Vietnamese Securities Firms Post Record Margin Lending Revenue in Q1 2026

Overview

Vietnamese securities firms reported record margin lending revenue of over 11,200 billion VND in the first quarter of 2026, with total outstanding loans reaching 420,000 billion VND. The growth was driven by capital optimization and strong customer demand, with leading firms such as SSI, VPS, and HSC each lending over 1 billion USD. This marks a shift in revenue composition as brokerage and proprietary trading face headwinds.

Key Facts

• Securities companies’ margin lending revenue hit a record 11,200 billion VND in Q1 2026, the highest ever.
• Total outstanding loans reached 420,000 billion VND as of March 31, 2026, with 415,000 billion VND for margin lending.
• Lending revenue’s share of total revenue rose to 36% in Q1, up from the typical 28-30%.
• Firms including TCBS, SSI, VPBankS, VPS, and HSC each lent over 1 billion USD (over 26,400 billion VND).
• The total charter capital of securities companies increased by 70,000 billion VND over the past year.
• The State Securities Commission caps the loan-to-equity ratio at 200%, prompting firms to raise capital to expand lending capacity.

What Happened

According to consolidated financial reports for Q1 2026, Vietnamese securities companies generated over 11,200 billion VND in lending revenue, a record high. The total amount lent to customers reached 420,000 billion VND, of which 415,000 billion VND was for margin lending, up about 9,000 billion VND from the end of 2025. The lending revenue share increased to 36% of total revenue, compared to the typical 28-30% in previous periods.

Nguyen The Minh, Director of the Investment Banking Division at An Binh Securities, attributed the expansion to the need to optimize excess capital after two years of large equity issuances. He noted that with fierce competition in brokerage fees and the volatility of proprietary trading, many firms have turned to lending to boost returns. Tran Quoc Toan, Branch Director at Mirae Asset Securities, added that expanding lending helps firms capture market share and meet strong customer demand.

Market Context

SSI closed at 27,500 VND on May 30, 2026, down 0.18%, while VPS closed at 8,680 VND, unchanged. Both stocks trade on HOSE. The VN-Index reached a new high above 1,900 points earlier in 2026 but experienced a sharp correction of over 200 points in March. The volatile market has pressured brokerage and proprietary trading revenues, pushing securities firms to rely more on lending. The sector’s total charter capital has surged by 70,000 billion VND over the past year, providing room for further lending growth.

Strategic Significance

The record lending revenue highlights a structural shift in Vietnamese securities firms’ business models, moving from fee-based brokerage to capital-intensive lending. This trend is supported by regulatory capital increases and strong retail investor demand. For firms like SSI, VPS, and HSC, the ability to deploy large equity bases into margin loans provides a stable income stream less correlated with market direction. However, the reliance on lending also exposes firms to credit risk and regulatory constraints, as the loan-to-equity cap limits further expansion without additional capital raises.

What to Watch

• Q2 2026 financial reports to see if lending revenue growth continues and if loan quality remains stable.
• Any changes to the State Securities Commission’s loan-to-equity ratio cap, which could affect lending capacity.
• Capital raising plans from major securities firms to support further lending expansion.
• Trends in VN-Index volatility and margin loan utilization rates.
• Competitive dynamics in brokerage fees and proprietary trading performance.