Margin lending by securities firms hits new record of VND 463 trillion

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• Margin Debt Hits Record Near 440,000 Billion VND as Bank-Backed Brokerages Surge

  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.

  CafeF·20/10, 17:01▲ SSI▲ HCM▲ VCI▲ VIXmargin lendingbrokeragesbanks
• Industry Profits Plunge and Investors Lose Money, Yet Securities Firms Earn Heavily From Lending

  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.

  CafeF·21/10, 17:01▼ VNINDEX▲ SSI▲ VCI▲ VNDbrokeragesmargin lendingVNINDEX
• 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.

  vietnamnews.vn·16/10, 04:30▼ VNINDEXVNINDEXVietnammargin lending
• BIDV Securities (BSC) Reports 9-Month Profit of VND 377 Billion, Margin Loan Balance Tops VND 10,000 Billion

  As of September 30, 2026, BSC’s total assets reached VND 19,905.4 billion, up nearly 20% from the start of the year, while its margin lending balance stood at VND 10,256 billion, up nearly VND 1,200 billion. In Q3 2026, operating revenue rose 19% to VND 818.7 billion, including VND 269 billion in interest income from loans and receivables (up over 39%), and pre-tax profit for the quarter was VND 207 billion. For the first nine months, operating revenue rose 39.3% to VND 2,132.7 billion, while pre-tax profit fell about 5% to VND 469.4 billion amid higher financial expenses. After-tax profit for the period reached VND 377.1 billion.

  CafeF·21/10, 03:09▲ BSIBSIbrokeragesmargin lending
• Securities firms data update on 21/10: SSI, VNDirect, SHS reveal Q3 profits, with many losses emerging

  As of the morning of 21/10, most securities firms had published their Q3/2026 results, with growth varying markedly. SSI's Q3 pre-tax profit was nearly 1,295 billion VND, down 27%, as financial expenses rose to over 901 billion VND, but its nine-month pre-tax profit still grew over 8% to nearly 4,268 billion VND. VNDIRECT's Q3 pre-tax profit of over 412 billion VND fell 65% and SHS's of nearly 251 billion VND fell 58%, while VNDIRECT's nine-month figure rose about 3% to nearly 2,199 billion VND and SHS's fell 55% to nearly 621 billion VND. Some smaller firms swung from losses to profits, including VUA (Q3 pre-tax profit of over 51 billion VND) and VikkiBankS (nearly 35.6 billion VND). By contrast, CVS, Funan and Apec still reported losses in Q3, with Apec losing 53 billion VND and 38 billion VND over nine months.

  CafeF·21/10, 02:53• SSI• VNDSSIbrokeragesearnings
• SSI Securities' Q3 2026 profit revealed

  SSI estimates Q3 2026 revenue at VND 3,219 billion and pre-tax profit at VND 1,388 billion, with pre-tax profit down 24% year on year. For the first nine months of 2026, consolidated revenue is estimated at VND 9,871 billion and pre-tax profit at VND 4,510 billion, up 5% and 11% respectively, completing 77% of the full-year profit plan. As of September 30, 2026, the parent company's total assets reached VND 92,441 billion and equity VND 38,057 billion. In Q3, SSI held an 11.09% share of brokerage on HOSE, margin lending revenue rose 11% to VND 1,115 billion with a margin loan balance of VND 38,294 billion, and investment activities contributed about 46% of quarterly revenue.

  CafeF·20/10, 11:14• SSISSIbrokeragesearnings

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