Vietnam Securities Proprietary Desks Net Sell VND 190B on May 19, Buck Trend with VIC, VHM Buys

Overview

On May 19, proprietary trading desks at Vietnamese securities firms net sold VND 190 billion on HOSE, reversing their recent buying trend. The sell-off was concentrated in banking stocks MBB, VIB, and VCB, while VIC and VHM saw strong net buying. Foreign investors also net sold VND 830 billion across the market, contributing to a 0.78% decline in the VN-Index to 1,912.93 points.

Key Facts

• Proprietary desks net sold VND 190 billion on HOSE on May 19.
• MBB was the most sold stock, with net selling of VND 95 billion.
• VIB and VCB followed with net selling of VND 50 billion and VND 47 billion, respectively.
• VIC was the most bought stock, with net buying of VND 123 billion.
• VHM saw net buying of VND 71 billion.
• Foreign investors net sold VND 830 billion across the entire market.
• The VN-Index closed at 1,912.93 points, down 15.01 points (-0.78%).

What Happened

On May 19, the Vietnamese stock market traded sideways with choppy movements around the reference level. In the afternoon session, selling pressure unexpectedly increased, causing many stocks to reverse from gains to losses and pushing the index close to the 1,900 mark. The VN-Index closed at 1,912.93 points, down 0.78%.

According to exchange data, proprietary trading desks at securities companies net sold VND 190 billion on HOSE. The largest net sales were in MBB (-VND 95 billion), VIB (-VND 50 billion), VCB (-VND 47 billion), HPG (-VND 42 billion), and VNM (-VND 32 billion). Other stocks with notable net selling included VTP (-VND 28 billion), VPB (-VND 23 billion), TCB (-VND 20 billion), MSN and CTR (each -VND 19 billion).

On the buying side, VIC was the most net bought stock at VND 123 billion, followed by VHM (VND 71 billion), BID (VND 34 billion), PNJ (VND 27 billion), POW (VND 21 billion), MWG (VND 17 billion), STB (VND 12 billion), E1VFVN30 (VND 11 billion), VPX (VND 6 billion), and VCI (VND 5 billion).

Market Context

On May 19, MBB closed at VND 25,050, down 1.76% on volume of 30.3 million shares. VIB fell 1.86% to VND 15,800, while VCB bucked the trend, rising 1.90% to VND 64,400. HPG declined 0.76% to VND 26,250. The VN-Index’s 0.78% drop reflected broad-based selling pressure. The proprietary desk activity highlights a shift in sentiment among securities firms, which had been net buyers in prior sessions. Foreign investor net selling of VND 830 billion added to the negative tone.

Strategic Significance

The divergence in proprietary desk flows—selling banks while buying Vingroup stocks (VIC, VHM)—suggests a tactical rotation away from financials toward real estate and conglomerate names. VIC and VHM are closely associated with billionaire Pham Nhat Vuong, and the buying may reflect expectations of positive developments in Vingroup’s ecosystem. The heavy selling in MBB, VIB, and VCB indicates that proprietary desks are reducing exposure to banking stocks, possibly due to concerns about margin pressure or credit growth. For long-term investors, this flow data provides a window into short-term institutional sentiment, but should be weighed against fundamental trends.

What to Watch

• Continued proprietary desk flows in the coming sessions to confirm the rotation pattern.
• Foreign investor activity, especially if net selling persists or accelerates.
• Price action in MBB, VIB, and VCB relative to their support levels.
• Any corporate announcements from VIC or VHM that could justify the buying.
• VN-Index’s ability to hold above the 1,900 level.