Vietnam securities margin debt reaches record 455 trillion VND

Total outstanding loans at Vietnamese securities companies, including margin lending and sales advances, reached an estimated 455 trillion VND by the end of Q3 2026. This represents a 10 trillion VND increase from the previous quarter and marks a historic high for the market.

As of late September 2026, the ratio of total debt to the market capitalization of the HoSE and HNX exchanges reached approximately 5.1%, the highest on record. This surge in debt occurred despite a decline in market capitalization, which fell by nearly 248 trillion VND during the same period.

Five major firms—TCBS, SSI, VPBankS, VPS, and HSC—each hold lending balances exceeding 1 billion USD. TCBS leads the group with margin debt near 55 trillion VND. The rising debt levels contrast with sluggish trading activity; the VN-Index fell nearly 4.7% in Q3 2026, and HoSE liquidity dropped by over 60% compared to the same period last year.