Foreign Investors Net Sell VND 13.9 Trillion on HOSE; SHB Tops Buy List

Overview

Foreign investors net sold VND 13,921.0 billion on the Ho Chi Minh Stock Exchange (HOSE) in the week ending October 10, 2026, with the bulk executed through put-through transactions rather than matched orders. Matched-order net selling was far smaller at VND 1,269.4 billion. Saigon-Hanoi Commercial Joint Stock Bank (SHB, HOSE) topped the matched-order net buy list, even as the VN-Index posted a fourth consecutive weekly decline, down 0.15% to 1,735.09 points.

Key Facts

• Foreign investors net sold VND 13,921.0 billion on HOSE for the week; matched-order net selling was VND 1,269.4 billion.
• The VN-Index closed at 1,735.09 points, down 2.62 points or 0.15% week-on-week, its fourth straight weekly loss.
• Average matched-order turnover on HOSE reached VND 12,900 billion per session, up 7.80% from the prior week but 7.20% below the five-week average.
• SHB, PLX, VIC, DGW, MCH, DCM, STB, MSN, VIB and HPG led foreign matched-order net buying.
• PNJ, TCB, FPT, HDB, ACB, VHM, VCI, MSB and HAH led foreign matched-order net selling.
• Proprietary trading net sold VND 41.5 billion overall but net bought VND 348.2 billion on a matched-order basis.
• Information Technology was the largest drag on the index at about -3.8 points, almost entirely from FPT (-3.7 points).

What Happened

According to the weekly market summary, foreign investors recorded net sales of VND 13,921.0 billion on HOSE, but the figure was dominated by put-through deals rather than ordinary order matching. On a matched-order basis, foreign net selling was just VND 1,269.4 billion. The buying side was concentrated in Food & Beverage and Retail, with SHB, PLX, VIC, DGW, MCH, DCM, STB, MSN, VIB and HPG the top matched-order net buys. The selling side was led by Banking and Personal & Household Goods, with PNJ, TCB, FPT, HDB, ACB, VHM, VCI, MSB and HAH the largest matched-order net sells.

The VN-Index ended the week at 1,735.09 points, down 2.62 points or 0.15%, extending its losing streak to four weeks. The decline was much narrower than in the prior two weeks, suggesting the correction is losing momentum, though no clear recovery has formed. Liquidity improved slightly but remained low: average matched-order value on HOSE was VND 12,900 billion per session, up 7.80% week-on-week but still 7.20% below the five-week average. Across the three exchanges, average daily turnover was VND 20,022 billion, with matched orders at VND 14,070 billion per session, up 7.65% from week 40 but 6.50% below the five-week average.

Market Context

SHB (HOSE) closed at VND 10,000 on October 10, 2026, and was the single largest matched-order net buy by foreign investors for the week, even as the Banking sector overall contributed -3.4 points to the VN-Index. Within banking, pressure came from ACB (-2.6 points), SHB (-2.5 points), VBB (-1.2 points), STB (-1.1 points) and TPB (-0.4 points), partly offset by VPB (+2.7 points), HDB (+1.5 points), MSB (+0.8 points) and LPB (+0.7 points). The broader market remains in a low-liquidity consolidation, with the VN-Index down for a fourth week but at a slower pace.

Strategic Significance

For long-term investors, the key signal is the divergence between headline foreign net selling and matched-order activity. The VND 13,921.0 billion headline figure is largely a put-through story, which often reflects block trades, portfolio rebalancing or negotiated deals rather than sustained open-market distribution. The matched-order net sell of VND 1,269.4 billion is modest relative to weekly HOSE turnover of roughly VND 12,900 billion per session, implying foreign flow was not the primary driver of the index’s fourth weekly decline. SHB’s position at the top of the matched-order buy list, despite the stock’s negative index contribution, suggests selective foreign accumulation in banking names trading near VND 10,000. The persistence of low liquidity and the Information Technology drag from FPT remain the main structural headwinds.

What to Watch

• Weekly foreign flow data for the week ending October 17, 2026, to see whether matched-order net selling persists or reverses.
• SHB’s third-quarter 2026 earnings release and any foreign-ownership room updates, given its VND 10,000 close.
• HOSE matched-order turnover relative to the five-week average of VND 12,900 billion per session, as a gauge of whether liquidity is recovering.
• FPT’s share price action, after contributing -3.7 points to the VN-Index, to assess whether the technology drag eases.
• Put-through transaction disclosures, which may clarify the counterparties behind the VND 13,921.0 billion headline net sell figure.