Foreign Investors Net Sell VND 1.92 Trillion on July 22; VNM Stands Out as Bright Spot

Overview

On July 22, foreign investors net sold VND 1.92 trillion on HOSE, the strongest net selling day of the month, as the VN-Index dropped 62 points. The sell-off was broad-based, with SSI, VIC, and VCB each seeing net selling exceeding VND 200 billion. In contrast, VNM attracted a surprise net buying of VND 167 billion, standing out as the only major blue-chip with significant foreign inflows.

Key Facts

• Foreign investors net sold VND 1.92 trillion on July 22, the highest daily net selling in July 2026.
• SSI was the most sold stock, with net selling of VND 292 billion.
• VIC and VCB each recorded net selling of over VND 200 billion.
• VNM was the top net bought stock, with net buying of VND 167 billion.
• Proprietary traders (tự doanh) net bought VND 473 billion, with TCB receiving the largest net buying of VND 235 billion.
• Proprietary traders net sold VHM (VND 101 billion) and GEE (VND 61 billion).
• VN-Index closed down 62 points on the day.

What Happened

According to exchange data, foreign investors executed a net sell-off of VND 1.92 trillion in matched orders on July 22, marking the strongest net selling session of the month. The selling pressure was widespread across large-cap stocks. SSI led the sell-off with net selling of VND 292 billion, followed by VIC and VCB, each with net selling exceeding VND 200 billion. The broad-based nature of the selling suggests a general risk-off sentiment among foreign investors.

In contrast, VNM (Vinamilk) emerged as a notable exception, attracting net buying of VND 167 billion. This inflow into a defensive, high-dividend stock indicates a selective shift toward stability amid the market downturn. Meanwhile, proprietary traders acted as a counterweight, net buying VND 473 billion, with the largest inflow into TCB (VND 235 billion) and GEL (VND 145 billion).

Market Context

On July 22, the VN-Index fell 62 points, reflecting broad selling pressure. SSI closed at VND 22,650, VCB at VND 54,500, VIC at VND 202,100, and VNM at VND 59,100. The foreign net selling of VND 1.92 trillion is the largest daily outflow in July, continuing a trend of foreign divestment from Vietnamese equities. The selling was concentrated in financials (SSI, VCB) and real estate (VIC), sectors that have faced headwinds from rising interest rates and regulatory changes. VNM’s defensive characteristics—strong brand, high dividend yield—made it a safe haven for foreign capital.

Strategic Significance

The foreign sell-off underscores persistent risk aversion among international investors toward Vietnamese equities, particularly in cyclical sectors. The concentration of selling in SSI, VIC, and VCB suggests concerns about earnings growth and valuation in securities, real estate, and banking. VNM’s net buying highlights the appeal of consumer staples with stable cash flows and high dividends during periods of market stress. This divergence may signal a preference for defensive positioning over growth-oriented plays in the near term.

What to Watch

• Continued foreign flow data in the coming sessions to see if the selling pressure persists or abates.
• Q2 2026 earnings reports for SSI, VIC, VCB, and VNM to assess fundamental support for current valuations.
• Policy signals from the State Bank of Vietnam regarding interest rates and credit growth, which could impact banking and real estate stocks.
• Proprietary trading activity: whether the net buying by tự doanh continues to provide a floor for the market.
• VNM’s dividend announcement and any updates on its business outlook, which could sustain foreign interest.