)
8.4.3 Large Transactions (Over $500 million)

8.5 By Industry Sector

8.5.1 Infrastructure and Energy
8.5.2 Manufacturing and Export
8.5.3 Real Estate and Construction
8.5.4 Technology and Telecommunications
8.5.5 Consumer Goods and Retail

8.6 By Investor Type

8.6.1 Domestic Institutional Investors
8.6.2 Foreign Institutional Investors
8.6.3 Retail Investors

8.7 By Capital Market Status

8.7.1 Primary Market (IPOs and New Issuances)
8.7.2 Secondary Market (Trading and Liquidity)
8.7.3 Over-the-Counter (OTC) Transactions

9. Vietnam Investment Banking Market Competitive Analysis

9.1 Market Share of Key Players

9.2 Cross Comparison of Key Players

9.2.1 Company Name
9.2.2 Assets Under Management (AUM) or Revenue Scale
9.2.3 Year-over-Year Revenue Growth Rate (%)
9.2.4 Market Share in Investment Banking Services (%)
9.2.5 Client Retention Rate (%)
9.2.6 Average Deal Value (USD millions)
9.2.7 Service Fee Structure (basis points or percentage)
9.2.8 Return on Equity (ROE) (%)
9.2.9 Number of Active Corporate Clients
9.2.10 Service Coverage Index (number of service lines offered)

9.3 SWOT Analysis of Top Players

9.4 Pricing Analysis

9.5 Detailed Profile of Major Companies

9.5.1 Vietcombank Securities
9.5.2 SSI Securities Corporation
9.5.3 BIDV Securities
9.5.4 HSC Securities
9.5.5 VNDirect Securities
9.5.6 Mirae Asset Securities Vietnam
9.5.7 FPT Securities
9.5.8 Agribank Securities
9.5.9 Saigon Securities Inc.
9.5.10 Techcombank Securities
9.5.11 MB Securities
9.5.12 ACB Securities
9.5.13 VPBank Securities
9.5.14 Dragon Capital
9.5.15 Sacombank Securities

10. Vietnam Investment Banking Market End-User Analysis

10.1 Procurement Behavior of Key Ministries

10.1.1 Ministry of Finance
10.1.2 Ministry of Planning and Investment
10.1.3 Ministry of Industry and Trade

10.2 Corporate Spend on Infrastructure & Energy

10.2.1 Investment in Renewable Energy Projects
10.2.2 Infrastructure Development Budgets

10.3 Pain Point Analysis by End-User Category

10.3.1 Corporate Clients
10.3.2 Government Entities

10.4 User Readiness for Adoption

10.4.1 Technology Adoption Levels
10.4.2 Training and Support Needs

10.5 Post-Deployment ROI and Use Case Expansion

10.5.1 Evaluation of Financial Performance
10.5.2 Expansion into New Markets

11. Vietnam Investment Banking Market Future Size, 2025-2030

11.1 By Value

11.2 By Volume

11.3 By Average Selling Price


Go-To-Market Strategy Phase

1. Whitespace Analysis + Business Model Canvas

1.1 Market Gaps Identification

1.2 Business Model Development


2. Marketing and Positioning Recommendations

2.1 Branding Strategies

2.2 Product USPs


3. Distribution Plan

3.1 Urban Retail Strategies

3.2 Rural NGO Tie-ups


4. Channel & Pricing Gaps

4.1 Underserved Routes

4.2 Pricing Bands


5. Unmet Demand & Latent Needs

5.1 Category Gaps

5.2 Consumer Segments


6. Customer Relationship

6.1 Loyalty Programs

6.2 After-sales Service


7. Value Proposition

7.1 Sustainability

7.2 Integrated Supply Chains


8. Key Activities

8.1 Regulatory Compliance

8.2 Branding

8.3 Distribution Setup


9. Entry Strategy Evaluation

9.1 Domestic Market Entry Strategy

9.1.1 Product Mix
9.1.2 Pricing Band
9.1.3 Packaging

9.2 Export Entry Strategy

9.2.1 Target Countries
9.2.2 Compliance Roadmap

10. Entry Mode Assessment

10.1 Joint Ventures

10.2 Greenfield Investments

10.3 Mergers & Acquisitions

10.4 Distributor Model


11. Capital and Timeline Estimation

11.1 Capital Requirements

11.2 Timelines


12. Control vs Risk Trade-Off

12.1 Ownership vs Partnerships


13. Profitability Outlook

13.1 Breakeven Analysis

13.2 Long-term Sustainability


14. Potential Partner List

14.1 Distributors

14.2 Joint Ventures

14.3 Acquisition Targets


15. Execution Roadmap

15.1 Phased Plan for Market Entry

15.1.1 Market Setup
15.1.2 Market Entry
15.1.3 Growth Acceleration
15.1.4 Scale & Stabilize

15.2 Key Activities and Milestones

15.2.1 Activity Planning
15.2.2 Milestone Tracking

Research Methodology

ApproachModellingSample

Phase 1: Approach1

Desk Research

  • Analysis of investment trends from the State Securities Commission of Vietnam
  • Review of financial reports and market analyses from leading Vietnamese investment banks
  • Examination of economic indicators and forecasts from the General Statistics Office of Vietnam

Primary Research

  • Interviews with senior executives at top investment banks operating in Vietnam
  • Surveys targeting financial analysts and investment advisors in the market
  • Focus groups with corporate finance professionals to gather insights on market dynamics

Validation & Triangulation

  • Cross-validation of findings with data from international financial institutions
  • Triangulation of qualitative insights with quantitative market data
  • Sanity checks through expert panel discussions with industry veterans

Phase 2: Market Size Estimation1

Top-down Assessment

  • Estimation of total investment banking revenue based on GDP growth rates
  • Segmentation of market size by service offerings such as M&A advisory, underwriting, and asset management
  • Incorporation of government policies promoting foreign investment and capital market development

Bottom-up Modeling

  • Collection of transaction data from recent IPOs and bond issuances in Vietnam
  • Analysis of fee structures and commission rates from leading investment banks
  • Volume estimates based on historical transaction trends and market activity

Forecasting & Scenario Analysis

  • Multi-variable regression analysis incorporating economic growth, interest rates, and foreign investment levels
  • Scenario modeling based on potential regulatory changes and market entry of foreign players
  • Development of baseline, optimistic, and pessimistic forecasts through 2030

Phase 3: CATI Sample Composition1

Scope Item/SegmentSample SizeTarget Respondent Profiles
M&A Advisory Services120Investment Bankers, Corporate Development Managers
Equity Underwriting100Equity Analysts, Capital Markets Executives
Debt Capital Markets90Debt Analysts, Treasury Managers
Asset Management80Portfolio Managers, Wealth Advisors
Regulatory Compliance in Investment Banking70Compliance Officers, Risk Management Executives

Frequently Asked Questions

What is the current value of the Vietnam Investment Banking Market?

The Vietnam Investment Banking Market is valued at approximately USD 1.1 billion, driven by factors such as increasing foreign direct investment, a growing middle class, and government economic reforms aimed at enhancing the financial landscape.

Which cities are the main hubs for investment banking in Vietnam?

What regulatory requirements do investment banks in Vietnam face?

What are the key growth drivers for the Vietnam Investment Banking Market?

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