HOSE Removes DGC from VN30 Index, BSR Replaces from May 13

Overview

HOSE has removed DGC (Hoa Chat Duc Giang Group) from the VN30, VN100, VNAllshare, VNMITECH, and VN50 GROWTH indices effective May 13, 2026, due to the company’s failure to submit its audited 2025 financial report within the required timeframe. BSR (Binh Son Refining and Petrochemical) will replace DGC in the VN30 index, while BAF (BaF Vietnam Agriculture) and EVF (EVN Finance) will move up in other indices. The removal follows DGC’s placement under control listing status after a 30-day delay in filing audited financials, linked to the arrest of its top executives.

Key Facts

• HOSE issued Decision No. 364/QD-SGDHCM on May 6, 2026, placing DGC under control listing status.
• DGC is removed from VN30, VN100, VNAllshare, VNMITECH, and VN50 GROWTH indices effective May 13, 2026.
• BSR replaces DGC in the VN30 index, moving up from the VNMidcap index.
• BAF moves from VNSmallcap to VNMidcap to fill BSR’s slot.
• EVF replaces DGC in the VN50 GROWTH index.
• DGC delayed its audited 2025 financial report by more than 30 days.
• Chairman Dao Huu Huyen and Vice Chairman Dao Huu Duy Anh were arrested, leading to seizure of company documents.
• DGC plans to hold an extraordinary general meeting on May 8, 2026, to approve a new auditor and aims to complete the audit by Q2 2026.

What Happened

HOSE announced the removal of DGC from several key indices due to the company’s failure to submit its audited 2025 financial report within the regulatory deadline. The delay exceeded 30 days, triggering a control listing status under HOSE rules. As a result, DGC no longer meets the eligibility criteria for inclusion in the VN30, VN100, VNAllshare, VNMITECH, and VN50 GROWTH indices.

The index reshuffle brings BSR into the VN30 as the top-ranked replacement from the reserve list. BAF moves up from VNSmallcap to VNMidcap, and EVF takes DGC’s place in the VN50 GROWTH index. The changes are effective from May 13, 2026. DGC’s management has stated that the audit delay stems from the arrest of Chairman Dao Huu Huyen and Vice Chairman Dao Huu Duy Anh, which resulted in the seizure of legal and accounting documents by authorities. The company is now seeking a new auditor and aims to complete the audit in Q2 2026.

Market Context

DGC closed at VND 56 on April 15, 2026, down 1.07% with low volume, reflecting ongoing uncertainty. The stock has been under pressure since the arrests. BSR closed at VND 26, down 0.38%, with high volume of 11 million shares. The index reshuffle is likely to trigger passive fund flows: BSR may see buying from VN30-tracking funds, while DGC could face selling from index funds. DGC trades on HOSE, and its removal from major indices may reduce liquidity and institutional interest in the near term.

Strategic Significance

DGC’s removal from the VN30 and other indices underscores the governance risks associated with the arrest of its top leadership. The company’s ability to complete the audit and regain compliance will be critical for its index reinstatement and investor confidence. For BSR, inclusion in the VN30 is a positive catalyst, potentially attracting passive inflows and improving its visibility among institutional investors. BAF and EVF also benefit from index upgrades, which may support their valuations. The event highlights the importance of timely financial reporting for index eligibility in Vietnam’s market.

What to Watch

• DGC’s extraordinary general meeting on May 8, 2026, to approve a new auditor.
• Completion of the audited 2025 financial report, targeted for Q2 2026.
• Potential further index changes if DGC remains non-compliant beyond the current reshuffle.
• Passive fund flows into BSR, BAF, and EVF following the index adjustments.
• Any updates on the legal proceedings involving DGC’s chairman and vice chairman.