HOSE Removes VPG and PLP from VNX Allshare Index Effective October 9, 2026

Overview

HOSE has removed VPG (Đầu tư Thương mại Xuất nhập khẩu Việt Phát) and PLP (Sản xuất và Công nghệ Nhựa Pha Lê) from the VNX Allshare index effective October 9, 2026, after both stocks were placed under control status for late submission of reviewed semi-annual financial statements. VPG was also removed from the VNSmallcap and VNAllShare Industrials indices, while PLP left the VNAllShare Materials index. The move affects index-tracking funds and signals heightened regulatory scrutiny on financial disclosure compliance.

Key Facts

• HOSE removed VPG and PLP from the VNX Allshare index effective October 9, 2026.
• Both stocks were placed under control status per HOSE Decisions No. 758/QĐ-SGDHCM and No. 759/QĐ-SGDHCM, both dated October 2, 2026.
• The control status was triggered by late submission of reviewed semi-annual financial statements for 2026, exceeding the 30-day deadline.
• VPG was also removed from the VNSmallcap and VNAllShare Industrials indices.
• PLP was also removed from the VNAllShare Materials index.
• Following the removals, the market-cap weight cap for VIC in the VNX Allshare index was raised to 53.64%.
• VPG had already been under warning status since April 7, 2026, due to a qualified audit opinion on its 2025 audited financial statements and negative undistributed after-tax profit.

What Happened

On October 2, 2026, the Ho Chi Minh Stock Exchange (HOSE) issued Decisions No. 758/QĐ-SGDHCM and No. 759/QĐ-SGDHCM, placing VPG and PLP under control status. The decisions were made because both companies failed to submit their reviewed semi-annual financial statements for 2026 within 30 days of the regulatory deadline, a violation under Point g, Clause 1, Article 41 of the Listing and Trading Regulations (issued with Decision No. 22/QĐ-HĐTV dated March 16, 2026, by the Vietnam Exchange).

Subsequently, HOSE announced the removal of both stocks from the VNX Allshare index, effective October 9, 2026. VPG was also excluded from the VNSmallcap and VNAllShare Industrials indices, while PLP was removed from the VNAllShare Materials index. As a result of the index changes, the weight cap for VIC in the VNX Allshare index was adjusted upward to 53.64%. The source article does not disclose the exact market capitalization or trading volume of the affected stocks.

Market Context

VPG closed at VND 1,260 on October 6, 2026, on the HOSE exchange, while PLP closed at VND 3,540 on the same day. Both stocks have been under pressure: VPG had been in warning status since April 2026 due to audit qualifications and negative retained earnings, and PLP was previously in warning status before being moved to control. The removal from the VNX Allshare index may prompt selling by exchange-traded funds and other passive investment vehicles that track the index. The broader Vietnamese market has seen mixed signals, with recent block trades in HDB and VJC, and foreign investors net selling to domestic investors.

Strategic Significance

For long-term investors, the index removal is a direct consequence of regulatory non-compliance and weak financial transparency. VPG’s history of audit qualifications and negative retained earnings raises concerns about its financial health and management quality. PLP’s late filing similarly undermines investor confidence. The removal from key indices reduces liquidity and visibility, potentially increasing the cost of capital for both companies. The adjustment to VIC’s weight cap in the VNX Allshare index reflects the zero-sum nature of index composition, but the broader implication is that HOSE is enforcing stricter disclosure standards, which could lead to improved market integrity over time.

What to Watch

• VPG and PLP’s submission of the overdue reviewed semi-annual financial statements for 2026.
• Any subsequent HOSE decisions on the control status of VPG and PLP, including potential escalation to suspension or delisting.
• Trading activity and price reaction of VPG and PLP around the October 9, 2026 effective date.
• Changes in foreign ownership and institutional holdings in VPG and PLP.
• Updates on VPG’s audit qualifications and retained earnings situation in future financial reports.