Foreign Investors Net Sell VND 19.4 Trillion in May 2026, Top Sells Include FPT, ACB, HPG

Overview

In May 2026, foreign investors net sold VND 19,357 billion (approximately USD 774 million) on the Vietnamese stock market, with the largest sell-offs concentrated in blue-chip stocks such as FPT, ACB, HPG, VHM, MBB, STB, KDH, CTG, and VIC. Despite the VN-Index reaching a new all-time high of 1,933 points intra-month, it closed at 1,863 points (+0.51%) with persistently low liquidity, signaling a cautious market environment.

Key Facts

• Foreign investors net sold VND 19,356.6 billion (approx. USD 774 million) in May 2026, with VND 16,319.1 billion via matched orders.
• Top net sold stocks via matched orders: FPT, ACB, HPG, VHM, MBB, STB, KDH, CTG, VIC.
• Top net bought stocks via matched orders: VCB, MSN, MSB, POW, GEX, BSR, LPB, GEE, BID, VRE.
• VN-Index closed May at 1,863.49 points, up 9.39 points (+0.51%) from April, after hitting an intra-month record high of 1,933.11 points.
• Average matched order liquidity on HOSE was VND 20,575 billion per session, nearly flat month-on-month (+0.56%) but down 14.66% from the 5-month average.
• Domestic individual investors net bought VND 15,088.1 billion, with top buys including FPT, VIC, STB, TCB, HPG, HCM, MBB, VHM, ACB, VPB.
• Proprietary trading desks net sold VND 2,035 billion overall, but net bought VND 44.9 billion via matched orders.

What Happened

According to exchange data, foreign investors intensified net selling in May 2026, with total net sell value reaching VND 19,356.6 billion (USD 774 million). Matched-order net selling accounted for VND 16,319.1 billion. The selling was broad-based, targeting major blue chips across real estate, banking, technology, and steel sectors. Top sold stocks included FPT, ACB, HPG, VHM, MBB, STB, KDH, CTG, and VIC.

On the buying side, foreign investors net purchased stocks in utilities, oil & gas, and industrial goods & services, with top buys being VCB, MSN, MSB, POW, GEX, BSR, LPB, GEE, BID, and VRE. The VN-Index rose 0.51% in May, but liquidity remained low, with average matched-order turnover on HOSE at VND 20,575 billion per session, nearly unchanged from April and significantly below the 5-month average.

Market Context

FPT closed at VND 71,600 on May 31, up 0.56% on the day, while ACB ended at VND 24,900 (+1.01%), HPG at VND 24,000 (flat), and VHM at VND 156,000 (-1.08%). The VN-Index’s slight gain masked underlying weakness, as foreign selling pressure weighed on market breadth. The technology sector, led by FPT, saw significant foreign outflows, while banking stocks like ACB, MBB, STB, and CTG also featured prominently on the sell list. Real estate stocks VHM and VIC were among the top sold, reflecting continued foreign aversion to the sector.

Strategic Significance

The sustained foreign net selling in May, despite a new all-time high for the VN-Index, underscores a divergence between foreign and domestic investor sentiment. Foreign investors have been reducing exposure to Vietnamese equities, particularly in high-beta sectors like technology, banking, and real estate, while rotating into defensive utilities and energy names. This pattern may reflect concerns about valuation, global interest rate expectations, or specific sector risks. The low liquidity environment suggests that foreign selling is not being fully absorbed by domestic buyers, which could cap near-term upside for the market.

What to Watch

• Foreign net flow data for June 2026 to see if selling pressure persists or abates.
• Q2 2026 earnings reports for FPT, ACB, HPG, and VHM to assess fundamental support.
• VN-Index liquidity trends; a sustained pickup would indicate improved market confidence.
• Policy signals from the State Bank of Vietnam regarding interest rates or credit growth.
• Any changes in foreign ownership limits or ETF rebalancing that could affect flows.