Foreign Net Selling Hits 7-Month High on HOSE in May 2026, FPT Leads

Overview

Foreign investors intensified net selling on HOSE in May 2026, offloading VND 19.3 trillion, the highest monthly total in seven months. The selling was broad-based, with FPT, MSB, ACB, and VHM among the most sold, while VCB was the sole stock with net buying exceeding VND 1 trillion. The trend underscores ongoing foreign capital outflows despite the VN-Index’s rally to near-record levels.

Key Facts

• Foreign investors net sold VND 19.3 trillion on HOSE in May 2026, the highest monthly net selling in 7 months.
• Cumulative net selling on HOSE from January to May 2026 reached VND 64.4 trillion.
• FPT was the most sold stock, with net selling of VND 2.9 trillion.
• MSB and ACB followed with net selling of VND 2.8 trillion and VND 2.4 trillion, respectively.
• VHM was also heavily sold, with net selling of VND 1.9 trillion.
• VCB was the only stock with net buying over VND 1 trillion, at VND 1.1 trillion.
• On HNX, foreign investors net bought VND 28 billion in May, with HUT leading purchases at VND 219 billion.
• The VN-Index closed May at 1,863.49, after hitting a record high of 1,927.94 on May 18.

What Happened

According to data from VietstockFinance, foreign investors sold a net VND 19.3 trillion on HOSE in May 2026, marking the highest monthly outflow in seven months. The selling was persistent, with only one session of net buying (VND 254 billion) during the month. The heaviest selling occurred on May 22, with net selling of nearly VND 3.2 trillion in a single session.

FPT led the sell-off with net selling of VND 2.9 trillion, followed by banking stocks MSB (VND 2.8 trillion), ACB (VND 2.4 trillion), MBB, STB, TCB, and CTG. Real estate giant VHM also saw net selling of VND 1.9 trillion. On the buying side, VCB was the standout, with net purchases of VND 1.1 trillion. On HNX, foreign investors were net buyers for the fourth consecutive month, adding VND 28 billion, with HUT attracting the most buying interest.

Market Context

The selling pressure comes despite the VN-Index’s strong performance, which hit a record high of 1,927.94 on May 18 before retreating to close the month at 1,863.49. The divergence between foreign selling and domestic buying highlights the dominant role of local investors in supporting the market. FPT closed at VND 74,800 on June 2, up 2.61%, while ACB, MSB, and MBB showed mixed performance. The persistent foreign outflows are occurring as Vietnam awaits a potential market upgrade, which has historically triggered ETF rebalancing.

Strategic Significance

The sustained foreign selling reflects a combination of global factors, including ETF rebalancing ahead of Vietnam’s potential market upgrade, geopolitical tensions, and a defensive shift in global portfolios. The fact that selling is concentrated in high-liquidity stocks like FPT and major banks suggests institutional repositioning rather than a fundamental loss of confidence in Vietnam’s growth story. The continued buying of VCB, a state-owned bank, indicates selective interest in defensive, high-dividend names. The ability of domestic investors to absorb the selling pressure is a positive sign for market resilience.

What to Watch

• Upcoming ETF rebalancing announcements and their impact on foreign flow patterns.
• The SBV’s monetary policy stance, particularly any changes in interest rates or credit growth targets.
• The timing and outcome of Vietnam’s FTSE Russell market upgrade review.
• Q2 2026 earnings reports for FPT, MSB, ACB, and VHM to assess fundamental support.
• Foreign ownership limit changes or any regulatory easing for foreign investors.