Vietnam’s Securities Companies Sector Spotlight: Credit-Led Growth and Funding Resilience into 2026

By the end of 2025, total margin loan balances across the securities industry reached VND 412.6 trillion, comparable in scale to the loan book of a top-10 bank in Vietnam.

The figure underscores the rapid expansion of balance-sheet activities across the sector, accompanied by shifts in funding structures and evolving risk profiles among securities firms.

Drawing on an analysis of 81 securities companies in Vietnam, FiinRatings' 2026 Securities Companies Sector Spotlight highlights several notable findings:

🔹 Competitive advantages are increasingly shifting toward firms with stronger funding access. The share of industry margin balances held by bank- and financial-group-backed securities companies rose from approximately 24% in 2019 to nearly 37% during 2025–Q1 2026.

🔹 Funding capacity is emerging as a key differentiator. In 2025, borrowing was the primary driver of balance-sheet growth, with borrowing inflows approximately 40–50 times larger than proceeds from equity issuance.

🔹 Balance-sheet risks are rising.The sector's bond exposure increased from 14.0% to 32.6% of equity between 2020 and 2025, alongside the rapid expansion of margin lending balances.

🔹 Repricing risks may emerge as liquidity conditions evolve. Despite meaningful differences in credit profiles across firm segments, funding costs have remained within a relatively narrow range of 5–8%, suggesting that market pricing may not yet fully reflect underlying risk differentiation.

As Circular 102/2025/TT-BTC raises the bar on capital adequacy and risk management, and Vietnam's market-upgrade prospects support greater international capital inflows, funding resilience will become an increasingly important determinant of sustainable growth across the securities sector.

Under the theme "Credit-Led Growth and Funding Resilience into 2026," FiinRatings' Sector Spotlight on Securities Brokerage Companies examines shifts in the industry’s revenue model, funding structure, balance-sheet risks, and credit profile.

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Discover more of FiinRatings' Sector Spotlights across Banking, Renewable Energy, Securities, and beyond: https://fiinratings.vn/en/sectors-spotlight.html

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