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Mr. Nguyen Mien Tuan said that not having bank backing makes Dragon Viet Securities hard to access large capital and passive in the margin-lending race. At the Dragon Viet Securities annual general meeting on the afternoon of April 16, a shareholder asked how the firm could compete in a context where many securities firms are being supported by banks and how funding could be arranged. In response, Chairman Nguyen Mien Tuan stated that Dragon Viet Securities is an independent company, not part of any bank’s ecosystem. This puts the firm at a disadvantage in obtaining capital strong enough and in taking the initiative to expand margin lending. In fact, over the past year, Dragon Viet’s margin business grew by just over 40%, slower than the overall market growth of about 60%. As of the end of 2025, the margin debt of the entire securities sector surpassed VND 400 trillion, a record high. If you include the value of funds advanced against selling, the market’s total lending reached about VND 410 trillion. The company adheres to a balanced liquidity-safe lending policy with the aim of making margin lending the largest contributor to revenue, while avoiding the risk of bad debt. Dragon Viet is currently negotiating with several banks, including BIDV, VietinBank, Vietcombank, joint-stock banks, and foreign banks to obtain credit lines. This funding primarily serves margin lending, pre-financing, and portions of capital market activities. Yet Mr. Tuấn acknowledged that securing funds from partners is not easy given the mid-sized scale of VDSC. Over the past five years, however, the company has raised equity from about VND 1,000 billion to nearly VND 3,000 billion. Management is actively engaging domestic and international partners to attract more strategic shareholders to continue strengthening financial capacity and competitiveness. Since the start of the year, Nutifood Group, through two subsidiaries including Kido Foods and Nutifood Bình Dương, has acquired 24.72% of Dragon Viet and become the largest shareholder. Mr. Tuấn said this group has been a customer and long-time partner for more than ten years. After becoming a major shareholder, they plan to hold long term and support the company by using products and services, connecting clients and providing idle funds through lending or bond purchases by Dragon Viet. In 2026, VDSC will push margin lending as debt-on-equity stood around 120% at year-end the previous year. By regulation, securities firms are not allowed to lend margin exceeding twice their equity at the same time. This year, Dragon Viet plans to raise its charter capital from VND 2,720 billion to VND 4,500 billion through issuing up to 178 million shares. The funds raised will mainly be used for margin lending, proprietary trading, and other business lines. The firm thus targets revenue of about VND 1,318 billion and after-tax profit of about VND 408 billion, representing year-on-year increases of roughly 20% and 45%, respectively.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
