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FTSE Russell has removed DXG from the list of Vietnamese stocks eligible for global indices, a decision that coincides with Dat Xanh’s renaming to Bluemarq Group and marks a new phase in the group’s brand repositioning strategy. In its latest update, FTSE Russell reduced the number of Vietnamese stocks eligible for global indices from 32 to 23, removing nine names including DXG, SAB, PDR, EIB and FRT.
FTSE Russell said DXG no longer meets its screening criteria, citing shortcomings related to liquidity, free float, foreign ownership and tradability. The change also limits potential benefits from foreign ETF flows that typically accompany market upgrades.
The removal comes as Bluemarq Group formally changed its name from Dat Xanh Group after shareholders approved the move at the 2026 annual general meeting. According to the national business registry, the company has operated under the new name since May 6, 2026.
The rebranding extended to key subsidiary units within the group’s ecosystem:
While DXG was removed from FTSE Russell’s eligible list, Bluemarq Group’s Q1 2026 results showed a positive recovery signal. Revenue reached over 1,467 billion VND, up about 59% year-on-year.
Segment performance included:
The improvement was attributed in part to a rebound in the real estate market and the company’s restructuring of its brokerage operations and focus on key projects.
Despite the operational rebound, FTSE Russell criteria still require improvements in liquidity and foreign access. Separately, the company’s quarterly financial report indicates ongoing balance-sheet pressures.
As of end-Q1, Bluemarq Group’s total assets were close to 38.5 trillion VND, with inventories remaining high at over 15.8 trillion VND. Lending to other parties rose to over 3.3 trillion VND, nearly triple the start of the year, with no detailed notes provided in the report excerpt.
On liabilities, total liabilities were about 17.4 trillion VND. Customer advances were over 6.9 trillion VND, up 12%, while financial borrowings were around 4.8 trillion VND.
With inventories remaining large, the mismatch between short-term debt and the ability to liquidate inventories is viewed as a liquidity risk. The company is therefore accelerating sales at its projects to convert inventories into cash and ease long-term debt pressures.
At this year’s AGM, Bluemarq Group set 2026 targets of 5,000 billion VND in revenue and 268 billion VND in after-tax profit, representing increases of 19% and 16%, respectively. Leadership changes included Bui Ngoc Duc as Chairman and Nguyen Truong Son as Group CEO.
In the market, DXG stock remains highly liquid, averaging close to 20 million shares per session over the past 52 weeks. However, analysts cited in the article said competition in the real estate sector and tighter requirements from international index providers will likely take time for Bluemarq Group to improve stock quality before it can return to FTSE Russell’s watchlist.
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