VPG Stock Moved to Controlled Status on HoSE After Late 2026 Semi-Annual Filing

Overview

HoSE has moved VPG shares of Công ty Cổ phần Đầu tư Thương mại Xuất nhập khẩu Việt Phát from warning status to controlled status effective October 9, 2026. The trigger is a delay of more than 30 days in publishing the reviewed semi-annual financial statements for 2026. VPG simultaneously remains under warning for two separate reasons tied to its audited 2025 financials.

Key Facts

• HoSE decision moves VPG from diện cảnh báo (warning) to diện kiểm soát (controlled) starting October 9, 2026.
• Cause: reviewed semi-annual financial statements for 2026 filed more than 30 days past the regulatory deadline.
• Legal basis cited: point g, clause 1, Article 41 of the listing and trading regulation under Decision No. 22/QĐ-HĐTV dated March 16, 2026.
• VPG also remains under warning for a qualified audit opinion on its audited 2025 financial statements.
• VPG also remains under warning for negative after-tax undistributed profit on its audited consolidated 2025 financial statements.
• The company filed a remediation plan with the State Securities Commission (UBCKNN) and HoSE.
• VPG last closed at 1,370 on October 3, 2026, per the price-context block.

What Happened

HoSE issued a decision transferring VPG from warning status to controlled status from October 9, 2026, according to the exchange. The stated reason is that Xuất nhập khẩu Việt Phát filed its reviewed semi-annual financial statements for 2026 more than 30 days after the prescribed deadline, a case that falls under point g, clause 1, Article 41 of the listing and trading regulation attached to Decision No. 22/QĐ-HĐTV dated March 16, 2026 of the Vietnam Exchange. The same decision notes that VPG remains under warning status under separate HoSE General Director decisions, on two grounds: a qualified audit opinion on the audited 2025 financial statements, and negative after-tax undistributed profit on the audited consolidated 2025 financial statements.

In its earlier written explanation to the State Securities Commission and HoSE, the company said it is working closely with its auditor on the preparation and review of the 2026 semi-annual financial statements. It attributed the overrun to additional time needed to review, explain and finalize documentation related to certain payable and receivable items, which prevented publication within the regulatory window. As remediation, Viet Phat said it is coordinating with the auditor to complete the review as soon as possible and will disclose immediately once the statements are finalized and issued, and will tighten control over reporting timelines in future periods through fixed milestones and proactive escalation.

Market Context

VPG trades on HOSE and last closed at 1,370 on October 3, 2026, putting the shares in penny-stock territory ahead of the status change. Controlled status is a step below warning in HoSE’s tiered surveillance framework and typically brings tighter disclosure obligations and reduced eligibility for certain trading and margin arrangements. The action sits within a broader Vietnamese market pattern in which exchanges have applied listing-status penalties more strictly for late or qualified financial reporting, particularly among small-cap Basic Resources names with working-capital and receivables issues.

Strategic Significance

The core issue for long-term holders is not the late filing itself but the unresolved receivables and payables that the company says are prolonging the audit review. Those same items likely sit behind the qualified 2025 audit opinion and the negative retained earnings that keep VPG under warning. Until the reviewed 2026 statements are published and the auditor’s qualifications are cleared, VPG’s reporting track record remains the binding constraint on any re-rating, and the move to controlled status narrows the pool of institutional and margin-financed buyers able to hold the stock.

What to Watch

• Publication of the reviewed semi-annual 2026 financial statements and the auditor’s conclusions on the disputed receivable and payable items.
• Any HoSE decision to escalate VPG further, or to return it to warning status once the filing is complete.
• The audited 2025 report’s qualified-opinion language and whether the same issues recur in the 2026 audit.
• Progress on clearing negative retained earnings, which is a separate condition from the late filing.
• Disclosure of any remediation milestones or auditor updates the company files with UBCKNN and HoSE.