Foreign Investors Net Sell VND 5,022 Billion on HoSE; PNJ Leads Outflows

Overview

Foreign investors net sold VND 5,022 billion on HoSE during the week of September 28 to October 2, with PNJ (HOSE: PNJ) alone accounting for VND 1,458 billion of outflows. The selling pressure spanned banking, real estate, steel and consumer names, while a VND 3,161 billion block purchase in MSR on UPCoM pushed that exchange to VND 3,151 billion in net buying.

Key Facts

• Foreign investors net sold VND 5,022 billion on HoSE, net bought VND 46 billion on HNX, and net bought VND 3,151 billion on UPCoM during the week.
• Cumulative net selling across all exchanges was VND 1,825 billion; excluding the MSR block purchase, net selling exceeded VND 5,000 billion.
• PNJ led HoSE net selling at VND 1,458.03 billion, followed by TCB at VND 418.27 billion, VPB at VND 405.48 billion and VIC at VND 331.60 billion.
• ACB (VND 160.65B), VHM (VND 124.12B) and HPG (VND 118.10B) also saw significant net selling; CTG, VCB, STB, VNM and HAH each recorded VND 80–100+ billion in outflows.
• MSR topped net buying at VND 3,161 billion, followed by FRT (VND 121.28B), MSN (VND 89.77B) and DGW (VND 76.21B).
• PNJ closed at VND 23,050 on October 2; TCB at VND 32,250; VPB at VND 22,900; VIC at VND 224,000.

What Happened

Foreign investors were net sellers for nearly the entire week, according to exchange statistics covering September 28 to October 2. The first trading session of October recorded an unexpected block purchase in MSR on UPCoM, which offset broader selling. Excluding that block trade, cumulative net selling across the market exceeded VND 5,000 billion.

On HoSE, foreign investors net sold VND 5,022 billion, while HNX saw VND 46 billion in net buying and UPCoM recorded VND 3,151 billion in net buying. PNJ was the single largest target of foreign selling at VND 1,458.03 billion, far ahead of TCB (VND 418.27B), VPB (VND 405.48B) and VIC (VND 331.60B). ACB, VHM and HPG also faced notable outflows, while CTG, VCB, STB, VNM and HAH each saw VND 80–100+ billion in net selling. On the buy side, MSR dominated with VND 3,161 billion, followed by FRT, MSN and DGW.

Market Context

The VN-Index fell during the week as short-term support levels were breached, with decliners dominating most sessions and liquidity at or below the 20-session average, indicating weak demand. PNJ (HOSE) closed at VND 23,050 on October 2, while TCB (HOSE) closed at VND 32,250, VPB (HOSE) at VND 22,900 and VIC (HOSE) at VND 224,000. The broad-based foreign selling across banking, real estate, steel and consumer staples reflects continued risk-off positioning in Vietnamese equities.

Strategic Significance

For long-term investors, the concentration of foreign outflows in PNJ is notable given the company’s position in Vietnam’s jewelry retail market. The VND 1,458 billion net sell represents a significant portion of PNJ’s recent trading liquidity and may reflect foreign funds rebalancing away from consumer discretionary exposure amid currency and interest-rate uncertainty. The MSR block purchase on UPCoM, by contrast, suggests selective institutional interest in materials and industrial names. The divergence between HoSE selling and UPCoM buying highlights that foreign flows are not uniformly negative but are rotating across exchanges and sectors.

What to Watch

• Weekly foreign flow data for the week of October 5–9 to see if HoSE net selling persists or reverses.
• PNJ’s next monthly or quarterly business update for jewelry retail revenue trends.
• Any further block transactions on UPCoM, particularly in MSR, that could distort aggregate flow figures.
• VN-Index behavior around short-term support levels and whether liquidity recovers above the 20-session average.
• Foreign ownership room filings for PNJ, TCB, VPB and VIC that may indicate room for renewed buying.