越南股市持續擴張 新興券商強勢崛起

在全球資金持續尋找高成長市場之際，越南股市近年表現亮眼，逐漸成為東南亞重要的投資焦點。隨著市場規模與交易活躍度同步提升，除了既有大型券商穩居主導地位外，一批具備成長動能的新興業者亦開始嶄露頭角。

基本面穩健 市場規模仍具擴張空間

根據當地市場數據，2025年越南股市主要指數VN-Index全年上漲近41%，帶動整體市值提升至約占GDP的86.7%。相較印度與泰國等區域市場，越南股市滲透率仍偏低，顯示未來仍具備進一步擴張空間。

越南政府亦明確提出目標，力拚於2026年將股市市值占GDP比重提升至100%，反映其持續強化資本市場發展的政策方向。

在總體經濟方面，越南2025年GDP成長約8.02%，位居全球前列，企業獲利表現同步改善，進一步支撐市場信心。儘管全球仍面臨匯率波動與供應鏈調整等不確定因素，市場仍普遍認為越南具備相對穩定的投資吸引力。

估值具吸引力 升級題材成為關鍵催化

從估值角度觀察，越南股市目前仍低於多數新興市場。VN-Index本益比約為13.6倍，搭配企業獲利持續成長，使其在全球資產配置中具備一定吸引力。

市場整體EPS於2025年成長近三成，並預期2026年仍可維持雙位數增長，顯示企業基本面支撐力道穩固。

此外，市場升級題材亦持續受到關注。若越南獲FTSE Russell或MSCI納入新興市場，預估未來數年可吸引約80億至100億美元資金流入。此類資金多來自退休基金與保險資金等長期機構投資人，有助於提升市場穩定性並推動估值重估。

券商產業快速擴張 新興業者加速崛起

隨著股市交易熱度提升，越南券商產業亦同步成長。融資餘額已突破412兆越盾（約新台幣5,000億元），帶動整體產業營收與獲利顯著提升。

目前市場仍由SSI、VPS、VNDirect、Mirae Asset及TCBS等大型券商主導，但市場擴張亦為中型及新興券商創造發展空間。

其中，Kafi證券為近年成長較快的業者之一。自2022年至2025年間，公司資本規模由1兆越盾（約新台幣12億元）擴大至7.5兆越盾（約新台幣91億元），總資產亦提升至超過26兆越盾（約新台幣315億元），融資業務餘額達10.7兆越盾（約新台幣129億元）。同期營收與稅前淨利分別達2.84兆（約新台幣34億元）與4,560億越盾（約新台幣5.5億元），其業務擴張速度受到市場矚目。

值得關注的是，Kafi積極布局資金業務，特別是在政府公債與有價證券交易領域，交易規模快速提升，目前已進入市場前段班，政府公債交易金額約達767.8兆越盾，排名市場前九。

另一方面，公司亦發展零售經紀業務，2025年客戶交易金額約達134兆越盾（約新台幣1,608億元），年增76%，反映越南散戶投資人參與度持續提高。

市場進入新階段 新世代券商值得關注

市場觀察人士指出，越南券商產業正由傳統經紀模式，逐步轉向結合資本市場與資產管理的多元金融服務模式。具備資本擴張能力、產品多元化及客戶基礎的業者，將在未來競爭中占據優勢。

隨著越南股市進入新一輪成長周期，市場競爭亦將進一步加劇。在此背景下，Kafi等新興券商的發展，被視為觀察越南資本市場結構變化的重要指標之一。

以下為英文全文：

Strong growth and attractive valuations draw global attention

Vietnam’s stock market is emerging as one of Southeast Asia’s fastest-growing investment destinations, drawing renewed interest from global investors amid strong economic growth and relatively low valuations.

The benchmark VN-Index rose nearly 41% in 2025, lifting total market capitalization to about 86.7% of GDP. That remains below regional peers such as India and Thailand, suggesting further room to expand as authorities aim to raise the ratio to 100% by 2026.

The rally is underpinned by solid macroeconomic fundamentals. Vietnam’s GDP grew about 8.02% last year, among the highest globally, supported by improving corporate earnings and resilient domestic demand. Despite global risks including currency volatility and trade tensions, the country is increasingly seen as a beneficiary of shifting supply chains and capital flows.

Vietnamese equities also remain attractively valued. The VN-Index trades at around 13.6 times earnings, below many emerging markets, while profit growth stays robust. Expectations of a potential market upgrade could serve as a key catalyst, with estimates of $8–10 billion in additional inflows from long-term institutional investors in the coming years.

Brokerage sector expands as competition intensifies

The market’s rapid growth is reshaping Vietnam’s securities industry. Margin lending has exceeded VND 412 trillion ($16 billion), while rising trading activity has driven strong gains in revenue and profits across brokerages.

Established firms such as SSI, VPS, VNDirect, Mirae Asset and Techcom Securities continue to dominate, backed by capital scale and digital platforms. Still, the market’s expansion is creating room for a new group of fast-growing firms to gain traction.

Analysts say companies able to scale capital, diversify revenue streams and capture retail investor flows are better positioned for long-term growth, even as competition with incumbents remains intense.

Kafi reflects the rise of a new generation of firms

Among these, Kafi Securities Corporation has emerged as one of the fastest-growing players in recent years.

The company expanded its charter capital from VND 1 trillion in 2022 to VND 7.5 trillion in 2025, with further increases planned. Total assets rose to more than VND 26 trillion, while margin lending reached over VND 10.7 trillion by the end of 2025. Revenue and pre-tax profit climbed to VND 2.84 trillion and VND 456 billion, respectively.

Kafi has also focused on capital markets activities, particularly government bonds and financial instruments. The firm is now among the more active participants in these segments, ranking within the top 9 for government bond trading, with transaction volumes reaching about VND 767.8 trillion.

At the same time, it has expanded its retail brokerage business. Client trading value reached nearly VND 134 trillion in 2025, up 76% year-on-year, reflecting growing retail participation.

The strategy — combining capital markets activities with retail brokerage — mirrors a broader shift in Vietnam’s securities industry toward more diversified financial service models.

As the market enters a new growth phase, firms like Kafi are seen as part of a new generation seeking to scale rapidly and capture emerging opportunities. Still, intensifying competition is likely to make the race for market share increasingly demanding.