HDBank (HDB) Hit by VND 1.98 Trillion Foreign Block Sale; VJC Sees VND 764B

Overview

Foreign investors net sold VND 2,700 billion on the HOSE in the latest session, with the bulk of the outflow concentrated in two negotiated block trades: VND 1,981.8 billion in HDBank (HDB) and VND 764 billion in Vietjet (VJC). Both blocks were sold by foreign investors to domestic buyers, meaning the selling pressure was confined to off-order-book transactions rather than continuous matching. The session matters for HDB and VJC because the deals reset foreign ownership positioning in two large-cap names without necessarily signalling a change in underlying fundamentals.

Key Facts

• Foreign investors net sold VND 2,700 billion on HOSE for the session, equivalent to roughly USD 108 million.
• HDB block trade: VND 1,981.8 billion, sold by foreign investors to domestic investors.
• VJC block trade: VND 764 billion, sold by foreign investors to domestic investors.
• On matched orders alone, foreign investors were net buyers of VND 134.3 billion.
• Total negotiated (thoa thuan) turnover reached VND 5,471.9 billion, up 34.2% and equal to 25.6% of total market transaction value.
• HDB closed at VND 28,050 and VJC at VND 128,800 on 2026-10-06.
• VN-Index closed up nearly 6 points at 1,759.08, with 177 decliners against 127 advancers.

What Happened

According to the session report, foreign investors recorded a net sell of VND 2,700 billion on the HOSE, but the composition was unusual. Stripping out negotiated deals, foreign money was a net buyer of VND 134.3 billion through matched orders, with the strongest matched buying in financial services and chemicals. The top matched-buy names included SHB, VIC, GMD, VND, DCM, MBB, SHS, VPL, HPG and HDB itself, while matched selling concentrated in personal and household goods and banking, led by PNJ, TCB, ACB, NVL, VHM, VCB, FPT, PVT and LPB.

The headline outflow therefore came almost entirely from two block trades. HDBank (HDB) saw VND 1,981.8 billion change hands via negotiation, and Vietjet (VJC) saw VND 764 billion, with the article stating explicitly that foreign investors sold to domestic investors in both cases. Total negotiated turnover across the market reached VND 5,471.9 billion, up 34.2% session-on-session and 25.6% of total transaction value. The report does not disclose the identity of the foreign seller or the domestic buyer, nor the price at which either block was struck.

Market Context

HDBank trades on the HOSE and closed at VND 28,050 on 2026-10-06; Vietjet also trades on the HOSE and closed at VND 128,800. Both names were pulled back toward reference prices during the session, alongside VIC, VRE, BID and HPG, yet the VN-Index still finished up nearly 6 points at 1,759.08 as large caps such as VHM, VCB, CTG, LPB, TCX, TCB, MWG and VNM contributed 5.76 points. Market breadth remained negative, with 177 stocks falling against 127 rising, but total turnover across the three exchanges jumped to roughly VND 21,000 billion from the recent VND 13,000 billion per-session range, indicating returning risk appetite. Proprietary trading desks bought a net VND 274.5 billion, or VND 285.8 billion on matched orders alone.

Strategic Significance

For long-term holders, the key distinction is between a change in foreign ownership and a change in foreign sentiment. A negotiated block in HDB of this size transfers stock from foreign to domestic hands in a single print, which mechanically lowers the foreign ownership ratio and can create room for future foreign inflows under room limits. It does not, by itself, alter HDBank’s credit growth trajectory, asset quality or capital position. The same logic applies to VJC, where a VND 764 billion block is small relative to the airline’s market capitalisation and is more likely a portfolio reallocation than a statement on the aviation cycle. The more informative signal is that matched-order foreign flow stayed positive at VND 134.3 billion, suggesting the underlying bid from offshore accounts has not disappeared.

What to Watch

• Foreign ownership room disclosures for HDB and VJC in subsequent filings, to confirm whether the blocks were room-related.
• Whether negotiated turnover stays elevated above VND 5,000 billion per session or reverts toward the VND 13,000 billion matched-order baseline.
• Follow-through in matched-order foreign flow, particularly whether the VND 134.3 billion net buy is sustained or reverses.
• HDBank’s next quarterly earnings release for credit growth and NPL trends, to test whether offshore selling anticipated any deterioration.
• Vietjet’s monthly traffic and international route updates, given the aviation sector’s sensitivity to fuel and FX.