Vietnam Foreign Flow: HPG Leads Net Buys as TCB Tops Selling

Overview

Foreign investors extended their net-selling streak on October 5, offloading roughly VND 280 billion (~USD 11.2 million) across Vietnam’s three exchanges. HPG (Hòa Phát, HOSE) topped the net-buy list at VND 64 billion, while TCB (Techcombank, HOSE) absorbed the heaviest selling at VND 147 billion. The VN-Index closed up 15 points at 1,753 despite the foreign outflow.

Key Facts

• Foreign investors net sold VND 280 billion (~USD 11.2 million) market-wide on October 5.
• On HOSE, foreign net selling reached VND 279 billion; HNX saw a modest VND 0.5 billion net sell; UPCoM recorded about VND 1 billion net sell.
• HPG led net buys at approximately VND 64 billion, followed by DGW at VND 57 billion, GMD at VND 37 billion, GEX at nearly VND 29 billion and SSI at VND 25 billion.
• TCB was the most heavily sold stock at VND 147 billion, ahead of VHM at VND 114 billion, PNJ at VND 90 billion, VNM at VND 44 billion and ACB at VND 37 billion.
• On HNX, CEO led net buys at about VND 5 billion; IDC led net sells at roughly VND 4 billion.
• On UPCoM, FOC led net buys at VND 0.4 billion; VEA led net sells at VND 3 billion.
• HOSE matching value was subdued at approximately VND 10,300 billion.

What Happened

Vietnam’s stock market opened the week on a positive note, supported by the Vingroup complex and several bank stocks. The VN-Index gained 15 points to close at 1,753, even as HOSE matching value slipped to around VND 10,300 billion. Foreign investors continued their net-selling trend, offloading VND 280 billion across the market, according to daily exchange data.

On HOSE, foreign net selling totaled VND 279 billion. HPG attracted the largest net buying at roughly VND 64 billion, followed by DGW at VND 57 billion, GMD at VND 37 billion, GEX at nearly VND 29 billion and SSI at VND 25 billion. On the sell side, TCB saw the heaviest outflow at VND 147 billion, with VHM at VND 114 billion, PNJ at VND 90 billion, VNM at VND 44 billion and ACB at VND 37 billion. On HNX, foreign investors net sold VND 0.5 billion, with CEO leading buys at VND 5 billion and IDC leading sells at VND 4 billion. UPCoM recorded about VND 1 billion in net selling, led by VEA at VND 3 billion.

Market Context

HPG closed at VND 20,500 on October 5, with DGW at VND 47,400, GMD at VND 77,800 and GEX at VND 23,200. The steel producer’s net-buy leadership contrasts with the broader foreign outflow, which was concentrated in banking and real estate names such as TCB, VHM and ACB. The VN-Index’s 15-point gain to 1,753 came on thinner HOSE matching value of VND 10,300 billion, suggesting the advance relied on selective large-cap support rather than broad participation.

Strategic Significance

For long-term investors, the session highlights a divergence within foreign flow: capital is exiting rate-sensitive banks and property developers while selectively accumulating steel, retail and logistics names. HPG’s position as the top net buy suggests foreign investors are willing to add exposure to the steel cycle despite broader emerging-market outflows. TCB’s VND 147 billion net sell, the largest single-stock outflow, may reflect profit-taking after recent bank-sector strength rather than a change in fundamentals. The persistent foreign net-sell trend, if sustained, could cap index upside even as domestic liquidity absorbs supply.

What to Watch

• Daily foreign net-flow data on HOSE, HNX and UPCoM for confirmation of the selling trend.
• HPG’s next monthly sales and production release for steel demand signals.
• TCB and VHM foreign-ownership room filings for signs of further selling pressure.
• HOSE matching value, which fell to VND 10,300 billion, as a gauge of domestic absorption capacity.
• Any SBV policy signals that could shift foreign appetite for bank stocks.