Foreign Net Selling Hits Vietnam Stocks: HPG, VNM, VHM Lead Outflows
This Aveluro analysis covers HPG on HOSE in the Basic Resources sector. The classified event type is foreign flow, with negative sentiment and a deterministic market-impact score of 6.0/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from VnEconomy - Chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Foreign investors continued net selling on the Vietnamese stock market, with total net outflows of VND 2,278 billion (~USD 91.12 million) in the latest week. The selling pressure concentrated on HPG, VNM, and VHM, while VIC, MWG, and VCB saw net buying. ETFs investing in Vietnam also recorded net outflows of over USD 12 million for the second consecutive week, led by Fubon FTSE, E1VFVN30, FUEKIV30, and DB FTSE.
Key Facts
- Foreign net selling on the Vietnamese stock market reached VND 2,278 billion (~USD 91.12 million) in the week.
- Top sold stocks: HPG (VND 285 billion), VNM (VND 278 billion), VHM (VND 227 billion).
- Top bought stocks: VIC (VND 390 billion), MWG (VND 150 billion), VCB (VND 123 billion).
- ETFs investing in Vietnam saw net outflows of over USD 12 million, the second consecutive week of outflows.
- Leading ETF outflows: Fubon FTSE (-USD 4.5 million), E1VFVN30 (-USD 2.9 million), FUEKIV30 (-USD 2.4 million), DB FTSE (-USD 2.1 million).
- In Asia, South Korea and Taiwan led net outflows with over USD 12.9 billion and USD 3.5 billion respectively; Vietnam saw USD 86 million in outflows.
- HPG closed at VND 22,950 (-1.08%) on July 10, 2026, with volume of 11.9 million shares.
What Happened
According to data from Yuanta Securities, foreign investors intensified net selling on the Ho Chi Minh Stock Exchange (HOSE) during the week, with total net sell value of VND 2,278 billion. The selling was concentrated in steelmaker HPG (VND 285 billion), dairy giant VNM (VND 278 billion), and real estate firm VHM (VND 227 billion). On the buying side, conglomerate VIC led with net purchases of VND 390 billion, followed by electronics retailer MWG (VND 150 billion) and bank VCB (VND 123 billion).
Separately, ETFs focused on Vietnam recorded net outflows of over USD 12 million for the second week in a row. The largest outflows came from Fubon FTSE Vietnam ETF (-USD 4.5 million), E1VFVN30 (-USD 2.9 million), FUEKIV30 (-USD 2.4 million), and DB FTSE Vietnam ETF (-USD 2.1 million). The trend mirrors global capital flows, with US equity ETFs seeing their first net outflow in months (USD 38 billion) and Asian markets broadly experiencing foreign selling.
Market Context
HPG, listed on HOSE, closed at VND 22,950 on July 10, 2026, down 1.08% on the day, with volume of 11.9 million shares. The stock has been under pressure from foreign selling and weak steel demand. VNM and VHM also declined, while VIC rose 0.90% on strong foreign buying. The broader VN-Index has been volatile amid global risk-off sentiment and concerns over US interest rates. The continued foreign net selling and ETF outflows suggest near-term headwinds for Vietnamese equities, though valuations remain attractive relative to regional peers.
Strategic Significance
The persistent foreign selling reflects a global shift toward risk aversion and portfolio rebalancing, particularly out of equities and into bonds. For Vietnam, the outflows are concentrated in large-cap stocks like HPG, VNM, and VHM, which have high foreign ownership. However, SSI Research expects that foreign capital flows could gradually shift to Vietnam, supported by the market upgrade story (to emerging market status) and attractive valuations. The buying in VIC, MWG, and VCB indicates selective interest in companies with strong fundamentals or unique catalysts. Long-term investors should monitor whether the selling is cyclical or structural, and whether the upgrade timeline remains on track.
What to Watch
- Weekly foreign flow data from HOSE and HNX to see if selling pressure persists or reverses.
- ETF flow reports, especially Fubon FTSE and E1VFVN30, for signs of stabilization.
- SSI Research’s next update on market upgrade progress and foreign flow outlook.
- Q2 2026 earnings reports for HPG, VNM, VHM, and other heavily sold stocks to assess fundamental impact.
- Global risk sentiment indicators, particularly US interest rate expectations and USD strength.