Foreign Investors Sell Record VND 92.28 Trillion in Vietnam Stocks in 2026

Overview

Foreign investors recorded a record net selling of VND 92,280 billion (USD 3.54 billion) on Vietnamese exchanges since the start of 2026, with July alone seeing net selling of VND 11,592.5 billion. The VN-Index fell 6.85% in July to 1,735.78 points, pressured by banking and large-cap stocks, with Techcombank (TCB) contributing the most negative impact.

Key Facts

• Foreign net selling from January to July 2026 reached VND 92,280 billion (USD 3.54 billion), a record.
• In July, foreign investors net sold VND 11,592.5 billion; on a matched-basis, net selling was VND 8,126.6 billion.
• The VN-Index closed July at 1,735.78 points, down 127.7 points (-6.85%) from end-June.
• Banking stocks were the biggest drag on the VN-Index, contributing -51.0 points; TCB alone accounted for -11.1 points.
• Top foreign net-selling stocks in July (matched basis) included TCB, VPB, PNJ, SSI, VHM, FPT, STB, VIX, and ACB.
• Foreign investors net bought VNM, VIC, MCH, VND, HDB, MWG, LPB, BMP, HVN, and VSC on a matched basis.
• Average matched trading value on HOSE in July was VND 14,518 billion per session, up 4.68% month-on-month but 37.6% below the 5-month average.

What Happened

According to the monthly market report for July 2026, the VN-Index fell 6.85% to 1,735.78 points, erasing most of the gains from the previous two months. Trading liquidity remained low, with average matched value on HOSE at VND 14,518 billion per session, up slightly from June but still well below the five-month average.

The correction was broad-based, with selling pressure concentrated in large-cap stocks, particularly banks. The banking sector was the largest negative contributor to the VN-Index, shaving off 51.0 points. Techcombank (TCB) was the single largest drag, removing 11.1 points, followed by VPB, MBB, SHB, HDB, EIB, VIB, and ACB. Other large caps such as PNJ, MWG, FPT, HPG, VIC, GEX, SSI, MSN, and VJC also weighed on the index.

Foreign investors were net sellers for the month, with total net selling of VND 11,592.5 billion, and matched-basis net selling of VND 8,126.6 billion. This brought year-to-date foreign net selling to a record VND 92,280 billion (USD 3.54 billion). The selling was concentrated in banking stocks, while foreign investors net bought food & beverage and construction materials stocks, with top buys including VNM, VIC, MCH, VND, and HDB.

Market Context

Techcombank (TCB), listed on HOSE, closed at VND 29,000 on August 3, 2026, up 1.55% from the previous session, with a volume of 3,026,000 shares. The stock has been under significant foreign selling pressure, consistent with the broader trend of foreign outflows from Vietnamese banks. The VN-Index’s 6.85% decline in July reflects the impact of these outflows, which have been particularly acute in the banking sector, a key component of the index. The record year-to-date foreign selling of VND 92.28 trillion underscores persistent foreign investor caution toward Vietnamese equities, despite the market’s long-term growth prospects.

Strategic Significance

For long-term investors, the sustained foreign selling highlights a structural challenge for Vietnamese equities: foreign investors are reducing exposure, likely due to global monetary tightening, currency concerns, or valuation adjustments. The concentration of selling in banking stocks, which are among the most liquid and widely held by foreign funds, suggests a portfolio rebalancing rather than a fundamental deterioration in the sector. However, the record outflow could pressure liquidity and valuations in the near term. For TCB and other banks, the ability to attract domestic institutional and retail buying will be crucial to offset foreign selling. The trend also underscores the importance of Vietnam’s efforts to upgrade its market status to emerging market, which could attract passive inflows and reverse the outflow trend.

What to Watch

• Monthly foreign flow data for August 2026 to see if the selling pace accelerates or decelerates.
• Q2 2026 earnings reports from TCB and other major banks, due in the coming weeks, for any signs of fundamental weakness.
• Any policy responses from the State Securities Commission or the Ministry of Finance regarding market support measures.
• Progress on the FTSE Russell market upgrade review, which could influence foreign investor sentiment.
• Domestic institutional buying trends, particularly from proprietary trading desks and domestic funds, as they have been net buyers in recent months.