Foreign Net Selling Hits 14th Session: FPT, ACB, VHM Lead Outflows on May 13

Overview

Foreign investors extended their net selling streak to a 14th consecutive session on May 13, with total net outflows exceeding 1.5 trillion VND on HOSE. FPT, ACB, and VHM were the most heavily sold, while MSB unexpectedly saw strong net buying. The persistent selling pressure comes despite market expectations of a return of foreign capital to Vietnamese equities.

Key Facts

• Foreign investors net sold over 1.5 trillion VND on May 13, marking the 14th consecutive session of net selling.
• FPT was the most sold stock, with net selling of 380 billion VND.
• ACB followed with net selling of 260 billion VND, and VHM with 242 billion VND.
• MSB saw the strongest net buying by foreign investors at 545 billion VND, far ahead of other net-bought stocks like MSN and BSR.
• Proprietary trading desks (tự doanh) also net sold for a fourth consecutive session, with net selling of nearly 354 billion VND, led by GEX (168 billion VND).
• Proprietary desks net bought FUEMAV30 (111 billion VND) and FUEVFVND (26 billion VND).
• VN-Index briefly dropped over 35 points during the session due to pressure from Vingroup stocks but closed near the reference level.

What Happened

On May 13, the Vietnamese stock market experienced a volatile session, with the VN-Index at one point falling more than 35 points amid selling pressure from Vingroup-related stocks. However, the index recovered to close near the reference level. Data from HOSE shows that foreign investors continued their net selling streak for the 14th consecutive session, with total net sales exceeding 1.5 trillion VND.

FPT was the most heavily sold stock by foreign investors, with net selling of 380 billion VND. Other major sell-offs included ACB (260 billion VND) and VHM (242 billion VND). In contrast, MSB saw significant net buying of 545 billion VND, making it the top net-bought stock by a wide margin. Proprietary trading desks also remained net sellers for the fourth straight session, offloading nearly 354 billion VND, with GEX accounting for 168 billion VND of that total.

Market Context

FPT closed at 70,700 VND (+0.14%) on May 13, showing relative resilience despite being the top foreign-sold stock. ACB fell 0.88% to 22,500 VND, while VHM dropped 4.81% to 152,500 VND, reflecting the broader pressure on real estate and banking names. MSB rose 1.49% to 13,600 VND, supported by strong foreign buying. The persistent foreign selling streak, now at 14 sessions, has weighed on market sentiment, particularly for large-cap stocks. All affected tickers trade on HOSE.

Strategic Significance

The extended foreign net selling streak suggests a sustained shift in foreign investor sentiment toward Vietnamese equities, potentially driven by global risk-off factors or concerns about domestic valuations. The divergence between heavy selling in FPT, ACB, and VHM versus strong buying in MSB indicates selective positioning rather than a blanket exit. MSB’s outsized net buying may reflect specific corporate developments or relative value appeal. The continued selling by proprietary desks adds to the cautious tone, though their focus on ETF-like products suggests a tactical rather than structural shift.

What to Watch

• Whether the foreign net selling streak extends beyond 14 sessions, which would signal persistent outflows.
• Any corporate announcements from FPT, ACB, or VHM that could explain the concentrated selling.
• MSB’s upcoming earnings or news that may justify the strong foreign buying.
• Proprietary desk activity, particularly continued selling in GEX and buying in ETFs.
• VN-Index reaction to foreign flow trends, especially if selling pressure intensifies.