News about margin lending

SGI Capital says Vietnam's macro picture after the first three quarters of 2026 still shows bright spots, but the stock market enters the fourth quarter facing two risks: policy pressure and liquidity risk from margin leverage. After the FTSE upgrade, trading liquidity fell below VND 15,000 billion per session and foreign investors turned to heavy net selling, driven by fears of rising global inflation and interest rates. Margin debt at a historically high level is seen as a risk that could trigger forced-sale pressure as cash demand rises in the fourth quarter. Longer term, Circular 145/2026/TT-BTC, effective 16/11/2026, introduces CCP clearing and removes the 100% cash pre-funding (NPF) requirement for foreign institutional investors, which Hàn Hữu Hậu, CEO of Hy Maxpro, called an important upgrade.

Securities stocks have remained weak despite expectations of gains from FTSE Russell's market upgrade and capital market development. According to VietstockFinance, as of 09/10/2026 the sector index was down 23.46% year-to-date, much deeper than the 2.77% decline of VN-Index, and had lost 39.92% over the past year. About 80% of the 43 sector stocks were more than 20% below their recent peaks, a threshold commonly used to define a bear market. Võ Kim Phụng of Chứng khoán Beta said the sector's earnings depend on liquidity, margin lending and interest rates, and that expected gains were priced in earlier; in Q3/2026, average daily trading value on HOSE and HNX fell 58% year-on-year.

TCBS reported a record Q3 2026 pre-tax profit of VND 2,152 billion, lifting nine-month pre-tax profit to VND 5,708 billion, up 13% year-on-year and 76% of its full-year plan. Margin lending and advances remained the main growth driver, with net income of VND 1,548 billion (up 55%) and outstanding balances of VND 54,740 billion as of 30/09/2026 (up 25% from end-2025). Brokerage, commission and custody income fell 39% to VND 64 billion, mainly because high interest rates weighed on fund certificate distribution. Investment banking income rose 45% to VND 740 billion, and customer accounts exceeded 1.3 million, up 14% year-on-year. Funding and bond distribution income was VND 1,155 billion, up 1%, with over VND 45.6 trillion of corporate bonds distributed, up 144%.