During the annual general meeting of Rong Viet Securities (VDSC) on the afternoon of 16/4, a shareholder inquired about VDSC's financial arrangements for competition, especially given that many securities firms are currently supported by banks.

In response, Chairman of the Board of Directors, Nguyen Mien Tuan, explained that Rong Viet Securities operates as an independent company, not part of any bank's ecosystem. This independence presents difficulties in securing strong and proactive capital necessary to significantly boost its margin lending operations.

Last year, VDSC's margin segment grew by over 40%. This figure was slower than the overall market growth, which stood at approximately 60%. By the end of 2025, the total margin debt for the entire securities industry exceeded 400,000 billion VND, a record high. Including advances on stock sales, the total market lending volume reached about 410,000 billion VND.

VDSC's strategy consistently maintains a balanced policy, ensuring liquidity safety and optimizing the efficiency of its lending activities. The goal is for margin lending to become the largest contributor to the company's revenue structure, without incurring bad debt risks.

Nguyen Mien Tuan, Chairman of the Board of Directors of Rong Viet Securities, speaking at the annual general meeting on the afternoon of 16/4. Photo: Hoang Anh

Mr. Tuan noted that proactive and stable capital sources are crucial due to the intense competition in the lending sector. VDSC faces a disadvantage due to its non-low capital costs.

To significantly grow its lending segment, the company must lend to large investor groups for major deals, which is necessary to maintain stable outstanding loans. However, deal-based lending typically involves lower interest rates. Therefore, VDSC must balance the most efficient use of capital with ensuring loan growth.

Currently, Rong Viet collaborates with several banks, including BIDV, VietinBank, Vietcombank, other joint-stock banks, and foreign banks, to secure credit limits. This financing primarily supports margin lending, advances, and a portion of capital business operations.

Mr. Tuan admitted that arranging capital from partners is not easy due to VDSC's mid-tier size. However, over the past five years, the company has increased its equity from approximately 1,000 billion VND to almost 3,000 billion VND. The management is working with domestic and international partners to attract more strategic shareholders to further enhance financial capacity and competitiveness.

Since the beginning of the year, the Nutifood group, through its two subsidiaries, Kido Foods and Nutifood Binh Duong, acquired 24,72% of VDSC's capital, becoming the largest shareholder group. Mr. Tuan stated that this shareholder group has been a client and partner for over 10 years. Having become a major shareholder, they intend to hold their stake long-term, support the company by using its products and services, connect for client development, and provide idle capital through loans or bond purchases from Rong Viet.

In 2026, VDSC will boost its margin segment because the loan-to-equity ratio by the end of last year was approximately 120%. By regulation, a securities firm cannot extend margin loans exceeding two times its equity at any given time.

This year, Rong Viet plans to increase its charter capital from 2,720 billion VND to 4,500 billion VND by issuing a maximum of 178 million shares. The raised capital will primarily be used for margin lending, proprietary trading, and other business segments. Accordingly, VDSC has set revenue targets of approximately 1,318 billion VND and after-tax profit of about 408 billion VND, representing increases of approximately 20% and 45%, respectively.

Tat Dat