Foreign Net Selling Hits VND 53 Trillion on Vietnam Stock Market Since Early 2026

Overview

Foreign investors have net sold approximately VND 53 trillion (USD 2.12 billion) on the Vietnamese stock market since the start of 2026, according to data from the Ho Chi Minh Stock Exchange (HOSE). The selling pressure has affected large-cap stocks across sectors, including retail giant MWG and securities firm SSI, as global funds reallocate capital to developed markets. Analysts expect the trend to moderate if valuations become more compelling.

Key Facts

• Foreign net selling reached about VND 53 trillion (USD 2.12 billion) from January to mid-May 2026.
• The selling is attributed to profit-taking after a strong rally in large-cap stocks and capital reallocation to developed markets (US, Japan, South Korea).
• MWG, despite positive business outlook, has been under foreign net selling pressure.
• SSI’s Deputy Director of Analysis and Investment Consulting, Dao Minh Chau, noted that the trend is not unique to Vietnam but affects several Southeast Asian markets.
• Vietnam’s GDP growth and corporate earnings growth remain high and stable relative to regional peers, supporting long-term foreign interest.
• Potential MSCI market upgrade is expected to boost foreign inflows in the medium to long term.
• On May 13, 2026, MWG closed at VND 83,700 (-0.12%) and SSI at VND 27,800 (-0.89%).

What Happened

Foreign investors have been net sellers on the Vietnamese stock market since the start of 2026, with total net selling reaching approximately VND 53 trillion (USD 2.12 billion). According to Mr. Dao Minh Chau, Deputy Director of the Analysis and Investment Consulting Center at SSI Securities, the selling is partly due to profit-taking after a strong rally in many large-cap stocks. Sectors such as banking and retail, which had performed well earlier, are seeing foreign investors lock in gains.

Mr. Chau highlighted that the trend is part of a broader global capital shift, as developed markets like the US, Japan, and South Korea have recovered strongly, particularly in semiconductor and AI-related sectors. This has prompted global funds to reallocate capital away from emerging markets, including Vietnam and other Southeast Asian countries. However, he expects the selling pressure to ease if the market corrects to more attractive valuation levels.

Market Context

On May 13, 2026, MWG closed at VND 83,700 (-0.12%) on HOSE, while SSI closed at VND 27,800 (-0.89%) on HOSE. The broader market has been testing the historical peak of 1,918 points, with support around 1,875 points. Despite foreign selling, domestic liquidity has remained supportive, according to VDSC. The selling pressure has weighed on sentiment, but analysts note that Vietnam’s strong GDP growth and corporate earnings outlook provide a fundamental buffer.

Strategic Significance

The persistent foreign net selling reflects a cyclical shift in global capital flows toward developed markets, driven by technology sector momentum. For Vietnam, the trend underscores the importance of market upgrades (e.g., MSCI) to attract stable long-term foreign capital. While short-term pressure may continue, Vietnam’s structural growth story—supported by robust GDP expansion and corporate profitability—remains intact. The eventual easing of selling could create entry points for long-term investors if valuations become more attractive.

What to Watch

• Weekly foreign flow data on HOSE and HNX to track any reversal in net selling.
• Q2 2026 earnings reports for MWG and SSI to assess fundamental support.
• MSCI market classification review announcements for Vietnam.
• Global interest rate and tech sector trends affecting capital flows to emerging markets.
• VN-Index price action around the 1,875 support and 1,918 resistance levels.