Foreign Investors Net Sell VND 1,975B on July 28 Despite VND 933B Order-Matching Buy

Overview

On July 28, foreign investors on HOSE executed a net sell of nearly VND 1,975 billion, driven by a massive block trade of 22.2 million shares in Vinhomes (VHM). However, on the order-matching channel, foreign investors were net buyers of over VND 933 billion, with Hoa Phat Group (HPG), Phu Nhuan Jewelry (PNJ), and Vinamilk (VNM) attracting the most inflows. Proprietary trading desks net sold VND 162 billion, concentrating on POW and SAM.

Key Facts

• Foreign investors net sold nearly VND 1,975 billion on HOSE on July 28, including block trades.
• On order matching alone, foreign investors net bought over VND 933 billion.
• The largest block trade involved 22.2 million shares of VHM, contributing to the net sell.
• Top order-matching buys: HPG (VND 241 billion), PNJ (VND 173 billion), VNM (VND 130 billion).
• Top order-matching sell: VPB (VND 56 billion).
• Proprietary trading desks net sold VND 162 billion on HOSE, with POW net sold VND 117 billion and SAM net sold VND 57 billion.
• SAM’s net sell came entirely from a block trade of 10 million shares on the 26th anniversary of its first trading day.

What Happened

According to data from VietstockFinance, foreign investors on July 28 reversed their recent trend by becoming net buyers on the order-matching channel, with total purchases exceeding sales by VND 933 billion. The buying was concentrated in HPG (VND 241 billion), PNJ (VND 173 billion), and VNM (VND 130 billion). On the sell side, VPB led with VND 56 billion in net selling.

However, when including block trades, foreign investors ended the session as net sellers of nearly VND 1,975 billion. The primary driver was a large block trade of 22.2 million VHM shares, which alone accounted for the bulk of the net sell. Meanwhile, proprietary trading desks net sold VND 162 billion on HOSE, with POW seeing net selling of VND 117 billion (including a block trade of 8.8 million shares) and SAM net sold VND 57 billion (entirely from a 10-million-share block trade).

Market Context

HPG closed at VND 21,000 on July 28, while PNJ closed at VND 32,650 and VNM at VND 59,600. The strong foreign buying in these stocks on order matching suggests continued interest in Vietnam’s blue-chip exporters and consumer staples. VPB, which saw net selling, closed at VND 24,600. The large VHM block trade may reflect a strategic repositioning by a major shareholder rather than a broad-based sell-off. Proprietary trading desks’ focus on POW and SAM indicates profit-taking or risk reduction in those names.

Strategic Significance

The divergence between order-matching and block-trade flows highlights the importance of distinguishing between retail/algorithmic trading and institutional block trades. Foreign investors’ net buying on order matching in HPG, PNJ, and VNM signals confidence in these sectors, while the VHM block trade could be a one-off event. The proprietary desk selling in POW and SAM may reflect near-term caution in the energy and securities sectors. Long-term investors should monitor whether foreign order-matching buying persists, as it often precedes sustained inflows.

What to Watch

• Subsequent foreign flow data to see if order-matching buying continues in HPG, PNJ, and VNM.
• Any filings or announcements regarding the VHM block trade (e.g., change in major shareholder).
• POW and SAM price action and trading volume following proprietary desk selling.
• VPB’s foreign ownership levels and any further selling pressure.
• HOSE’s overall foreign net flow trend for the week ending July 31.