HDB and VJC Lead VND 1.7 Trillion Foreign Net Selloff on October 6

Overview

Foreign investors net sold more than VND 1.7 trillion on October 6, with HDBank (HDB) and Vietjet Air (VJC) alone accounting for close to VND 1.9 trillion of gross outflows, according to market flow data. The session marked a sharp escalation from the prior day’s roughly VND 163 billion net withdrawal. Proprietary trading desks at securities firms reversed to net buying of nearly VND 275 billion on HOSE, cushioning part of the foreign pressure.

Key Facts

• Foreign investors net sold over VND 1.7 trillion on October 6, versus roughly VND 163 billion net sold a day earlier.
• HDB led outflows at approximately VND 1.2 trillion; VJC followed at about VND 771 billion.
• PNJ ranked third with more than VND 102 billion net sold, ahead of TCB (~VND 86 billion) and ACB (~VND 70 billion).
• On the buy side, SHB and VIC each attracted about VND 78 billion, followed by GMD (~VND 60 billion) and VND (~VND 50 billion).
• Proprietary desks net bought nearly VND 275 billion on HOSE, reversing a prior-session net sell of just over VND 30 billion.
• VPB was the top proprietary buy at roughly VND 81 billion, with VIC (~VND 37 billion), FPT and VCB (over VND 30 billion each) behind it.
• TCB drew selling from both foreign and proprietary desks, with combined net outflows exceeding VND 100 billion.

What Happened

Market flow data for the October 6 session showed foreign investors accelerating sales after a modest withdrawal the previous day. HDB bore the heaviest pressure, with roughly VND 1.2 trillion pulled from the stock, while VJC saw about VND 771 billion exit. The gap to the next most-sold names was wide: PNJ recorded just over VND 102 billion in net foreign sales, with TCB and ACB at roughly VND 86 billion and VND 70 billion respectively. Foreign buying was more dispersed, led by SHB and VIC at about VND 78 billion each, then GMD near VND 60 billion and VND around VND 50 billion, with DCM, MBB and HPG also accumulated at smaller scale.

Proprietary trading desks at securities companies took the other side of the tape, net buying nearly VND 275 billion on HOSE after a light net sell of more than VND 30 billion the session before. VPB drew the largest proprietary allocation at about VND 81 billion, followed by VIC near VND 37 billion and FPT and VCB at more than VND 30 billion each. MWG, VBB, BID, LPB and HPG also saw disbursements. On the sell side, SSI led at only about VND 30 billion, ahead of NAB above VND 25 billion and TCB near VND 16 billion. The article does not disclose the identity of specific foreign sellers or the reason for the HDB and VJC concentration.

Market Context

HDB closed at 28,050 on October 6 on HOSE, with VJC at 128,800, TCB at 32,450 and PNJ at 20,150. The session’s foreign selling was concentrated in banking and aviation, two sectors that have drawn alternating bouts of foreign interest and exit through 2026. The offsetting proprietary bid, spread across VPB, VIC, FPT and VCB rather than a single name, suggests domestic desks were positioning into large-cap liquid names while foreign accounts reduced exposure to HDB and VJC specifically.

Strategic Significance

For long-term holders, the key question is whether the HDB outflow reflects a one-off block or portfolio-level reallocation. HDB’s roughly VND 1.2 trillion single-session foreign sale is large relative to its typical daily turnover and, if sustained, would pressure the bank’s foreign-ownership headroom and free float dynamics. VJC’s VND 771 billion outflow similarly tests the aviation name’s foreign holder base. The proprietary bid into VPB, VIC, FPT and VCB indicates domestic institutions see value in large-cap financials and technology even as foreign money rotates out of selected banks and airlines. TCB stands out as the rare name sold by both cohorts, a divergence worth monitoring.

What to Watch

• Foreign net flow on HDB and VJC over the next three to five sessions to determine whether October 6 was a block trade or the start of a trend.
• HDB foreign-ownership room filings and any subsequent disclosure of large shareholder transactions.
• Proprietary trading desk positioning in VPB, VIC, FPT and VCB in coming sessions to confirm the reversal holds.
• TCB flow from both foreign and proprietary desks, given its combined net outflow exceeded VND 100 billion.
• Any HOSE or State Securities Commission announcement clarifying the source of the concentrated HDB and VJC selling.