According to estimates from Wichart's analysis platform, the total margin debt (margin lending) of 72 securities companies as of the end of the third quarter of 2025 reached more than VND 367,000 billion, an increase of 23% compared to the second quarter of 2025 and an increase of 69% compared to the same period last year. This is the highest level in history, showing the increasing level of financial leverage used by individual investors.
Securities company margin lending hits record high
PHOTO: NGOC THANG
Among them, there are many securities companies lending large amounts of money such as TCBS with more than 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 lending nearly 26,664 billion VND, an increase of more than 17,217 billion VND; VPS lending reaching 22,036 billion VND, an increase of nearly 9,830 billion VND; HSC lending reaching 20,215 billion VND...
In terms of the maximum margin lending ratio allowed to be twice the equity, some companies have used up almost all of their "room". For example, MBS Securities Company with outstanding debt at the end of the period (at original price) reached VND 14,512 billion, while equity was nearly VND 7,000 billion, equivalent to about 207%, has run out of "room". HSC is also approaching the limit when equity is almost unchanged compared to the second quarter of 2025, leading to a remaining lending ratio of only about 10%. Meanwhile, VPS and VPBankS also reached about 79% and 66% respectively, showing that investors' demand for financial leverage increased sharply in the last quarter. Meanwhile, large companies such as SSI, TCBS, VNDIRECT still have quite a lot of room, when the margin lending ratio only fluctuates from 35% to 64%.
Margin lending is one of the activities that brings in large revenue and profits for securities companies. Therefore, to meet the increasing 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, increasing its charter capital from VND20,779 billion to nearly VND25,000 billion. With a selling price of VND15,000 per share, the company expects to collect about VND6,200 billion, which will be used to supplement capital for margin lending, bond investment and certificates of deposit.
Previously, TCBS completed the IPO selling 231.1 million shares, priced at VND46,800/share, increasing its charter capital to VND23,133 billion. The deal helped the company earn about VND10,817 billion, of which 70% of the capital will be used for proprietary trading activities (stock and bond investment) and 30% will be allocated for margin lending. Similarly, VPBankS is also preparing to offer 375 million shares, equivalent to 25% of its charter capital, at a minimum price of VND12,130/share. After the issuance, the company's capital is expected to increase from VND15,000 billion to VND18,750 billion...
Source: https://thanhnien.vn/cong-ty-chung-khoan-cho-vay-margin-dat-ky-luc-185251026085222842.htm
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