VPS, SSI lead stockbrokers in software investment
Leading Vietnamese stockbrokers VPS Securities and SSI Securities have made the strongest investments in software among brokerage houses in the country.
Data collected by The Investor showed that brokers with big investments in software are also the biggest by market share.

Stockbrokers' investments in software development, in billion Vietnamese dong. Photo by The Investor/Tuong Nhu.
VPS Securities has invested VND355 billion ($14.3 million) in trading software. It incurred an amortization of VND209 billion, resulting in a carrying amount of VND146 billion. As the biggest stockbroker investing in technology, VPS spent VND45 billion in 2023.
VPS also has the biggest market share on the Ho Chi Minh Stock Exchange (HoSE) with 19.6%. 2023 was the third year in a row that VPS topped the list, extending its lead over SSI Securities (SSI) and VNDirect Securities (VND).
SSI Securities had invested VND255 billion ($10.3 million) in software development as of end-2023, up by VND34.2 billion from end-2022.

Top securities firms also make biggest investments in technology. Photo by The Investor/Trong Hieu
VNDirect Securities, which is infamous for a recent ransomware attack, had invested VND165 billion ($6.7 million) and recorded an amortization of VND111 billion, leading to a carrying amount of VND53.5 billion.
Many firms have recorded a carrying amount of nearly zero, such as Maybank Securities Vietnam (MSVN), Saigon-Hanoi Securities, listed on the Hanoi Stock Exchange (HNX) as SHS, FPT Securities (HoSE: FTS), and Petrovietnam Securities (HNX: PSI).
On March 25, Vietnamese securities stocks dropped sharply after leading brokerage house VNDirect Securities said it had not been able to recover from a cyberattack that paralyzed its electronic platforms. The VN-Index, which represents the HoSE, closed down 1.09% at 1,267.86, higher than an intraday low at 1,265. At the close, there were 351 losers, 119 gainers and 71 staying flat.
On the same day, the State Securities Commission (SSC), Vietnam’s stock market watchdog, immediately instructed securities companies to enhance cybersecurity following a ransomware attack on VNDirect Securities. The mishap has forced both the HoSE and HNX to disconnect from VNDirect since then.
The VN-Index bounced back 14.35 points, or 1.13%, to close at 1,282.21 points on March 26.
Talking to The Investor, Nguyen The Minh, head analyst at Yuanta Securities Vietnam, said that a securities firm usually has a backup system to ensure continuity and safeguard data. This helps secure data if the system is breached.
If a system is compromised, customers’ assets are safe as their stocks are secured on the Vietnam Securities Depository’s system, while cash is stored in bank accounts. However, customer data can be exposed, so securities companies need to take responsibility for keeping customers’ accounts safe.
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