Lombard loans on the HOSE.
Private credit against Ho Chi Minh Stock Exchange-listed shares — pledged, not sold.
A Lombard loan against HOSE-listed shares is credit secured by a pledge of equity listed on the Ho Chi Minh Stock Exchange. The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment.
- Facilities are arranged against equity listed on the Ho Chi Minh Stock Exchange (HOSE), Ho Chi Minh City.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in VND or cross-currency.
- Structured under SSC, with disclosure from 5%.
The venue
Vietnam's principal equity venue. A growth market with materially higher single-stock volatility and tighter foreign-ownership caps than developed-market peers; eligibility analysis for institutional collateralisation is correspondingly more selective.
Regulator and disclosure
The Ho Chi Minh Stock Exchange operates under State Securities Commission of Vietnam (SSC). Law on Securities Art. 118: major-shareholder disclosure required at 5%; further reporting on every 1% change. A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
Structuring a facility here
Lombard facilities against HOSE-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in VND or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread.
| Exchange | Ho Chi Minh Stock Exchange (HOSE) |
|---|---|
| City · Country | Ho Chi Minh City · Vietnam |
| Regulator | State Securities Commission of Vietnam (SSC) |
| Disclosure | From 5% |
| Principal indices | VN-Index, VN30 |
| Segments | Main Board (HOSE); HNX (Hanoi Stock Exchange - separate venue, smaller capitalisations) |
| Currency · Tenor | VND · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Financing a position listed on the HOSE?
Request terms →See also the country overview: Lombard loans in Vietnam.
Other exchanges in the region.
On this market, specifically.
Liquidity and the index
The VN-Index spans the Ho Chi Minh City main board, with the VN30 isolating the most liquid large-capitalisation names; the separate HNX in Hanoi carries smaller issuers. Even within the VN30, single-stock volatility runs materially higher than on developed-market venues, and foreign-ownership limits can leave the freely-tradeable foreign float much smaller than the headline capitalisation suggests. For a Lombard loan this means conservative sizing and a firm preference for the most liquid index names. The gap between an issuer’s total float and the portion actually available to non-residents is examined closely, because it is that portion which matters at valuation and on enforcement.
Structuring notes
Structuring against HOSE-listed shares is dominated by the foreign-ownership limit. Where a stock’s foreign room is already close to full, a new non-resident holder — including one taking shares on an enforcement — may simply be unable to acquire them, so the enforcement route is the first question settled, not the last. The pledged shares are held with a qualified custodian on bankruptcy-remote terms, advance rates are set conservatively for an emerging market, and drawings are arranged in VND or cross-currency. A Lombard loan here is deliberately selective: it is offered against the most liquid, most openly-held lines rather than across the market.