The policy adjustment takes place in the context of rapidly increasing asset size of the securities industry, the market share of securities companies affiliated with private banks has significantly expanded and lending and bond investment activities have become the main growth drivers. The ATTC amendment is therefore not only a technical measure, but also a strategic orientation to strengthen risk resistance capacity and maintain a transparent, prudent and sustainable development trajectory for the entire system.
Standardizing asset risk management: driving growth toward quality rather than just scale
The adjustment of the risk weights for major asset classes is considered a core change of the new ATTC framework. The risk weights for corporate bonds are raised from a maximum of 40% to a maximum of 45% and are for the first time determined by credit rating, type of issuer and maturity. This approach creates a risk classification mechanism based on credit quality rather than just the characteristics of the investment instrument, encouraging capital flows to issuers with good financial capacity.
For high-risk receivables such as business cooperation contracts (BCCs) and real estate deposits, the risk coefficient has been increased to a maximum of 150%, much higher than the previous 100%. This is to reduce non-core business activities but with high credit risks. Most notably, advances to large customers – although accounting for about 2-5% of total equity at many securities companies – have had their risk coefficient increased from 8% to 50%. If the counterparty becomes insolvent, the value of the advance must be excluded from available capital, thereby tightening the quality of assets used as a basis for calculating capital adequacy.
In addition, investments in limited liability companies exceeding 25% of equity will be given an additional 30% risk weight. The main objective of this measure is to reduce concentration risk – a factor that can cause a ripple effect in the financial system if large enterprises experience fluctuations.
According to Vietnam Investment Credit Rating Joint Stock Company (Vis Rating), the above amendments show a clear direction: promoting securities activities associated with the core business model, minimizing items of credit investment nature that increase balance sheet risks. Margin lending activities, government bond trading and valuable papers continue to be prioritized, while the group of BCC receivables and high-risk investments will gradually be narrowed.
In the context of the asset size of the 30 largest securities companies growing at a compound annual growth rate of 34% from 2020 to September 2025, the ATTC coefficient plays a key role in ensuring the balance between profit growth and system safety. The strong expansion of margin lending, bond investment and overdue margin debt has brought high profits, but at the same time caused a significant accumulation of credit risks.
Not all securities companies are affected equally. The group focusing on margin lending and proprietary trading of highly liquid stocks – typically MBS and SHS – recorded an ATTC ratio of 550 – 650% in 6M2025, much higher than the minimum of 180% and demonstrating strong capital capacity to absorb market fluctuations. In contrast, securities companies with a large proportion of corporate bonds such as VND and TPS are actively increasing capital to strengthen their risk buffers, in line with the new asset management requirements in the ATTC framework.
Protecting system stability: reducing the risk of spreading and shaping a transparent and sustainable development trajectory
The market context in recent years has shown a deep connection between the banking system and the securities company system. Banks increasingly rely on affiliated securities companies to expand their operations, especially through providing capital to large enterprises through direct lending, bond investment or margin lending. The market share of securities companies affiliated with private banks has increased sharply thanks to large-scale capital increases, helping this segment dominate the system. However, the credit concentration on large enterprises – especially in the real estate and renewable energy sectors – poses a risk of contagion if the cash flow of these enterprises encounters obstacles.
The revised ATTC regulation thus acts as a “systemic shield”, reducing the risk of amplification when large enterprises become insolvent, while regulating market growth in a safe and balanced direction. With the ATTC maintenance level far exceeding the minimum threshold at most securities companies – including six companies with credit ratings announced to the public by VIS Rating – the securities industry has enough capital space to absorb policy adjustments without significantly affecting the short-term growth trajectory.
Along with that, including credit ratings in corporate bond risk coefficients not only supports risk classification according to the issuer's capacity but also creates conditions for raising bond market standards according to the 2024 Securities Law. This is of special significance for securities companies specializing in investing and distributing bonds, as risk differentiation helps investors more transparently assess the asset quality and solvency of each issuer.
In the short term, two clear trends are expected to form: securities companies holding many risky assets will increase their equity to expand their capital safety margin; the asset structure will shift towards reducing risky receivables and increasing the proportion of assets with high liquidity and credit ratings.
In the medium and long term, the positive impact is expected to be reflected in three aspects: reducing risks concentrated in large enterprises or cyclically sensitive industries; limiting the spread of risks between the banking system and the securities system; maintaining market growth momentum based on capital safety and asset quality instead of expanding risky credit.
In the context of the stock market maintaining an optimistic trend, the ATTC adjustment acts as a “safety belt” to ensure that growth momentum is not based on the accumulation of risky assets but on capital capacity, credit transparency and risk management standards.
Amending the financial safety ratio is not a measure to restrain the development of the securities industry, but on the contrary, it is the foundation to ensure the stability, sustainability and long-term attractiveness of the market. Increasing the risk weighting of high-credit assets, incorporating credit ratings into bond risk assessments, reducing concentration risk, and requiring the removal of nonperforming assets from available capital have created a supervisory framework appropriate to the size of the system today. With ATTC ratios largely exceeding the minimum threshold and the trend of increasing capital, securities companies have the capacity to adapt quickly and maintain the growth trajectory. In the long term, the new adjustments play a role in strengthening investor confidence, protecting the stability of the financial system and enhancing transparency – the necessary foundation for the stock market to continue to be an effective capital channel for the economy . |
Source: https://thoibaonganhang.vn/sua-doi-ty-le-an-toan-tai-chinh-gia-co-la-chan-von-bao-dam-on-dinh-he-thong-174379.html
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