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VPBankS Securities’ CEO Nhâm Hà Hải said the company can meet its 2025 target for margin lending growth, citing strong investor demand and ample liquidity. At the 2025 annual general meeting on April 20, VPBankS presented a plan to increase margin lending by 47% from the end of last year to 50,000 trillion dong.
Shareholders raised concerns about the feasibility of the plan as the stock market started the year with volatility and interest rates rose. In response, CEO Nhâm Hà Hải said VPBankS has favorable conditions to complete the target.
He pointed to continued high demand for margin loans, especially if system bank credit growth in 2025 is lower than 19%. “This means investors will borrow more funds through securities companies to invest,” Mr. Hải said. He also noted that liquidity remains high, indicating investors are still actively interested in stocks.
VPBankS reported that in Q1, the average daily disbursement by investors was around 35,000 billion dong per session, compared with 29,000 billion dong in 2025.
Beyond market demand, the company said it still has room to expand lending, estimated at about 30,000–33,000 billion dong, although some units are nearing their internal quotas. “This gives us a competitive edge, especially in attracting large institutional clients,” the CEO added.
Margin trading refers to investors borrowing money from a securities company to buy shares at a specified ratio (typically 1:1), with the purchased shares serving as collateral.
As of the end of Q1, VPBankS’ margin loans reached nearly 36,300 billion dong, equivalent to 106% of shareholder equity. The lending cap set by the State Securities Commission is 200%.
This business segment contributed about 31% of the company’s revenue, equivalent to 880 billion dong.
Shareholders also asked about VPBank’s group investment in crypto assets. Nguyen Duc Vinh, CEO of VPBank (the parent company of VPBankS), said the group has prepared personnel and resources over the past year to participate in this area.
He noted that the crypto assets VPBankS has invested in are not yet licensed by regulators. Mr. Vinh said the bank will establish another fund management company to invest in various assets, including digital currencies.
VPBankS participates in the crypto space by investing 1,100 billion dong into Vietnam Prosperity Asset Exchange (CAEX), which has charter capital of 10,000 billion dong. Other CAEX shareholders include OKG Ventures Limited, Future Land Investments, Lynkid, and Cheng Tan Feng.
Under Government Resolution 5, Vietnam is piloting a crypto asset market for five years. The company aims to operate the exchange with minimum capital of 10,000 billion dong, with at least 65% of shares held by institutions.
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