Foreign Investors Turn Net Sellers on Aug 10, TCB and VHM Lead Sell-off

Overview

Foreign investors turned net sellers on August 10, offloading approximately 281 billion VND (~11.24 million USD) across the Vietnamese stock market. The sell-off was led by bluechips Techcombank (TCB), Vinhomes (VHM), and FPT, with TCB alone seeing net selling of 360 billion VND. Despite this foreign outflow, the VN-Index rose nearly 9 points to 1,776 points, supported by domestic buying and state-capital restructuring stories.

Key Facts

• Foreign investors net sold 281 billion VND (~11.24 million USD) across the market on August 10.
• On HOSE, foreign net selling reached 282 billion VND, with TCB leading at 360 billion VND.
• VHM was the second most sold stock, with net selling of 248 billion VND, followed by FPT at 82 billion VND.
• DMX saw the largest foreign buying on HOSE at 174 billion VND, followed by SHB (69B VND) and VNM (64B VND).
• On HNX, foreign investors net bought 1 billion VND, with MST leading at 7 billion VND; IDC was the top sell at 2.2 billion VND.
• On UPCOM, foreign net buying was marginal at 0.08 billion VND; ACV saw net buying of 4 billion VND, while QNS was sold 7 billion VND.
• VN-Index closed at 1,776 points, up nearly 9 points, with HOSE liquidity at nearly 18,000 billion VND.

What Happened

According to data from Vietcap, foreign investors reversed to net selling on August 10, with total net sell value of approximately 281 billion VND across all three exchanges. On HOSE, the sell-off was concentrated in large-cap stocks: Techcombank (TCB) saw the largest net selling at 360 billion VND, followed by Vinhomes (VHM) at 248 billion VND and FPT at 82 billion VND. This marked a notable shift from recent sessions where foreign investors had been net buyers.

On the buying side, DMX was the top pick on HOSE with net buying of 174 billion VND, followed by SHB (69B VND) and VNM (64B VND). On HNX, foreign investors were net buyers of 1 billion VND, with MST leading at 7 billion VND, while IDC faced net selling of 2.2 billion VND. On UPCOM, foreign activity was minimal, with ACV seeing net buying of 4 billion VND and QNS net selling of 7 billion VND. The VN-Index still managed to gain nearly 9 points to 1,776 points, supported by domestic demand and state-capital restructuring themes.

Market Context

Techcombank (TCB) closed at 31,350 VND on August 10, down from recent levels, as foreign selling pressure weighed on the stock. TCB is listed on HOSE and is one of Vietnam’s largest private banks. The broader market, as measured by the VN-Index, rose to 1,776 points, but the foreign net selling of 281 billion VND signals a cautious stance from international investors amid ongoing global volatility. The sell-off in bluechips like TCB and VHM, which are heavily weighted in indices, could cap further upside if foreign outflows persist.

Strategic Significance

The foreign net selling on August 10, particularly in TCB and VHM, reflects a potential shift in foreign investor sentiment toward Vietnamese large caps. TCB, as a leading private bank, is often a proxy for foreign confidence in the banking sector. The continued foreign selling could pressure valuations, but domestic buying has so far absorbed the supply. For long-term investors, the key question is whether this is a temporary reversal or the start of a sustained outflow trend, which could be influenced by global interest rates, currency movements, and Vietnam’s economic outlook.

What to Watch

• Subsequent sessions’ foreign flow data to see if net selling persists or reverses.
• TCB’s Q3 earnings release and any updates on its business performance.
• VHM’s sales data and progress on its real estate projects.
• Any regulatory changes affecting foreign ownership limits or market access.
• Global market developments, especially US Federal Reserve policy and their impact on emerging market flows.