Foreign Net Selling Hits VND 3,804B in Week VN-Index Drops 101 Points; PNJ, VCB, VPB Top Sold

Overview

Foreign investors net sold VND 3,804 billion (approximately USD 152 million) across Vietnamese equity markets in the week of July 20-24, intensifying selling pressure that drove the VN-Index down 101 points (-5.67%) to 1,688. The most sold stocks were PNJ (VND 714 billion), VCB (VND 452 billion), and VPB (VND 403 billion), with significant outflows also hitting TCB, ACB, STB, SSI, TPB, MBB, VIC, FPT, VRE, and VHM.

Key Facts

• Foreign net selling totaled VND 3,804 billion across all exchanges in the week of July 20-24.
• On HoSE, foreign investors net sold VND 3,746 billion; on HNX, net sold VND 66 billion; on UPCoM, net bought VND 8 billion.
• PNJ was the most sold stock, with net selling of VND 714 billion.
• VCB saw net selling of VND 452 billion, followed by VPB at VND 403 billion.
• TCB, ACB, STB, SSI, TPB, MBB, VIC, FPT, VRE, and VHM each recorded net selling between VND 151 billion and VND 352 billion.
• The VN-Index fell 101.34 points (-5.67%) week-on-week to close at 1,688.11.
• The selling occurred amid cautious market sentiment and lower-than-average trading volume.

What Happened

Foreign investors extended their net selling streak in the week of July 20-24, with total net sales of VND 3,804 billion across the Vietnamese stock market. The selling was concentrated on HoSE, where foreign investors net sold VND 3,746 billion, while HNX saw net selling of VND 66 billion and UPCoM recorded a small net purchase of VND 8 billion.

According to market data, the most heavily sold stock was PNJ (Phu Nhuan Jewelry), with net selling of VND 714 billion. Other major targets included VCB (Vietcombank) at VND 452 billion, VPB (VPBank) at VND 403 billion, TCB (Techcombank) at VND 352 billion, and ACB (Asia Commercial Bank) at VND 331 billion. The selling pressure was broad-based, affecting banking, securities, real estate, technology, and retail stocks.

Market Context

The week’s foreign selling coincided with a sharp decline in the VN-Index, which lost 101.34 points (-5.67%) to close at 1,688.11. The index had fallen approximately 130 points from the prior week’s level before finding support. Trading volume was relatively low compared to previous sell-offs, indicating cautious investor sentiment. Among the most sold stocks, PNJ closed at VND 30,750 on July 26, while VCB closed at VND 54,100, VPB at VND 24,950, and TCB at VND 28,600. The selling pressure was particularly heavy on banking stocks, which accounted for several of the top sold names.

Strategic Significance

The sustained foreign net selling, now exceeding VND 3.8 trillion in a single week, signals continued risk aversion among international investors toward Vietnamese equities. The concentration of selling in high-liquidity names like PNJ, VCB, and VPB suggests that foreign investors are reducing exposure to both consumer discretionary and financial sectors. This trend may reflect broader concerns about global interest rates, emerging market sentiment, or domestic economic headwinds. For PNJ, the largest net selling target, the outflow could pressure the stock in the near term, though the company’s fundamentals remain tied to domestic gold and jewelry demand.

What to Watch

• Weekly foreign flow data for the following weeks to see if the selling pace accelerates or stabilizes.
• Q2 2026 earnings reports for PNJ, VCB, VPB, and other heavily sold stocks to assess fundamental impact.
• VN-Index support levels around 1,660 and potential rebound catalysts.
• Any policy announcements from the State Bank of Vietnam or government regarding foreign investment.
• Changes in global risk appetite, particularly US interest rate expectations and emerging market fund flows.