Total lending at securities firms, including margin loans and advances on sales, is estimated at about VND 455,000 billion at the end of Q3/2026, up VND 10,000 billion from the previous quarter, equal to roughly 5.1% of the market capitalization of the two exchanges and the highest level in history. Meanwhile, HoSE's matched trading value averaged only over VND 13,403 billion per session in September, down more than 60% year on year, and the VN-Index fell nearly 4.7% in Q3. Bùi Văn Huy, General Director of FIDT, says most margin balances are likely in bespoke “deal” loans where shares serve as collateral, though public data cannot precisely determine the share. Balances are concentrated among 18 securities firms with lending above VND 10,000 billion, about two-thirds of which have bank backing. The article also notes that margin balances have grown roughly in line with foreign investors' cumulative net selling of about VND 350,000 billion over roughly the past five years.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Tỷ lệ margin trên quy mô vốn hóa thị trường chứng khoán lập kỷ lục mới, điều gì đang diễn ra?
Keywords
VNINDEXbrokeragesmargin lendingliquidityforeign investors
Open a keyword to see other news on the same topic.
Related tickers and likely impact
VNINDEX
▼ Likely negativeRelevance: medium
| Market | Vietnam stocks |
|---|---|
| Close on 10/23/2026 | 1,774.15 |
| Change that session | +0.77% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- A Hidden Risk Behind Record Margin Lending Balances
According to FiinTrade, margin loan balances at 78 securities firms (covering about 99.6% of industry equity) reached over VND 457,500 billion at the end of Q3/2026, up VND 56,400 billion (14.1%) from the end of 2025 and the highest level in the market’s history. Meanwhile, average daily trading value in Q3 was only about VND 14,800 billion, down 22.6% from the previous quarter and 63.6% from a year earlier. The ratio of margin debt to free-float-adjusted market capitalization was about 14.2%, versus 5.6% in 2020 and 8.8% at the 2022 peak. General Director of FIDT Bùi Văn Huy said most of the current margin volume appears to come from privately negotiated “deal” loans, though public data does not yet show their exact share. He noted that when shares are pledged as collateral, their prices may be affected by the financial condition of borrowing shareholders, and such debt generally does not appear on listed companies’ balance sheets.
- 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.
- 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.
- Margin lending by securities firms hits new record of VND 463 trillion
Margin lending by securities firms reached a record VND 463 trillion at the end of Q3 2026, up 2% from Q2, mostly margin loans. Trading value on HOSE and HNX fell to about VND 18.1 trillion per session from VND 23.3 trillion in Q2, yet industry lending revenue rose 6% quarter-on-quarter to VND 12.9 trillion. TCBS remained the largest with VND 54.7 trillion, VPBankS was second with VND 39.9 trillion, and VPS's balance fell 18% to VND 25.6 trillion. Interest expenses rose at VPBankS (VND 864 billion, up 9%), SSI (nearly VND 850 billion, up 5%) and LPS (VND 396 billion, up 14%), while TCBS cut its interest costs 2% to nearly VND 876 billion.
- Top Notable Stocks at the Open on October 14
This daily market roundup for October 14 highlights several developments. On October 12, the State Securities Commission of Vietnam fined In sách giáo khoa Hòa Phát JSC (UPCoM: HTP) VND 217.5 million for multiple violations, including failure to hold a General Meeting of Shareholders. Proprietary trading desks of securities companies made a slight net purchase while foreign investors continued to net sell. Kosy JSC (HOSE: KOS) kept hitting the floor price, with about 76 million shares of sell orders in the morning session of October 13. The piece also notes that SNZ does not meet the shareholder structure requirements for a public company, as the Dong Nai City People's Committee holds 99.54% of voting shares. Liquidity recovered in the October 5–9 trading week, while cash flows diverged across real estate and securities.
- Gloomy market: how are securities companies faring?
Market liquidity fell sharply in Q3, with average trading value on HoSE, HNX and UPCoM at 18,625 billion VND per session, down 57.6% year on year. The VN-Index ended the quarter at 1,768.62 points, down 4.9% from the end of Q2. Profits fell at many brokerages, with VNDIRECT's Q3 after-tax profit down about 65% and SSI's down 27%, as brokerage revenue slumped. TCBS led with Q3 pre-tax profit of 2,152 billion VND, up about 6%, helped by margin lending income that rose 55%. VIX's Q3 after-tax profit fell about 93% as proprietary trading swung to a loss, while CVS still posted an after-tax loss of more than 2.6 billion VND, its 17th consecutive loss-making quarter.
Related markets
Latest news
- Steel company placed under bankruptcy proceedings, MB puts ironmaking plant of over 12 hectares in Hai Phong up for sale to recover debt, starting price over VND 300 billion
MBAMC, the debt and asset management unit of Military Commercial Joint Stock Bank, is offering for sale the ironmaking plant of Nam Thuận Steel Joint Stock Company in Dinh Vu Industrial Park, Hai Phong, with a starting price of VND 301.86 billion. The assets include land use rights for lots CN3.1, CN3.1C, CN3.2A and CN3.2B, construction works attached to the land, and all machinery and equipment. The land area is 125,430 m² according to records (over 12.5 ha), while the actual measured area is 124,889.9 m². The sale will be conducted through a judgment-enforcement auction, expected on November 11, 2026, and the company was placed under bankruptcy proceedings by the Hai Phong People's Court in 2024.
- Not Nvidia. Not Microsoft. This "Magnificent Seven" Stock Is the Cheapest Right Now.
The article argues Alphabet is the cheapest Magnificent Seven stock, trading at just over 16 times this year's analyst-projected earnings of $20.59 per share. That projection includes a one-time $6.26-per-share second-quarter accounting gain tied to its investments in SpaceX and Anthropic; without it, EPS would be $14.33 and P/E a little above 23. By comparison, Nvidia's 2026 P/E is 24, Microsoft's is 27 on $19.76 EPS, and Amazon is about 27 times excluding its Anthropic gain, while Nvidia is 14 times its expected 2027 EPS of $15.80. The author argues Alphabet's position is more resilient, citing search advertising as a steady cash generator, Google Cloud's Q2 revenue up 82%, and a cloud contracted backlog of $514 billion.
- Nvidia CEO Jensen Huang Reaffirms His $4 Trillion Projection for AI Spending. Here's Why That Makes Nvidia a Screaming Buy Now.
Nvidia CEO Jensen Huang reaffirmed his projection that global data center capital expenditure could reach up to $4 trillion annually by 2030, with a floor of $3 trillion. The big five AI hyperscalers alone are expected to spend nearly $800 billion this year, and the author estimates total data center capex at around $1 trillion this year. If the market triples to quadruples by 2030 and Nvidia keeps its market share, its revenue could reach $1.2 to $1.6 trillion, starting from analysts' estimate of $412 billion for this year. At a 50% profit margin and 30 times earnings, its market cap could be $18 to $24 trillion, versus about $5.4 trillion now; the author stresses this is not a forecast of such growth and calls Nvidia one of the most attractive stocks in the market right now.
- 'The world's super company': Wall Street weighs SpaceX earnings, company's likely Tesla tie-up
Wall Street analysts are weighing SpaceX (SPCX) as a potentially giant company, especially with a possible tie-up with Tesla (TSLA). Elon Musk, CEO of both firms, projects SpaceX's annual recurring revenue by end-2027 at between 500 billion USD and 1 trillion USD. Its booming AI compute business has fueled bets that SpaceX could become a fifth hyperscaler alongside Meta, Alphabet, Microsoft and Amazon. RBC Capital Markets says Tesla's planned Terafab chip production is a way to bypass Nvidia and TSMC, while Canaccord Genuity raised its Tesla price target to 442 USD from 410 USD on a merger-based view. JPMorgan more than doubled its SpaceX price target to 500 USD, with shares trading at 146 USD on Friday.
- Retirees Will Get a 3.6% Social Security Raise in 2027 After Getting 2.8% This Year. Here's the Dollar Difference.
The Social Security cost-of-living adjustment (COLA) for 2027 was announced at 3.6%, higher than this year's 2.8%, reflecting recent higher inflation. The 2.8% increase raised a $2,010 monthly benefit by about $56 to $2,066, while the average monthly benefit was $2,089 as of September. The article notes COLAs are based on the CPI-W, which tracks workers rather than retirees, while the CPI-E, which weights healthcare and housing more heavily, would be a better measure for retirees. It also warns that Social Security's surplus is running out, with worker taxes projected to cover only about 78% of benefits around 2032, and the author stresses that retirees should save and invest for retirement on their own.
- Meta Just Dropped 9% in a Week. Is It Time to Sell, or Load Up?
Meta stock fell about 9% over the past week, mostly after its third-quarter report: revenue rose 26% to 64.6 billion USD, but free cash flow was negative at 2.12 billion USD as capex reached 34.91 billion USD, above operating cash flow of 32.79 billion USD. Meta raised the floor of its 2026 capex range to 135 billion USD, and a New Mexico court ordered it to pay a 25 billion USD fine over the Cambridge Analytica scandal; the company says it will appeal and holds 82.5 billion USD in cash. The stock trades at about 20x forward earnings, below its five-year average of 21x. The author argues investors could buy more if they can accept dilution from the non-voting Class C stock arriving in 2027. The consensus target of 844 USD is about 31% above Friday's close.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.