Foreign Net Sell VND 105.7B in Mixed Session; VN-Index Up 1.3% on VIC

Overview

On April 22, 2026, foreign investors were net sellers of VND 105.7 billion (approx. USD 4.23 million) on the Ho Chi Minh Stock Exchange (HOSE). The VN-Index rose 1.3% to 2,857.30, but the gain was almost entirely driven by VIC’s limit-up move, which contributed 22 points. Market breadth was negative with 194 decliners versus 111 gainers, and liquidity remained low at VND 22.5 trillion in matched orders.

Key Facts

• Foreign investors net sold VND 105.7 billion (USD 4.23 million) on April 22, 2026.
• VN-Index rose 1.3% to 2,857.30, with VIC contributing 22 points and VHM adding nearly 4 points.
• Market breadth was negative: 194 decliners vs. 111 gainers.
• Total matched order liquidity on all three exchanges reached VND 22.5 trillion.
• Top foreign net buys (matched orders): FUEVFVND, MWG, VIC, MSN, DGC, KBC, PNJ, HCM, VPB, VJC.
• Top foreign net sells (matched orders): FPT, VHM, HPG, SSI, BID, PLX, VCB, NVL, TPB.
• Retail investors net bought VND 1,338.4 billion (matched orders VND 797.1 billion), focusing on banks.
• Proprietary trading desks net sold VND 1,198.4 billion (matched orders VND 991.3 billion).

What Happened

According to the article, the market experienced a sharp divergence on April 22. The VN-Index reversed from an early decline to close up 23.82 points, driven almost single-handedly by VIC, which hit the daily limit-up. VHM also contributed support. However, the rally was not broad-based: 194 stocks fell versus 111 rose, and most sectors, including banking, oil & gas, technology, and telecoms, were under pressure.

Foreign investors continued their net selling trend, with total net sell of VND 105.7 billion. On a matched-order basis, foreign net selling was only VND 15.4 billion. The foreign net buying list included FUEVFVND, MWG, VIC, MSN, DGC, KBC, PNJ, HCM, VPB, and VJC, while net selling focused on FPT, VHM, HPG, SSI, BID, PLX, VCB, NVL, and TPB.

Retail investors were net buyers of VND 1,338.4 billion overall, with matched-order net buying of VND 797.1 billion, mainly in banking stocks. Proprietary desks were net sellers of VND 1,198.4 billion.

Market Context

The session highlights the market’s heavy reliance on a few large-cap stocks, particularly VIC, which alone accounted for most of the index gain. The negative breadth and low liquidity (VND 22.5 trillion) suggest cautious sentiment ahead of the long April 30-May 1 holiday and amid weak earnings season and geopolitical risks from the Middle East. Banking stocks, a key market pillar, continued to correct, with VCB, BID, MBB, ACB, and others declining. The VN-Index closed at 2,857.30, with VIC at VND 177 (+6.95%) and VHM at recent levels.

Strategic Significance

The persistent foreign net selling, even as the index rises, indicates that foreign investors are reducing exposure to Vietnamese equities, possibly due to global risk aversion or valuation concerns. The concentration of index gains in a few stocks (VIC, VHM) masks underlying weakness, as most sectors and stocks are declining. The strong retail buying, especially in banks, suggests domestic investors are stepping in, but the lack of broad-based support and low liquidity point to a fragile market. The upcoming holiday may further dampen activity.

What to Watch

• Foreign flow trends in the coming sessions, especially whether net selling accelerates or reverses.
• VIC’s price action and whether its rally can sustain without broader market support.
• Banking sector performance: continued correction or stabilization.
• Liquidity levels: a sustained pickup above VND 25 trillion would signal renewed confidence.
• Earnings reports from key companies like VIC, VHM, and banks for Q1 2026 results.