Foreign Net Selling Hits VND 1.7 Trillion on May 25; MSB Leads with VND 1.16 Trillion

Overview

On May 25, foreign investors net sold nearly VND 1.7 trillion on the HOSE, with MSB (Maritime Bank) being the most heavily sold stock at VND 1.16 trillion. Proprietary trading desks also net sold VND 667 billion, led by MWG. The selling continues a three-day streak of foreign net outflows totaling over VND 6.6 trillion, bringing month-to-date foreign net selling to more than VND 16.5 trillion.

Key Facts

• Foreign investors net sold VND 1,694 billion on May 25, down from VND 3,200 billion the prior session.
• MSB was the top sold stock, with net foreign selling of VND 1,160 billion.
• HPG and ACB followed with net foreign selling of VND 212 billion and VND 136 billion, respectively.
• MSN was the top bought stock by foreign investors, with net buying of VND 145 billion.
• Proprietary trading desks net sold VND 667 billion on HOSE, the second-highest daily level in May.
• MWG led proprietary selling at VND 134 billion, followed by MSN at VND 121 billion.
• Month-to-date (May 1-25), foreign net selling reached VND 16,500 billion, with FPT leading at nearly VND 2,800 billion.

What Happened

Foreign investors continued their aggressive selling on May 25, with net outflows of nearly VND 1.7 trillion on the HOSE. The selling was concentrated in MSB, which alone accounted for VND 1.16 trillion of net foreign selling, more than five times the next most sold stock, HPG. ACB also saw significant foreign selling of VND 136 billion. On the buying side, MSN attracted the most foreign capital with net buying of VND 145 billion, followed by HDB (VND 112 billion) and VIC (VND 66 billion).

Proprietary trading desks also turned net sellers, offloading VND 667 billion worth of stocks, the second-highest daily net selling in May. MWG was the most sold by proprietary desks at VND 134 billion, while MSN, despite being bought by foreigners, was sold by proprietary desks to the tune of VND 121 billion. CTG also saw proprietary net selling of VND 92 billion. In contrast, proprietary desks bought DCM (VND 36 billion), FPT (VND 23 billion), and ACB (VND 21 billion).

Market Context

MSB closed at VND 14,450 on May 25, up 0.35% on volume of 11 million shares, but the heavy foreign selling suggests persistent downward pressure. The broader market saw mixed performance, with ACB rising 3.06% to VND 23,550 and HPG gaining 0.63% to VND 24,100, while MSN rose 1.58% to VND 77,200. The three-day foreign selling streak of over VND 6.6 trillion has contributed to heightened volatility, with the VN-Index facing headwinds from sustained foreign outflows. MSB, listed on HOSE, has been a frequent target of foreign selling in May, accumulating net foreign outflows of approximately VND 2.5 trillion month-to-date.

Strategic Significance

The persistent foreign selling, particularly in banking stocks like MSB and ACB, reflects ongoing concerns about the Vietnamese banking sector’s exposure to real estate and corporate bonds, as well as global monetary tightening. MSB’s heavy selling may also be linked to profit-taking after a period of relative outperformance or specific shareholder actions. The divergence between foreign and proprietary flows—where foreigners sold MSB but proprietary desks bought ACB—highlights differing short-term views. For long-term investors, the sustained foreign outflows underscore the importance of monitoring foreign ownership limits and the potential for stabilization once selling pressure abates.

What to Watch

• Foreign net selling volumes in the next few sessions to see if the pace moderates.
• MSB’s upcoming quarterly earnings and any corporate announcements that could shift sentiment.
• The SBV’s policy stance on interest rates and credit growth, which may influence banking stocks.
• Changes in foreign ownership limits for MSB and other heavily sold banks.
• The VN-Index’s ability to hold key support levels amid continued foreign outflows.