Securities company margin lending hits record high

Total outstanding margin loans of securities companies by the end of the third quarter of 2025 reached a record.

According to estimates from Wichart's analytics platform, the total outstanding margin debt of 72 securities companies reached over VND 367,000 billion by the end of Q3 2025, a 23% increase compared to Q2 2025 and a 69% increase compared to the same period last year. This is the highest level in history, indicating the increasing use of financial leverage by individual investors.

Securities companies reach record levels of margin lending.

PHOTO: NGOC THANG

Among them, many securities companies lent large sums of money, such as TCBS with over 40,874 billion VND, an increase of more than 15,268 billion VND compared to the end of 2024. Next is SSI with margin lending reaching nearly 38,781 billion VND, an increase of nearly 17,000 billion VND; VPBankS with lending nearly 26,664 billion VND, an increase of more than 17,217 billion VND; VPS with lending reaching 22,036 billion VND, an increase of nearly 9,830 billion VND; HSC with lending reaching 20,215 billion VND...

Considering the maximum allowed margin lending ratio is twice the equity capital, some companies have almost used up their "room." For example, MBS Securities Company, with end-of-period outstanding loans (at original cost) reaching VND 14,512 billion, while equity capital is nearly VND 7,000 billion, equivalent to approximately 207%, has already reached its "room." HSC is also approaching the limit as its equity capital has remained almost unchanged compared to Q2/2025, resulting in a remaining lending ratio of only about 10%. Meanwhile, VPS and VPBankS have reached approximately 79% and 66% respectively, indicating a very strong increase in investor demand for financial leverage in the past quarter. Larger companies such as SSI, TCBS, and VNDIRECT still have considerable room, with margin lending ratios ranging from only 35% to 64%.

Margin lending is one of the activities that generates significant revenue and profit for securities companies. Therefore, to meet the growing demand, many businesses have continuously increased their charter capital. For example, SSI recently announced a plan to issue 415.5 million shares to existing shareholders, raising its charter capital from VND 20,779 billion to nearly VND 25,000 billion. With a selling price of VND 15,000 per share, the company expects to raise approximately VND 6,200 billion, which will be used to supplement capital for margin lending, bond investments, and certificates of deposit.

Previously, TCBS completed its IPO, selling 231.1 million shares at VND 46,800 per share, increasing its charter capital to VND 23,133 billion. The transaction raised approximately VND 10,817 billion, with 70% allocated to proprietary trading (stock and bond investments) and 30% to margin lending. Similarly, VPBank is preparing to offer 375 million shares, equivalent to 25% of its charter capital, at a minimum price of VND 12,130 per share. After the issuance, the company's capital is expected to increase from VND 15,000 billion to VND 18,750 billion...

Source: https://thanhnien.vn/cong-ty-chung-khoan-cho-vay-margin-dat-ky-luc-185251026085222842.htm