[NH증권 亞 리포트]② 베트남법인, 이자 마진에 쏠린 성장

NH Investment Securities' Vietnam subsidiary achieved over 100% revenue growth in Q1 2026, but this expansion is heavily dependent on margin financing and interest income, creating significant concentration risk. While Vietnam's promotion to emerging market status by FTSE Russell presents growth opportunities, the reliance on margin loans exposes the company to sharp losses if the market corrects. The rapid threefold expansion of lending balances signals unsustainable growth momentum vulnerable to market downturns.