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S&I Ratings, the credit rating agency, expects 2026 to be a dynamic year for capital increases in Vietnam’s securities sector, driven by three concurrent pressures: the formal opening of foreign ownership limits, brokerages’ need to expand lending capacity, and higher regulatory risk weights.
First, Decree 245/2025/NĐ-CP officially allows foreign ownership in securities companies up to 100%, removing a major barrier to foreign strategic capital.
Second, several leading brokerages have approached the 200% cap on margin loans/contributed capital (VCSH), prompting capital increases to support greater lending capacity.
Third, Circular 102/2025/TTBTC increases risk weights by 10%–30%, increasing the urgency for additional available capital.
In response to these factors, many brokerages have announced plans to raise capital to support their business strategies. S&I Ratings highlights the following targets:
S&I Ratings expects three main capital-raising channels to remain active in 2026: (i) rights issues to existing shareholders; (ii) private placements to foreign strategic partners; and (iii) long-term bonds to improve the maturity profile of capital.
After major brokerages (TCX, VCK, VPX) completed listings in 2025, S&I Ratings notes that several mid-tier brokerages are planning IPOs, including Kafi, HDBS, and OCBS.
S&I Ratings estimates that the total scale of capital increases in 2026 could remain high at roughly the 2025 level, around 100,000 billion dong.
The agency views 2026 capital-raising activity positively for the long term, citing stronger capital buffers and more diversified sources of long-term funding. However, it emphasizes the need to monitor dilution risk and the effectiveness of capital use by brokerages.
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