Foreign Investors Net Sell VND 1,094B on May 6; FPT, ACB, HPG, VIC Hit Hardest

Overview

Foreign investors net sold approximately VND 1,094 billion on May 6, with the heaviest selling concentrated in four large-cap stocks: FPT, ACB, HPG, and VIC. The net selling occurred despite a strong rally in the VN-Index, which rose 16 points to close at 1,891. The selling pressure highlights persistent foreign outflow from Vietnamese equities, even as domestic buying drove the index higher.

Key Facts

• Foreign investors net sold VND 1,094 billion on May 6 across HOSE, HNX, and UPCOM.
• On HOSE, net selling totaled VND 1,106 billion; on HNX, VND 2 billion; on UPCOM, VND 10 billion.
• FPT was the most sold stock, with net selling of VND 454 billion.
• ACB and HPG each saw net selling of VND 213 billion and VND 212 billion, respectively.
• VIC was net sold VND 187 billion.
• On the buy side, POW was the top net purchase at VND 202 billion, followed by MSN (VND 145 billion) and DGC (VND 78 billion).
• On HNX, PVS was the most bought stock with net buying of VND 23 billion.
• On UPCOM, ACV was the most sold stock with net selling of VND 15 billion.

What Happened

According to exchange data, foreign investors executed a net sell order of approximately VND 1,094 billion on May 6, a day when the VN-Index surged 16 points to 1,891 on strong domestic buying. The selling was concentrated on HOSE, where foreign net selling reached VND 1,106 billion. The four most sold stocks—FPT, ACB, HPG, and VIC—accounted for over VND 1,000 billion in net selling alone.

On the buying side, foreign investors net purchased POW (VND 202 billion), MSN (VND 145 billion), and DGC (VND 78 billion) on HOSE. On HNX, PVS was the top net buy at VND 23 billion, while on UPCOM, QNS saw modest net buying of VND 2 billion. The divergence between selling in large caps and buying in select stocks suggests a rotation rather than a broad-based exit.

Market Context

FPT (HOSE) closed at VND 75 on April 15, down 1.31% with volume of 9.5 million shares. ACB (HOSE) closed at VND 24, down 0.62%. HPG (HOSE) closed at VND 28, down 1.75%. VIC (HOSE) closed at VND 177, up 6.95%, showing a strong rally despite foreign selling. The VN-Index’s rise to near 1,900 points indicates robust domestic demand, but persistent foreign selling remains a headwind for large caps.

Strategic Significance

The concentrated foreign selling in FPT, ACB, HPG, and VIC reflects ongoing foreign portfolio rebalancing amid global rate uncertainty and Vietnam’s limited index inclusion progress. FPT, as a technology leader, may be seeing profit-taking after strong gains. The net buying in POW, MSN, and DGC suggests selective interest in energy and materials stocks. For long-term investors, the foreign outflow does not necessarily signal fundamental weakness but highlights the importance of monitoring foreign room and ETF flows.

What to Watch

• Daily foreign flow data for the next few sessions to see if selling persists or reverses.
• Q2 2025 earnings reports for FPT, ACB, HPG, and VIC to assess fundamental impact.
• Any changes in FTSE or MSCI index reviews that could affect foreign allocation.
• SBV policy moves on interest rates or exchange rate that may influence foreign capital flows.
• Updates on foreign ownership limits for key stocks like FPT and ACB.