As of the end of Q3 2025, the loan balance at securities companies (CTCK) reached about 383 trillion VND, marking a record increase of 80 trillion compared to Q2. Among them, the margin loan balance is estimated at about 370 trillion VND, up 78 trillion, the highest ever. The VN-Index rose by 21% in Q3, driven by strong cash flow. Most leading CTCKs such as TCBS, SSI, and VPBankS reported significant loan increases, with VPBankS leading in growth speed. Notably, both TCBS and SSI expanded their lending scale to over 39 trillion VND. However, some CTCKs like HSC and Mirae Asset have stagnated due to lending room limits. This growth has spurred a capital-raising race among CTCKs, with many IPO and stock issuance plans upcoming, promising to bolster lending and investment activities in the future.
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