As of the end of Q3 2025, the lending outstanding at securities companies reached approximately 383 trillion VND, an increase of 80 trillion VND from the previous quarter, marking a record high. Margin loans accounted for about 370 trillion VND, with a record increase of 78 trillion VND (27%). This was a key factor in driving the VN-Index up over 280 points last quarter. Leading firms such as TCBS, SSI, and VPBankS all reported significant increases in outstanding loans, with VPBankS having the highest increase of nearly 9.3 trillion VND. Currently, there are 13 firms with outstanding loans over 10 trillion VND, with TCBS being the first to exceed 40 trillion VND. Meanwhile, some firms like HSC and Mirae Asset are lagging due to margin ratio issues and slow capital increases. Many firms like SSI and TCBS are planning substantial capital increases in preparation for the upcoming growth phase after the market upgrade.
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