HOSE Adds BCE, PNC, VNG, VNS, GIL to Margin Trading Ban List

Overview

The Ho Chi Minh City Stock Exchange (HOSE) has added five stocks—BCE, PNC, VNG, VNS, and GIL—to its list of securities not eligible for margin trading. The restriction stems from negative half-year 2026 profits for four of the companies and a qualified audit opinion for GIL. This regulatory action affects trading dynamics for these tickers, which span construction, retail, tourism, textiles, and consumer staples sectors.

Key Facts

• HOSE added BCE, PNC, VNG, VNS, and GIL to the margin-ineligible list on [date not specified].
• BCE reported a half-year 2026 after-tax loss of over VND 33 billion for the parent company, versus a profit of VND 1,073 billion in the same period last year.
• PNC, VNG, and VNS were also cut due to negative half-year 2026 consolidated after-tax profits attributable to parent shareholders.
• GIL was cut because its half-year 2026 financial statements received a qualified audit opinion, not a clean one.
• GIL’s qualified opinion relates to an ongoing lawsuit with Amazon over inventory; the company has not recorded a provision for inventory devaluation as of June 30, 2026.
• GIL reported a half-year 2026 after-tax profit of VND 37.6 billion (parent) and VND 21.2 billion (consolidated), reversing year-ago losses.
• BCE’s stock closed at VND 5,500 on September 4, 2026; PNC at VND 27,800; VNG at VND 5,700; VNS at VND 6,600.

What Happened

HOSE announced the addition of five securities to its list of stocks not eligible for margin trading, a routine regulatory measure based on financial performance and audit findings. The exchange cited negative half-year 2026 profits for BCE, PNC, VNG, and VNS, while GIL’s exclusion was due to a qualified audit opinion on its half-year 2026 financial statements.

For GIL, the qualified opinion stems from an ongoing legal dispute with Amazon. As of June 30, 2026, the lawsuit remains unresolved, and GIL has not recognized a provision for inventory devaluation related to the disputed goods. The company states it continues to preserve and control the inventory and is pursuing legal remedies. GIL’s management believes the qualified opinion is the only exception in otherwise clean financial reports.

Market Context

All five affected stocks trade on HOSE. BCE, a construction and transportation company, closed at VND 5,500 on September 4, 2026, reflecting a sharp year-on-year earnings reversal from a profit of over VND 1 trillion to a loss of over VND 33 billion. PNC, VNG, and VNS also face negative half-year results, while GIL’s profitability improved but is overshadowed by the audit qualification. The margin ban typically reduces buying power for these stocks, potentially dampening liquidity and adding near-term selling pressure, especially in a market where retail participation is significant.

Strategic Significance

For long-term investors, the margin ban signals heightened financial or reporting risks. BCE’s dramatic profit swing may indicate project delays or cost overruns in the construction sector. GIL’s qualified audit opinion highlights legal and inventory valuation uncertainties that could affect future earnings. While GIL’s underlying operations show improvement, the unresolved Amazon lawsuit remains a key overhang. Investors should reassess the risk profiles of these companies, focusing on the sustainability of earnings and the resolution of audit issues.

What to Watch

• Quarterly earnings releases for Q3 2026 to see if BCE, PNC, VNG, and VNS return to profitability.
• Updates on GIL’s lawsuit with Amazon and any provisions for inventory devaluation in subsequent financial statements.
• HOSE’s periodic review of margin-eligible lists, which could lift the ban if financials improve.
• Trading volumes and price movements of these stocks in the weeks following the announcement.
• Any regulatory filings or company announcements addressing the audit qualifications or profit declines.