Foreign Selling Eases on HOSE in August 2026; FPT Leads Net Buying

Overview

Foreign net selling on the HOSE exchange cooled to approximately VND 1.6 trillion in August 2026, a sharp decline from the tens of trillions seen in prior months. FPT Corporation (FPT) led net buying with over VND 879 billion, while VHM and several banking stocks faced continued net selling. Analysts suggest the selling pressure may be nearing exhaustion, with the FTSE upgrade narrative offering a potential catalyst for renewed foreign inflows.

Key Facts

• Foreign net selling on HOSE in August 2026 was over VND 1.6 trillion, down from monthly levels of tens of trillions between March and July 2026.
• Cumulative foreign net selling from the start of 2026 reached nearly VND 93 trillion.
• FPT was the most net-bought stock on HOSE with over VND 879 billion, followed by DMX (over VND 785 billion) and PNJ (approximately VND 523 billion).
• VHM led net selling with nearly VND 990 billion, followed by VPB (over VND 819 billion), ACB (over VND 599 billion), STB (over VND 459 billion), and VCB (nearly VND 417 billion).
• On HNX, foreign investors turned net buyers with over VND 71 billion in August, lifting cumulative net buying to nearly VND 813 billion.
• CEO and PVS led HNX net buying with nearly VND 117 billion and VND 39 billion, respectively; NTP led net selling but with only over VND 27 billion.

What Happened

According to data from VietstockFinance, foreign investors reduced their net selling on HOSE to just over VND 1.6 trillion in August 2026, continuing a multi-month selling streak but at a significantly smaller scale. The month saw 9 net-buying sessions and 11 net-selling sessions, a rare balance after months of heavy outflows. Notably, foreign investors turned net buyers in the final sessions of August, mirroring a similar pattern at the end of July.

FPT emerged as the top net-bought stock on HOSE with over VND 879 billion, followed by DMX and PNJ. On the selling side, VHM led with nearly VND 990 billion, while banking stocks VPB, ACB, STB, and VCB also saw significant net selling. On HNX, foreign investors reversed to net buying of over VND 71 billion, with CEO and PVS leading the purchases.

Mr. Trương Hiền Phương, Senior Director at KIS Vietnam Securities, commented that the recent actions of foreign investors are positive. He noted that daily net selling on HOSE has fallen to only a few hundred billion dong, compared to several trillion dong previously. He argued that the selling pressure is unlikely to persist indefinitely, as the pool of sellable assets diminishes over time. He also pointed to easing geopolitical tensions and a weaker US dollar as factors that could reduce outflows from emerging and frontier markets.

The potential upgrade of Vietnam’s stock market from FTSE Frontier to FTSE Secondary Emerging status is highlighted as a key catalyst. This upgrade could attract both active and passive foreign capital, with passive flows already mapped out in four phases, including an initial 10% allocation.

Market Context

FPT (HOSE) closed at VND 72,200 on September 3, 2026, reflecting relative stability amid the broader market’s recovery. PNJ (HOSE) traded at VND 39 on September 4, down 1.26%, while VHM (HOSE) rose 3.81% to VND 76, and VPB (HOSE) gained 1.30% to VND 27. The cooling of foreign selling has provided some support to the VN-Index after a challenging period. The banking sector, which saw significant net selling in August, remains under pressure, but the overall trend suggests a potential shift in foreign investor sentiment.

Strategic Significance

For long-term investors, the easing of foreign selling pressure is a positive signal, particularly for stocks like FPT that have attracted consistent net buying. FPT’s strong position in technology and digital transformation continues to draw foreign interest, even as broader market outflows persist. The FTSE upgrade story remains a critical driver, as it could unlock significant passive inflows. However, the persistence of net selling in banking and real estate stocks like VHM suggests that sector-specific concerns remain. Investors should monitor whether the reduction in selling is a temporary lull or the beginning of a sustained reversal, which would have implications for market liquidity and valuations.

What to Watch

• Monthly foreign flow data for September 2026 to confirm whether the cooling trend continues.
• Progress on the FTSE upgrade timeline, including any official announcements from FTSE Russell.
• Quarterly earnings reports from FPT, VHM, and major banks for signs of fundamental strength or weakness.
• Changes in US dollar strength and geopolitical developments that could influence foreign capital flows.
• Any regulatory changes or policy measures aimed at attracting foreign investment into Vietnamese equities.