As of the end of Q2 2025, the total lending balance at securities companies reached a record 300 trillion VND, up by 20 trillion from the previous quarter. Margin lending is around 292 trillion VND, also a historical high. Leading securities firms saw significant increases, with SSI leading with nearly 6 trillion VND growth. However, HSC and Mirae Asset showed a decline in lending balances due to margin limits. While SSI has not surpassed TCBS, the gap has narrowed. The stock market shows clear segmentation, with 10 companies having balances over 10 trillion VND. The market experienced volatility due to U.S. tariff impacts, triggering a wave of margin calls. However, since July, the VN-Index has risen over 120 points, with foreign investors returning to net purchases of 13 trillion VND. Vietnam is likely to be upgraded to emerging market status by FTSE, making it an opportune time for investment.
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