Foreign Investors Net Sell VND 4,158 Billion in Vietnam; FPT, ACB, HPG Hit Hardest

Overview

Foreign investors net sold VND 4,158 billion (approximately USD 166.3 million) across the Vietnamese stock market in the week of May 4-8, according to exchange data. The selling was concentrated in large-cap stocks FPT, ACB, and HPG, while MSN and POW saw net buying. Despite the foreign outflow, the VN-Index rose 2.96% to close at a new all-time high of 1,915.37 points, supported by strong domestic liquidity.

Key Facts

• Foreign net selling totaled VND 4,158 billion (USD 166.3 million) on all three exchanges in the week of May 4-8.
• On HoSE, foreign investors net sold VND 4,351 billion, while net buying VND 256 billion on HNX and net selling VND 63 billion on UPCoM.
• FPT was the most sold stock, with net selling of VND 1,707 billion.
• ACB followed with net selling of VND 1,217 billion, and HPG with VND 804 billion.
• Other stocks with significant net selling included KDH (VND 384 billion), VCB (VND 239.5 billion), KBC (VND 214 billion), NVL (VND 172 billion), and VHM (VND 148 billion).
• On the buying side, MSN led with net buying of VND 609 billion, followed by POW (VND 593 billion), GEX (VND 250 billion), VIX (VND 208 billion), VRE (VND 194 billion), MWG (VND 192.5 billion), and BID (VND 147 billion).
• The VN-Index closed the week at 1,915.37 points, up 54.91 points (+2.96%) from the prior week, setting a new all-time high.
• Average daily trading value on HoSE reached nearly VND 19 trillion during the week.

What Happened

According to data from the Ho Chi Minh Stock Exchange (HoSE) and other exchanges, foreign investors were net sellers throughout the first week of May. The selling pressure was broad-based but heavily concentrated in technology, banking, and steel stocks. FPT, the largest IT firm in Vietnam, saw the highest net selling of VND 1,707 billion, followed by ACB (Asia Commercial Bank) with VND 1,217 billion and HPG (Hoa Phat Group) with VND 804 billion. Real estate and consumer stocks also faced selling, including KDH, VCB, KBC, NVL, and VHM.

In contrast, foreign investors net bought MSN (Masan Group) and POW (Petrovietnam Power Corporation) with VND 609 billion and VND 593 billion, respectively. Other net-bought stocks included GEX, VIX, VRE, MWG, and BID. The buying was concentrated in consumer, energy, and securities sectors.

The strong domestic buying, however, more than offset the foreign selling, pushing the VN-Index to a new record high. Market liquidity remained robust, with average daily turnover of nearly VND 19 trillion.

Market Context

FPT (HOSE) closed at VND 75 on April 15, 2026, down 1.31% on the day, with volume of 9.5 million shares. ACB (HOSE) closed at VND 24, down 0.62%, and HPG (HOSE) closed at VND 28, down 1.75%. KDH (HOSE) bucked the trend, closing up 1.34% at VND 27. The foreign selling in FPT and ACB comes despite their strong fundamentals and recent price appreciation. The VN-Index’s new all-time high suggests that domestic retail and institutional investors remain confident, while foreign investors may be taking profits or rebalancing portfolios.

Strategic Significance

The persistent foreign selling in FPT, ACB, and HPG indicates a shift in foreign investor sentiment toward these high-beta names, possibly due to valuation concerns or global portfolio reallocation. FPT, as a leading tech firm, has seen significant foreign ownership limits approached, which may cap further buying. ACB and HPG face similar dynamics. Meanwhile, the buying in MSN and POW suggests foreign investors are rotating into consumer staples and energy, sectors perceived as defensive or benefiting from domestic consumption and power demand. This divergence could signal a broader rotation away from growth stocks into value or cyclical plays.

What to Watch

• Weekly foreign flow data for the following weeks to see if the selling trend continues or reverses.
• Q2 2026 earnings reports for FPT, ACB, and HPG, which may provide catalysts for foreign buying or selling.
• Changes in foreign ownership limits for FPT and other high-foreign-ownership stocks.
• VN-Index performance and liquidity levels to gauge domestic demand sustainability.
• Global market developments, particularly US interest rate expectations and emerging market fund flows.