MBB Leads Foreign Net Selling as Banks Lose VND 589B on Nov 2

Overview

Foreign investors net sold approximately VND 589 billion from the Vietnamese banking group on November 2, 2026, led by MBBank (MBB) at close to VND 182 billion and Vietcombank (VCB) at more than VND 155 billion. The outflow extended a seven-session foreign net-selling streak that reached roughly VND 450 billion market-wide. Proprietary trading desks at securities firms reversed to net selling of about VND 246 billion, adding a second source of pressure on the same session.

Key Facts

• Foreign investors net sold nearly VND 589 billion from the banking group on November 2, after offsetting roughly VND 48 billion of buying in TCB and TPB.
• Six banks — MBB, VCB, ACB, STB, VPB and SHB — were sold for a combined VND 636 billion; MBB alone accounted for close to VND 182 billion and VCB more than VND 155 billion.
• ACB and STB saw outflows of about VND 117 billion and VND 105 billion respectively, while VPB and SHB each recorded more than VND 35 billion of net selling.
• Market-wide foreign net selling reached roughly VND 450 billion, the seventh consecutive net-selling session.
• FPT and GMD were also sold heavily, at about VND 86 billion and VND 76 billion; MSN led net buying at more than VND 90 billion, followed by VIX at about VND 40 billion and SHS at more than VND 30 billion.
• Proprietary desks flipped to net selling of nearly VND 246 billion from net buying of more than VND 86 billion the prior session, with MWG at nearly VND 180 billion, BID at about VND 87 billion, SSI at more than VND 81 billion and HPG at close to VND 62 billion.
• HDB attracted nearly VND 161 billion of proprietary buying and NT2 more than VND 35 billion; MSN drew both foreign and proprietary buying for a combined VND 111 billion.

What Happened

Trading data for the November 2 session showed the banking sector as the focal point of foreign withdrawal at the start of the month. Six lenders — MBBank, Vietcombank, Asia Commercial Bank (ACB), Sacombank (STB), VPBank (VPB) and SHB — were net sold for a combined VND 636 billion. Buying in Techcombank (TCB) and TPBank (TPB) of close to VND 48 billion partly offset that, leaving the group with roughly VND 589 billion of net outflow. Outside banking, FPT and GMD also recorded heavy selling at about VND 86 billion and VND 76 billion.

The pressure contributed to a market-wide foreign net-selling figure of nearly VND 450 billion, the seventh straight session of withdrawal. Flows were not uniformly negative: MSN led the buy side at more than VND 90 billion, followed by VIX at about VND 40 billion, SHS at more than VND 30 billion and PNJ at VND 29 billion. Proprietary desks turned net sellers of nearly VND 246 billion after net buying of more than VND 86 billion in the previous session, with MWG the largest single drag at close to VND 180 billion. STB and ACB faced selling from both foreign and proprietary accounts, at roughly VND 128 billion and VND 127 billion combined, while TCB drew combined buying of close to VND 33 billion. The article does not cite a specific filing or regulatory announcement as the source of the flow data.

Market Context

MBB closed at VND 18,750 on November 2 on HOSE, with ACB at VND 20,300, STB at VND 65,100 and VCB at VND 53,600. The concentration of outflows in large-cap banks is consistent with index-level pressure, since the banking group carries substantial weight in the VN-Index and is a core holding for foreign institutional mandates tracking Vietnam. A seven-session foreign selling streak alongside a proprietary reversal suggests caution among domestic trading desks as well, even as selective buying in MSN, VIX and SHS indicates the market is rotating rather than exiting wholesale.

Strategic Significance

For long-term holders, the relevant question is whether this is passive, index-driven rebalancing or a change in the earnings view on Vietnamese banks. The dispersion matters: MBB and VCB absorbed the heaviest foreign selling, while TCB and TPB attracted net buying and HDB drew nearly VND 161 billion from proprietary desks. That pattern points to stock-specific positioning around asset quality, credit growth and net interest margin rather than a blanket de-rating of the sector. The simultaneous proprietary reversal in MWG, BID, SSI and HPG suggests domestic desks are trimming cyclical and brokerage exposure into strength, which historically precedes consolidation rather than a sustained downtrend.

What to Watch

• Daily foreign flow data for the banking group to see whether the seven-session streak extends past November 3.
• Whether MBB and VCB outflows persist at the VND 150 billion-plus daily pace or fade, and whether TCB and TPB continue to attract offsetting buying.
• Proprietary trading direction in MWG, BID, SSI and HPG, and whether the VND 246 billion reversal is a one-session event.
• Third-quarter earnings disclosures and any November credit-growth or NPL commentary from the banks named in the flow data.
• Foreign-ownership and fund-flow filings that would identify whether the selling is ETF- or mandate-driven.