Executives facing legal troubles, two stocks move in opposite directions

Vietnam’s VN-Index fell in the afternoon session as selling pressure intensified, with more than 230 stocks on the HoSE closing in the red. Earlier in the morning, the index had risen by more than 17 points to above 1,710, supported by the VinGroup group, but later trade pulled the market back toward around 1,680.

Afternoon slide as selling pressure broadens

Banking stocks remained a drag, with VPB, TCB, BID, CTG, MBB and EIB all closing lower. Steel also weighed on sentiment, as HPG fell 2.56%, becoming the biggest detractor in the sector. Selling pressure was further reflected in brokerages and related names, including SSI, VIX, VND and VCI. Construction and transport-related sectors also finished in negative territory.

Leadership holds up while real estate weakens

Vinhomes (VHM) was the session’s standout, rising 1.1% to 119,200 dong per share, with liquidity above 727 billion dong. Vingroup (VIC) also gained 0.8%, contributing roughly 3 points to the VN-Index. Without the support from VHM and VIC, the index might have broken below earlier levels in the session.

In addition, NVL jumped 2.88% to 14,300 dong after the stock was removed from margin restrictions, allowing it to be traded on margin again from Q2.

Despite these gains, the broader real estate complex remained under pressure. CEO, PDR, DXG and NLG all declined, while several midcaps—including SIP, AGG and SZC—fell more than 2%. Overall, the market showed leadership holding up while smaller-cap names faced heavier selling.

Liquidity and foreign flows

Liquidity weakened. HoSE’s order-matching value was around 20.6 trillion dong, the lowest in six sessions. Foreign investors returned to net selling, totaling more than 1.5 trillion dong, with sell orders concentrated in VHM, HPG, MWG, VPB and HDB. On the buy side, foreign demand mainly came from ACB, MSN, HCM and DGC.

Company updates: audit delays and investigation-related disruptions

Duc Giang Chemical (DGC) continued to rise by about 4.6%. The company also issued a notice reminding it of timely reporting and disclosure obligations. While the 2025 audit report deadline had passed, Duc Giang has not published consolidated or standalone reports yet.

Duc Giang Chemical said the ongoing case remains under investigation, with many accounting records sealed and held by the Police. As a result, the company cannot complete its audits and will submit the 2025 audit report after March 30 this year.

A similar situation was reported by HVA. The Public Security Agency has indicted the case “using computers or telecom networks or electronic means to commit property theft, money laundering” across Hanoi and other provinces. The Investigative Police charged the defendant, and the Chairman of HVA’s board, Vuong Le Vinh Nhan, with the offense of using computer networks, telecom networks or electronic means to commit property theft.

HVA said some documents and equipment have been seized to support the investigation, disrupting operations and data access. The company stated it would suspend certain disclosure obligations until operations were restored, adding that governance remained at the necessary level and it is cooperating with authorities. When sufficient data becomes available, HVA said it would publish supplements as required. HVA shares fell 3.9% to 4,900 dong per share.

Market close

At the close, VN-Index fell 10.78 points (0.64%) to 1,684.04. HNX-Index declined 1.68 points (0.67%) to 248.68. UPCOM-Index fell 0.94 points (0.74%) to 126.33.