VPBankS CEO Nham Ha Hai expressed confidence that the company is well-positioned to achieve its margin lending target of 50,000 billion VND this year, driven by robust investor demand. This ambitious goal, representing a 47% increase from the end of last year, was presented to shareholders at the 20/4/2025 annual meeting. Despite initial concerns from shareholders regarding market volatility and rising interest rates in early 2026, Hai emphasized the significant appetite for margin loans among investors. He noted that a potentially lower credit growth rate for the banking system in 2026, compared to 19% in 2025, could lead investors to increasingly seek capital through securities firms for their investments.

The sustained high liquidity in the market this year underscores continued investor interest in securities, according to Hai. VPBankS data shows that in Q1, the average daily disbursement by investors was approximately 35,000 billion VND, a notable increase from 29,000 billion VND in 2025. Beyond favorable market conditions, VPBankS holds a competitive edge due to its substantial remaining lending capacity, estimated at 30,000-33,000 billion VND. This contrasts with several other firms that are nearing their lending limits. Hai stated, "This provides us with a competitive advantage, especially in attracting large institutional clients."

Margin trading allows investors to borrow funds from a securities company to purchase shares, typically at a one-to-one ratio. The acquired shares then serve as collateral for the loan. By the end of Q1, VPBankS's margin lending balance reached nearly 36,300 billion VND, equivalent to 106% of its equity. The State Securities Commission (SSC) sets a maximum lending limit of 200%. This segment significantly contributes to the company's revenue, accounting for 31% or 880 billion VND.

The presidium of the VPBank Securities annual general meeting on 20/4/2025. Photo: *VPX*

Shareholders also showed interest in VPBankS's foray into crypto asset investments. Nguyen Duc Vinh, CEO of VPBank, the parent bank of VPBankS, confirmed that the company has dedicated personnel and resources over the past year to enter this sector. Currently, the crypto asset company in which VPBankS has invested has not yet received regulatory licensing. Vinh revealed that VPBank plans to establish an additional fund management company to invest in various asset classes, including digital currency.

VPBankS's involvement in the digital currency sector includes an investment of 1,100 billion VND in Vietnam Prosperity Crypto Asset Exchange Joint Stock Company (CAEX), a company with a charter capital of 10,000 billion VND. CAEX also has four other shareholders: OKG Ventures Limited, Dau tu Future Land, Lynkid, and Cheng Tan Feng. This initiative aligns with Government Resolution 5, which outlines a five-year pilot program for a crypto asset market in Vietnam. To operate an exchange, a company must possess a minimum capital of 10,000 billion VND, with at least 65% of the shares contributed by institutional investors.

Trong Hieu