Foreign Investors Net Buy VND 921.6B in Matched Orders, Boosting VN-Index

Overview

Foreign investors unexpectedly net bought VND 921.6 billion via matched orders on July 28, 2026, helping the VN-Index stage a technical rebound of 11.61 points to close at 1,680.62. The buying was concentrated in the Food & Beverage and Basic Resources sectors, with HPG, PNJ, VNM, MSN, SHB, MCH, KDH, VIC, FPT, and VSC among the top net-bought stocks. This marks a notable reversal after recent foreign selling pressure.

Key Facts

• Foreign investors net bought VND 921.6 billion (approximately USD 36.86 million) via matched orders on July 28, 2026.
• VN-Index rose 11.61 points (+0.69%) to close at 1,680.62, a technical rebound after recent declines.
• Top net-bought stocks by foreign investors: HPG, PNJ, VNM, MSN, SHB, MCH, KDH, VIC, FPT, VSC.
• Foreign investors net sold VND 1,975.7 billion overall, but matched-order activity was net positive.
• Total matched-order value on all three exchanges reached VND 20,500 billion, indicating increased bottom-fishing activity.
• Individual investors net bought VND 2,064.1 billion overall, but net sold VND 592.8 billion via matched orders.
• Proprietary trading desks (tự doanh) net sold VND 171.1 billion.

What Happened

On July 28, 2026, the VN-Index rebounded 11.61 points to close at 1,680.62, driven by a technical recovery after several sessions of sharp declines. Market breadth improved, with 195 stocks gaining versus 128 declining. The rebound was supported by increased bottom-fishing demand, particularly in large-cap stocks. Banking stocks such as BID, VCB, CTG, TCB, and MBB contributed to the index’s rise, while securities stocks like VCI hit the ceiling price after management announced share purchases.

According to exchange data, foreign investors net bought VND 921.6 billion via matched orders, a surprising shift given recent net selling. The buying was concentrated in Food & Beverage and Basic Resources. On the sell side, foreign investors net sold VND 1,975.7 billion overall, with Financial Services being the most sold sector. Top net-sold stocks included VPB, NVL, TCB, VHM, VCI, TCX, VIX, NT2, and VCB.

Market Context

HPG (HOSE) closed at VND 21,000 on July 28, 2026, while MSN closed at VND 65,700, PNJ at VND 32,650, and VNM at VND 59,600. The VN-Index had been under pressure from sustained foreign selling and high deposit rates, but the July 28 session saw a technical rebound with improved liquidity. The foreign net buying via matched orders is a positive signal, though overall foreign flows remain negative. The market’s ability to sustain the rebound will depend on continued foreign interest and macroeconomic stability.

Strategic Significance

The unexpected foreign net buying via matched orders suggests that some institutional investors are selectively accumulating Vietnamese stocks at lower valuations, particularly in defensive sectors like Food & Beverage and Basic Resources. HPG, as a leading steel producer, benefits from infrastructure spending and export demand. The buying also indicates that foreign investors may be rotating out of Financial Services into more cyclical or consumer-oriented names. This shift could support a broader market recovery if sustained, but the overall foreign net selling highlights lingering caution.

What to Watch

• Continued foreign flow data in the coming sessions to confirm whether the net buying trend persists.
• Q2 2026 earnings reports for HPG, PNJ, VNM, and MSN, which will provide fundamental justification for foreign accumulation.
• SBV policy decisions on interest rates, as high deposit rates have been a headwind for equities.
• VN-Index’s ability to hold above the 1,680 level and break through resistance near 1,700.
• Any regulatory changes affecting foreign ownership limits or capital flows.