Vietnam’s top 10 brokerages account for over 62% of margin lending
The firms’ combined balance reached ₫274.7 trillion at September’s close, with Techcom Securities retaining the largest portfolio.
Vietnam’s biggest securities companies reported substantial margin lending balances despite a third-quarter stock market decline. Financial statements and disclosures for the third quarter of 2026 showed the 10 largest firms held ₫274.7 trillion, against an estimated ₫440 trillion across the market at the end of September.
Techcom Securities (TCBS) topped the ranking at nearly ₫54.4 trillion, an increase of around 26% since the year began. VPBank Securities took second place from SSI Securities Corporation, reporting around ₫39.7 trillion on September 30 after adding nearly ₫5.8 trillion during the year. SSI’s balance stood at ₫38.1 trillion.
The next two positions went to Ho Chi Minh City Securities Corporation and VPS Securities, with nearly ₫29.2 trillion and ₫25.4 trillion respectively. Asia Commercial Bank Securities Company ranked sixth at about ₫22.6 trillion, having expanded its portfolio by more than 31% since the start of the year.
Mirae Asset Vietnam Securities reported around ₫17.3 trillion, narrowly ahead of Vietcap Securities’ approximately ₫17.2 trillion. MB Securities followed with over ₫16.5 trillion. Vietcombank Securities placed tenth at approximately ₫14.4 trillion, following growth of around 61% since the beginning of the year. The ranking measures margin-loan principal and does not include advances secured by securities-sale proceeds.
TCBS reported that margin lending and securities-sale advances generated more than ₫1.5 trillion in net income during the quarter. That was 55% higher year-on-year and represented around 44% of its overall net operating income.
The VN-Index finished September 30 at 1,768.62 points, a quarterly decline of 4.91%. Saigon-Hanoi Securities reported a 22.3% quarter-on-quarter fall in trading value on the Hochiminh Stock Exchange.
