68 HoSE-listed stocks not eligible for margin trading in Q2 2026, including several notable names

On April 3, the Ho Chi Minh City Stock Exchange (HoSE) released the list of 68 stocks that do not meet the conditions for margin trading (margin cut) in Q2 2026.

Key reasons for margin trading cuts

HoSE said the most common reason for margin trading being cut is that the issuer falls into categories including warning, control, restriction, or trading suspension. Many companies also reported losses, with after-tax profit attributable to parent company shareholders in the 2025 audited financial statements or semi-annual reviews showing negative figures. Examples cited include DAH, HAP, SBV, SPM, ST8, TNH, and VPH.

In addition, several large enterprises were cut because their 2025 audited financial statements received opinions other than unqualified. Examples include Bao Minh Joint Stock Company (BMI), APG Securities (APG), Vietnam Trade Import-Export Investment (VPG), and Yen Bai Industrial Minerals (YBM).

HVN (Vietnam Airlines) remains in the margin-trading restricted category due to securities that are under trading restrictions and controls.

Tax violations and listing-period barriers

The Q2/2026 list also includes companies named by tax authorities for tax law violations. Examples mentioned are GDT (Gỗ Đức Thành), MDG (Miền Đông), and STG (Kho vận miền Nam).

VMD (Y Dược phẩm Vimedimex) was cut due to late disclosure of its semi-annual 2025 financial statements.

Beyond compliance and operating performance, the list also includes many “newcomers” that have not yet met the six-month listing requirement on HoSE. Notable names cited include Masan Consumer (MCH), CRV Real Estate Group (CRV), Nam Tân Uyên Industrial Zone (NTC), and Kiên Long Bank (KLB).

Several newly listed brokerage stocks were also not granted margin in this quarter because their listing period is under six months, including VPBank Securities (VPX), VPS Securities (VCK), and Kỹ Thương Securities (TCX).

Market impact

Being on the margin-ineligible list means investors cannot use margin financing to buy these stocks. HoSE’s measure is intended to help safeguard the market and reduce risk for investors amid unstable financial or legal conditions.

Restoration case: NVL

Novaland’s NVL stock has had its margin trading restored after a prolonged restriction. Previously, NVL was cut for margin due to the late submission of the reviewed semi-annual 2024 financial statements.

Subsequently, after-tax profit attributable to the parent company in consolidated audited/reviewed statements from H1 2024 to H1 2025 remained negative. However, once the company reported positive profit in its 2025 audited consolidated financial statements, NVL met the conditions and was removed from the margin-ineligible list.

In March, NVL recorded multiple limit-up sessions with high liquidity, reflecting positive investor expectations for the company’s recovery prospects.