Editor's note: In 2025, credit is forecast to increase sharply to support economic growth targets. Many experts emphasize that this capital flow needs to flow into priority areas, creating sustainable added value. In fact, the cash flow into the stock market is exploding, from about 1 billion USD/session to nearly 2 billion USD/session, thanks to the push of individual investors and new capital. Notably, a large part comes from securities companies with strong support from banks. VietNamNet reviews the trillion-dollar loans that banks have "poured" into the securities companies. |
Many banks have subsidiaries that are securities companies. This is considered an effective profit-making engine, especially when the stock market is active. At that time, securities companies' loans and margin lending often skyrocket.
Securities companies with banks in the same ecosystem often have an advantage in accessing capital, including support from parent banks or loans from other credit institutions.
Techcom Securities Corporation (TCBS) is a subsidiary of Vietnam Technological and Commercial Joint Stock Bank - one of the companies with the largest amount of margin lending in the stock market. The lending value skyrocketed in the first half of the year, right before the VN-Index continuously increased in price and reached an all-time record high of 1,557.42 on July 28.
Securities lending and investment reached 2.3 billion USD
According to the financial report of Techcom Securities Corporation (TCBS), as of the end of June, this securities company had total loans, investments held to maturity, and investment assets of about more than 60 trillion VND (about 2.3 billion USD), of which short-term loans were more than 33.8 trillion VND (nearly 1.3 billion USD).
Of the total of more than VND33.8 trillion in short-term loans that TCBS lent, nearly VND33.2 trillion was for margin lending, a sharp increase from more than VND25.6 trillion at the beginning of the year. In addition, nearly VND614 billion was for loans for customers' sales advances, more than double the nearly VND305 billion at the end of 2024.
According to TCBS, as of June 30, the face value of securities used as collateral for margin trading loans was more than VND41.9 trillion.
Techcom Securities' available-for-sale (AFS) financial assets also increased sharply, from nearly VND17.7 trillion at the beginning of the year to nearly VND21.2 trillion at the end of June, of which unlisted bonds were nearly VND14.5 trillion and listed bonds were nearly VND3.6 trillion.
Margin lending is considered an effective profit channel for securities companies. Typically, securities companies lend at interest rates ranging from 7-13% per year. Meanwhile, the loans that securities companies borrow often have interest rates ranging from 5% to more than 7%.
Who pumped big money into TCBS?
According to the semi-annual report, by the end of June 2025, TCBS recorded short-term loans and financial leasing debts of more than VND 27.4 trillion, much higher than the level of more than VND 20.5 trillion at the beginning of the period.
Of which, there are nearly 18.8 trillion VND in short-term loans in VND and nearly 8.7 trillion VND in short-term loans in USD with interest rates ranging from 4.9% - 7.4%/year. In addition, TCBS borrowed more than 6 trillion VND from issuing long-term and short-term bonds (nearly 4.6 trillion VND).
According to the report, by the end of the second quarter of 2025, TCBS recorded nearly VND 8.7 trillion in USD loans, including nearly VND 5.9 trillion from syndicated loans (Cathay United Bank as agent) and nearly VND 2.8 trillion of other short-term loans in USD.
Of the nearly VND 18.8 trillion in short-term loans in VND, TCBS borrowed VND 4 trillion from VPBank (up from VND 2.5 trillion at the end of 2024); VND 2.5 trillion from Vietnam Maritime Commercial Joint Stock Bank (compared to VND 995 billion at the end of 2024); borrowed VND 2 trillion from Tien Phong Commercial Joint Stock Bank; borrowed VND 1.9 trillion from Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) compared to VND 1.25 trillion at the end of 2024.
In addition, there is also nearly 8,383 billion VND borrowed in VND from other unnamed units (compared to 6,939 billion VND at the end of 2024). This is also a very large number.
TCBS recorded that total short-term loans and financial leasing liabilities arising during the period increased to nearly VND37.7 trillion. Of which, there was a loan of nearly VND5,900 billion from Cathay United Bank (syndicated), VND4,500 billion from VPBank, VND3,000 billion from Vietnam Maritime Commercial Joint Stock Bank, and VND3,200 billion from TPBank . Other short-term loans in VND from unnamed entities were more than VND16,200 billion.
Thus, it can be seen that TCBS is mobilizing a large amount of money up to billions of USD from domestic and foreign financial institutions.
In the shareholder structure, by the end of 2024, Vietnam Technological and Commercial Joint Stock Bank (Techcombank - TCB), chaired by billionaire Ho Hung Anh, is the major shareholder with a holding ratio of more than 94%. Chairman Nguyen Xuan Minh holds nearly 3.18%. Foreign shareholders hold more than 1%. In 2025, TCBS targets revenue growth of 22% to VND9,323 billion. Planned profit growth of 20% to VND5,765 billion. In the first 6 months of the year, TCBS recorded after-tax profit of nearly VND2,431 billion, up from nearly VND2,226 billion in the same period. |
Source: https://vietnamnet.vn/diem-danh-loat-nha-bang-rot-von-khung-cho-chung-khoan-ky-thuong-2427900.html
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