Foreign Net Selling Surpasses VND 1,700B on April 23; FPT, ACB, VHM Lead Sell-Off

Overview

On April 23, foreign investors net sold over VND 1,700 billion (~USD 68.4 million) across all three Vietnamese exchanges, with FPT, ACB, and VHM being the most heavily sold stocks. The selling pressure was concentrated on HOSE, where net foreign selling reached VND 1,655 billion. Despite the outflow, the VN-Index rose 13 points to close at 1,870, supported by large-cap buying from domestic investors.

Key Facts

• Foreign investors net sold VND 1,710 billion (~USD 68.4 million) on April 23 across all three exchanges.
• On HOSE, net foreign selling was VND 1,655 billion; FPT was the most sold with VND 265 billion, followed by ACB (VND 176 billion) and VHM (VND 171 billion).
• On HNX, net foreign selling was VND 43 billion; PVS led the sell-off with VND 37 billion, followed by SHS (VND 16 billion).
• On UPCOM, net foreign selling was VND 13 billion; ACV was the most sold with VND 13 billion.
• On the buying side, PVT was the most bought on HOSE with VND 72 billion, followed by VNM (VND 54 billion) and DCM (VND 33 billion).
• On HNX, IDC was the most bought with VND 26 billion; on UPCOM, VEA was bought with VND 1.5 billion.
• Total trading value on HOSE reached approximately VND 29,000 billion, indicating high market liquidity.

What Happened

According to exchange data, foreign investors intensified net selling on April 23, offloading a total of VND 1,710 billion across HOSE, HNX, and UPCOM. The selling was most pronounced on HOSE, where FPT, ACB, and VHM accounted for the largest outflows. FPT alone saw net selling of VND 265 billion, continuing a trend of foreign divestment from the technology stock. ACB and VHM followed with VND 176 billion and VND 171 billion, respectively.

On HNX, PVS was the top sold stock with VND 37 billion, while SHS, HUT, TNG, and CEO also faced selling pressure. On UPCOM, ACV was the most sold with VND 13 billion. In contrast, foreign investors selectively bought PVT (VND 72 billion), VNM (VND 54 billion), and DCM (VND 33 billion) on HOSE, and IDC (VND 26 billion) on HNX. The data comes from exchange filings and is reported by financial media.

Market Context

Despite the heavy foreign selling, the VN-Index rose 13 points to 1,870, supported by domestic buying. FPT closed at VND 75, down 1.31% on April 15 (the most recent available price), while ACB closed at VND 24, down 0.62%, and VHM closed at VND 138, up 6.83%. The foreign sell-off adds to recent pressure on these large caps, particularly FPT, which has been a frequent target of foreign net selling. The broader market remains liquid, with HOSE turnover of VND 29,000 billion.

Strategic Significance

The persistent foreign net selling, especially in high-profile names like FPT, ACB, and VHM, signals a cautious stance by international investors toward Vietnamese equities amid global uncertainty. The concentration of selling in technology and banking stocks suggests profit-taking or portfolio rebalancing. However, the selective buying in PVT, VNM, and DCM indicates foreign interest remains in specific sectors like logistics, consumer staples, and fertilizers. The divergence between foreign and domestic flows highlights the importance of monitoring foreign ownership limits and the potential for further outflows.

What to Watch

• Upcoming foreign ownership limit (FOL) changes for FPT and other stocks, which could affect foreign flow dynamics.
• Q1 2026 earnings reports for FPT, ACB, and VHM to assess fundamental support.
• SBV policy decisions on interest rates and credit growth, influencing foreign investor sentiment.
• Daily foreign flow data for signs of reversal or continuation of the sell-off.
• Market-wide foreign ownership ratios and any regulatory announcements regarding foreign investment.