According to statistics, as of the end of Q1/2026, outstanding loans (including margin and advances from sales) at securities companies are estimated at more than 420,000 billion VND, an increase of about 9,000 billion VND compared to the end of 2025, and is a record high ever.
In which, outstanding margin loans are estimated at about 405,000 billion VND, an increase of 13,000 billion VND after the first quarter of the year and also the highest figure in the history of Vietnamese stocks.
Records show that total revenue from loans and receivables of the securities industry exceeded 11,200 billion VND in the first quarter of 2026, an increase of 8% compared to the fourth quarter of 2025. Although the increase is higher than the scale of outstanding debt reflecting the context of interest rate increases, the speed has slowed down compared to previous quarters.
Statistics at the end of Q1/2026 show that Ky Thuong Securities Company (TCBS) continues to be the unit with the largest outstanding loans (including margin loans and advance sales money) in the industry, reaching nearly VND 44,800 billion, a slight increase of 2% compared to the end of Q4/2025. The units immediately following are SSI with more than VND 36,900 billion, VPBankS nearly VND 36,300 billion.
In terms of revenue, TCBS continues to lead the industry with more than 1,200 billion VND, an increase of 8% compared to the fourth quarter of 2025 and an increase of 68% compared to the first quarter of 2025. Another securities company that continues to maintain the scale of trillion-VND lending revenue is SSI.
In the top 10 securities companies leading in lending revenue, VPBankS is the most prominent in terms of growth rate, reaching 26% compared to the previous quarter and 236% compared to the same period last year, recording more than 880 billion VND.
At the 2026 Annual General Meeting of Shareholders, VPBankS set a target to increase its brokerage market share on HOSE from 3.2% to 5% this year. In the margin lending segment, outstanding loans by the end of Q1/2026 reached about 38,000 billion VND and are aiming for the milestone of 50,000 billion VND by the end of the year. VPBankS still has room for margin lending of about 30,000 - 32,000 billion VND.
In the opposite direction, some securities companies have shown signs of slowing down in lending activities. Among them, SSI, VNDirect, VIX also recorded a significant decrease in outstanding debt compared to the end of last year.
Experts assess that in the context of the strong volatility of the stock market in recent times, liquidity has been boosted, thereby creating opportunities for margin balance to continue to increase. The demand for margin use by investors is often at a high level, especially after market sessions of deep correction and many stocks returning to attractive valuation zones, which also helps margin balance set a record.
However, in the current period, market liquidity is still not really recovering as expected. In addition to the 8th session of April 2026 when FTSE Russell confirmed that Vietnam passed the review period, the market increased sharply in both points and liquidity, the subsequent increase of more than +100 points (from 1,740 points to nearly 1,850 points) seems to have no participation of large cash flow.
According to experts from MBS Securities Company, although the domestic market is still "following the flow" of world stocks, there are still some obstacles that prevent large cash flow from entering.
First, net selling pressure from foreign investors is still quite strong, the 4-week consecutive increase of the market is also a 4-week consecutive net selling streak of foreign investors (11,000 billion VND).
Second, market breadth shows that investors' portfolios have been "left behind" compared to the index's increase. Statistics also show that the VN-Index surpassed the threshold of 1,800 points, approaching the 1,850 point zone, but only 1/3 of the stocks had prices higher than the 200-day average.
And finally, because the profit margin is only concentrated in a few individual stock groups, it is also the reason why the total market liquidity reached a low level.
