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From one perspective, the combination of large loan balances at many brokerage houses and modest market share suggests that a significant portion of margin lending is not being used to support active trading.
In other words, this lending does not fully align with the leverage needs of individual investors, as a substantial share is directed toward organizations, corporate leaders, and major shareholders for other purposes.
A notable feature of this pattern is that it mainly occurs among brokerage firms backed by banks. This is consistent with a broader trend of “shadow banking” within the brokerage sector.
In an environment where credit has been selectively tightened, this channel can help meet urgent capital needs for businesses or entrepreneurs who face simpler procedures and looser oversight.
In practice, the activity can benefit three parties:
At the same time, the structure can introduce risks if borrower firms’ ability to repay weakens. In such cases, forced liquidations of pledged assets could have a larger impact than margin-related outcomes for individual investors.
Overall, shadow banking is gaining traction in the brokerage sector, offering meaningful benefits but requiring stronger risk governance.
More banks are also seeking to acquire or increase their stakes in brokerages. As a group, lending activity has expanded.
According to available statistics, by the end of Q1 there were 15 brokerages with loan balances above 10 trillion dong, and more than half of these were bank-backed.
As of the end of Q1 2026, total lending at brokerages—including margin and pre-delivery financing—was estimated at about 415 trillion dong, up about 9 trillion dong from the end of 2025.
Of this total, margin lending was about 405 trillion dong, up 13 trillion dong after Q1 and the highest figure in Vietnam’s stock market history.
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