Industry-wide profit for securities firms in Q3/2026 fell 42% year on year to about VND 11,000 billion, while average matched trading value on HoSE dropped to VND 13,000-14,000 billion per session, less than half of last year's level. In contrast, interest income from lending and receivables across the industry reached a record VND 12,300 billion, up 34% year on year and rising for 11 consecutive quarters. The main drivers were margin lending outstanding of VND 455,000 billion, of which VND 440,000 billion was margin, the highest ever, along with high interest rates. The article notes that this is gross income rather than net income, since firms still bear funding costs for the lending business, and that gains are uneven, with firms backed by banks such as TCBS, VPBankS and ACBS leading.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Lợi nhuận toàn ngành sụt giảm mạnh, nhà đầu tư thua lỗ, CTCK vẫn kiếm bẫm từ cho vay
Keywords
brokeragesmargin lendingVNINDEXVietnam
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Related tickers and likely impact
VNINDEX
▼ Likely negativeRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/21/2026 | 1,738.67 |
| Change that session | +2.76% |
SSI
▲ Likely positiveSSI Securities
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Financial Services |
| Industry | Investment Services |
| Market cap | 59,876 bn VND |
| P/E | 12.5 |
| P/B | 1.57 |
| Close on 10/21/2026 | 20.40 |
| Change that session | +2.26% |
VCI
▲ Likely positiveVietcap
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Financial Services |
| Industry | Investment Services |
| Market cap | 21,950 bn VND |
| P/E | 15.1 |
| P/B | 1.30 |
| Close on 10/21/2026 | 19.70 |
| Change that session | +3.41% |
VND
▲ Likely positiveVNDIRECT
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Financial Services |
| Industry | Investment Services |
| Market cap | 20,703 bn VND |
| P/E | 7.7 |
| P/B | 0.97 |
| Close on 10/21/2026 | 13.90 |
| Change that session | +2.21% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- High margin debt , weak liquidity put pressure on stock market recovery
Liquidity in Vietnam's stock market fell below VNĐ15 trillion (US$579 million) per session in September, despite the FTSE Russell upgrade to secondary emerging-market status. SGI Capital warns that high margin lending, weak liquidity and rising deposit rates could push more investors out of stocks and trigger a cycle of margin calls if prices keep falling. Once collateral values drop below required thresholds, brokers may demand more collateral or force-sell holdings, which adds supply and pushes prices lower. Foreign investors have resumed net selling since the start of the year, while listed firms continue to need substantial new capital. The impact depends on the composition of margin debt, collateral ratios and investors' ability to add funds, and the fourth quarter typically brings higher liquidity demand.
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Market-wide margin debt is estimated at about 440,000 billion VND at the end of the third quarter, up 5,000 billion in the quarter and a record high. Total brokerage lending, including margin and advances on sales, is about 455,000 billion VND, also a record and up 10,000 billion from the previous quarter. Twelve brokerages with bank backing hold more than half of that total, at about 240,000 billion VND, after rising nearly 14,000 billion in the quarter, faster than the sector overall. TCBS remains the largest with nearly 55,000 billion VND, while VPBankS has moved ahead of SSI into second place. The article notes that part of this lending comes from deals with institutions and company executives rather than from retail investors' leverage.
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