Securities companies make more money from lending than brokerage - Photo: AI drawing
According to data compiled from the financial report of the second quarter of 2025, the total outstanding margin loans of nearly 30 largest securities companies in the market exceeded VND 280,000 billion by the end of June, an increase of nearly VND 54,000 billion compared to the beginning of the year.
Securities companies "pump" thousands of billions in loans
In the group of leading securities companies in margin lending, Techcom Securities (TCBS) and SSI continue to increase rapidly in scale. Of which, TCBS continues to maintain its leading position with margin debt balance reaching over VND 33,192 billion, up nearly 30% compared to the beginning of the year, equivalent to an increase of approximately VND 7,600 billion.
SSI is not "inferior" when recording impressive growth, helping to significantly narrow the gap with TCBS after the second quarter. SSI's total outstanding margin loans and advances as of the end of June reached more than VND 32,860 billion, an increase of 50.6% compared to the end of 2024.
With an increase of more than VND 11,000 billion in half a year, SSI also became the securities company with the strongest margin growth in terms of absolute market value during this period.
In terms of speed, VPBank Securities emerged as a phenomenon in the second quarter of 2025 when margin debt almost doubled compared to the beginning of the year, bringing the company to fourth place in the industry.
Specifically, by the end of June 2025, VPBank Securities' total margin debt reached VND 17,653 billion, an increase of VND 4,893 billion compared to the previous quarter, but increased by more than VND 8,200 billion in the first 6 months of the year, equivalent to an increase of 87%.
Like SSI and TCBS, VPBank Securities' strong growth momentum comes from continuously launching margin packages with competitive interest rates in recent times to expand market share.
Many companies do not increase but "decline"
Contrary to the trend of accelerating margin lending by banking securities companies, Ho Chi Minh City Securities (HSC), one of the "giants" in the industry, recorded a decrease in margin debt.
Compared to the beginning of the year, HSC's margin debt decreased by VND615 billion, most of which occurred in the second quarter. Although still holding the third position in the market, HSC's margin debt is currently only VND19,813 billion.
Similarly, Mirae Asset (Vietnam) and VPS also saw their margin size narrow by VND35 billion and VND987 billion respectively in the second quarter. Of which, VPS's outstanding debt at the end of June 2025 was VND17,013 billion after surpassing VND18,000 billion at the end of the first quarter.
At Mirae Asset (Vietnam), outstanding debt at the end of the second quarter was 17,475 billion VND, after surpassing 17,510 billion VND at the end of the first quarter.
Data also shows that MB Securities (MBS) and Vietcap recorded impressive growth. As of June 30, MBS's margin debt reached VND12,634 billion, while Vietcap's reached VND11,123 billion, both increasing by more than VND1,000 billion compared to the previous quarter.
The expansion of margin lending has brought in significant interest income, contributing significantly to the overall business results of securities companies. Many securities companies even earn higher interest income from lending than some small banks.
For example, TCBS's interest from loans and receivables reached VND844 billion, up 32% over the same period last year. In the first 6 months, Techcombank 's securities company "pocketed" VND1,575 billion in interest from loans and receivables, up 30%.
Next is SSI, which also recorded interest from loans and receivables in the second quarter reaching VND830 billion, up 62%, and accumulated 6-month interest reaching VND1,457 billion, up 52%...
How did the stock market perform in the second quarter?
At the end of the trading session on June 30, 2025, VN-Index closed at 1,376.07 points, up 8.6% compared to the beginning of the year, recording outstanding growth compared to most regional markets.
Average liquidity on the HoSE reached VND17,129 billion/session, up 26.3% year-on-year. According to VDSC, this reflects the strong return of speculative cash flow, especially from individual investors.
In contrast, the HNX-Index reached 229.22 points, down slightly by 0.8%, while the UpCOM Index reached 100.84 points, up 6.1% compared to the beginning of the year.
However, liquidity on both exchanges grew positively with HNX reaching VND 646 billion/session and UpCOM reaching VND 1,111 billion/session (-4.2% and +20.4% compared to the same period last year).
In the first 6 months of the year, foreign investors continued to maintain a strong net selling position, with a total net selling value of VND39,836 billion through both order matching and negotiation channels. Domestic cash flow, especially from individual investors, continued to play a key role in maintaining the balance between supply and demand and was the main driving force helping the market to stay stable.
Source: https://tuoitre.vn/cong-ty-chung-khoan-bom-manh-tien-cho-vay-ai-la-quan-quan-20250720192757373.htm
![[Photo] National Assembly Chairman Tran Thanh Man visits Vietnamese Heroic Mother Ta Thi Tran](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2025/7/20/765c0bd057dd44ad83ab89fe0255b783)
Comment (0)