Foreign Investors Net Sell VND 2,094B on May 25; MSB Hit Hardest with VND 1,500B

Overview

On May 25, foreign investors net sold VND 2,094 billion (approximately USD 83.8 million) across the Vietnamese stock market, marking a sharp increase in selling pressure. The most heavily sold stock was MSB (Maritime Bank), with net selling of over VND 1,500 billion. In contrast, net buying was led by MSN (Masan Group) at VND 145 billion. The selling was broad-based across exchanges, affecting multiple sectors.

Key Facts

• Foreign investors net sold VND 2,094 billion (USD 83.8 million) on May 25 across all three exchanges.
• On HoSE, net selling reached VND 2,009 billion, with MSB accounting for over VND 1,500 billion.
• MSB was the most sold stock for the second consecutive session.
• Other heavily sold stocks on HoSE: HPG (VND 212 billion), ACB (VND 136 billion), FPT (VND 53 billion), KDH (VND 44 billion).
• Net buying on HoSE was led by MSN (VND 145 billion), followed by HDB (VND 112 billion), VIC (VND 66 billion), VCB (VND 63 billion), and VHM (VND 33 billion).
• On HNX, net selling was VND 75 billion, with PVS being the most sold (VND 41 billion).
• On UPCoM, net selling was VND 10 billion, led by ACV (VND 11 billion).

What Happened

According to data from the Ho Chi Minh Stock Exchange (HoSE), HNX, and UPCoM, foreign investors executed a net sell-off of VND 2,094 billion on May 25. The selling was concentrated on HoSE, where net selling reached VND 2,009 billion. MSB (Maritime Bank) was the primary target, with net selling of over VND 1,500 billion, marking the second consecutive session of heavy foreign selling in the stock. Other notable sell-offs included HPG (Hoa Phat Group) at VND 212 billion, ACB (Asia Commercial Bank) at VND 136 billion, FPT (FPT Corporation) at VND 53 billion, and KDH (Khang Dien House) at VND 44 billion.

On the buying side, MSN (Masan Group) led with net purchases of VND 145 billion, followed by HDB (HDBank) at VND 112 billion, VIC (Vingroup) at VND 66 billion, VCB (Vietcombank) at VND 63 billion, and VHM (Vinhomes) at VND 33 billion. On HNX, net selling was VND 75 billion, with PVS (Petrovietnam Technical Services) being the most sold at VND 41 billion. On UPCoM, net selling was VND 10 billion, led by ACV (Airports Corporation of Vietnam) at VND 11 billion.

Market Context

On May 25, the VN-Index rose 9 points to 1,886, but the advance was narrow, with decliners outnumbering gainers on HoSE (174 vs. 129). Trading volume was subdued at under VND 13,900 billion. MSB closed at VND 14,450 (+0.35%) on volume of 11 million shares, while HPG rose 0.63% to VND 24,100, ACB gained 3.06% to VND 23,550, and FPT fell 2.13% to VND 73,500. The heavy foreign selling in MSB, a banking stock listed on HoSE, contributed to the divergence between index performance and underlying market weakness.

Strategic Significance

The concentrated foreign selling in MSB for two consecutive sessions suggests a potential shift in foreign investor sentiment toward the stock, possibly related to upcoming corporate actions or sector-specific concerns. The broad-based selling across multiple sectors (banking, steel, technology, real estate) indicates a general risk-off approach by foreign investors, while selective buying in MSN, HDB, and VIC points to continued interest in consumer, banking, and conglomerate names. The net selling of VND 2,094 billion is one of the largest daily foreign outflows in recent months, warranting attention for its impact on market liquidity and sentiment.

What to Watch

• Further foreign selling in MSB in the coming sessions; any stabilization or reversal would signal a change in sentiment.
• Q2 2026 earnings reports for MSB, HPG, ACB, and FPT to assess fundamental impact.
• Foreign ownership limits and any regulatory changes affecting foreign flows.
• Broader market liquidity trends and VN-Index support levels.
• Follow-up foreign flow data for the remainder of the week to confirm if the selling is sustained or a one-off event.