Funds Exit Real Estate and Securities Stocks as Vietnam Market Liquidity Drops

Overview

In the trading week of August 17-21, 2026, Vietnam’s stock market saw a sharp decline in liquidity despite a positive move in indices. The VN-Index rose over 2% to 1,768 points, but trading volumes and values fell on both HOSE and HNX. Funds rotated out of real estate, securities, and oil & gas stocks, while food and beverage stocks attracted significant inflows.

Key Facts

• VN-Index increased 2% to 1,768 points; HNX-Index rose 1.46% to 284 points.
• HOSE trading volume fell 15% to 580 million shares per session; value dropped 12% to VND 15.1 trillion.
• HNX trading volume was 44.2 million shares per session; value fell 16% to VND 730 billion.
• Real estate stocks on HOSE saw trading volume decline 50-65% week-on-week, including HQC, IJC, FIR, SZC, VHM, NDN, TIG, IDC, IDJ, KSF, and CEO.
• Securities stocks BVS, PSI, MBS, VFS, and SHS were among the biggest liquidity losers on HNX.
• Oil & gas stocks PLC, PVC, and PPT recorded volume declines of 18-30% on HNX.
• Food stock TCO led gainers with volume up 250% and price up 13%; HSL, AAN, SBT, and MCH also saw volume increases of 40-100%.

What Happened

According to the weekly market report, trading activity weakened notably during August 17-21. While the VN-Index posted a solid gain, the underlying liquidity deteriorated, with average daily trading value on HOSE falling to VND 15.1 trillion, down 12% from the prior week. HNX saw a similar trend, with value down 16%.

The report highlighted that real estate stocks were the most affected, with a broad group of tickers experiencing volume declines of 50-65%. This included major names like VHM and smaller caps such as HQC, IJC, FIR, and SZC. Securities stocks also saw significant outflows, particularly on HNX, where BVS, PSI, MBS, VFS, and SHS were among the top decliners. Oil & gas stocks PLC, PVC, and PPT also saw reduced trading activity.

In contrast, food and beverage stocks attracted strong buying interest. TCO led the pack with a 250% surge in trading volume and a 13% price gain. Other food-related stocks like HSL, AAN, SBT, and MCH also saw volume increases ranging from 40% to over 100%.

The data is based on average trading volume of at least 100,000 shares per session for inclusion in the top gainers/losers list.

Market Context

HQC, listed on HOSE, closed at VND 2,220 on August 24, 2026. The stock has been under pressure as liquidity dried up in the real estate sector. Other affected real estate names include FIR (VND 4,250), IJC (VND 7,490), and SZC (VND 19,550). The broader market’s liquidity decline suggests a risk-off sentiment among retail investors, who typically drive trading volumes in these mid-cap and small-cap stocks. The rotation into food stocks indicates a defensive positioning amid uncertainty.

Strategic Significance

The sharp drop in liquidity for real estate and securities stocks reflects a cautious investor stance, possibly due to concerns about sector fundamentals or broader market conditions. For long-term investors, this could signal a period of consolidation, where stocks with weak trading volumes may face higher volatility. The rotation into food stocks, which are considered defensive, suggests a preference for stable earnings. Monitoring whether this trend persists will be key to assessing market sentiment and potential entry points.

What to Watch

• Weekly trading volume data for real estate stocks like HQC, VHM, and SZC to see if outflows continue.
• Any company-specific announcements from affected tickers that could reignite investor interest.
• Broader market liquidity trends, especially whether HOSE value recovers above VND 16 trillion per session.
• Movement in food stocks like TCO and SBT to gauge if the defensive rotation is sustained.
• Regulatory or policy changes affecting the real estate sector that could alter sentiment.