Foreign, Proprietary Traders Sell VND 1.2T on HOSE; TCB, VIC Hit

Overview

On August 18, 2026, both proprietary traders and foreign investors turned net sellers on the Ho Chi Minh Stock Exchange (HOSE), with combined outflows exceeding VND 1.2 trillion. Techcombank (TCB), Vingroup (VIC), and VPBank (VPB) led the sell-off, while FUESSVFL fund certificates saw significant block trades, suggesting institutional repositioning.

Key Facts

• Proprietary traders net sold nearly VND 430 billion on HOSE on August 18, reversing the prior session’s net buying.
• Foreign investors net sold approximately VND 736 billion market-wide, extending their net selling streak to four consecutive sessions.
• TCB was the top proprietary sell, with net selling of nearly VND 62 billion; HPG followed with VND 53 billion, STB with VND 35 billion, and VIC with over VND 33 billion.
• FUESSVFL fund certificates, managed by SSIAM, saw proprietary net selling of over VND 61 billion, while foreign investors net bought the same amount, likely matching block trades of 2.18 million certificates.
• Foreign net selling concentrated on VIC (nearly VND 151 billion) and VPB (nearly VND 117 billion), followed by SSI (over VND 65 billion) and VCB (over VND 61 billion).
• GAS led proprietary net buying but with a modest value of under VND 7 billion, indicating weak buying interest.

What Happened

On August 18, 2026, proprietary trading desks at securities firms reversed their stance, net selling nearly VND 430 billion on HOSE after a brief buying session the day before. According to VietstockFinance, TCB saw the largest proprietary net selling at nearly VND 62 billion, followed by HPG, STB, and VIC. Notably, FUESSVFL fund certificates were also heavily sold by proprietary desks, with over VND 61 billion in net selling.

Meanwhile, foreign investors continued their selling spree, net selling nearly VND 736 billion across the market, marking the fourth straight session of outflows. The selling pressure was concentrated on VIC and VPB, with net selling of nearly VND 151 billion and VND 117 billion, respectively. Interestingly, foreign investors net bought over VND 61 billion of FUESSVFL, likely matching the proprietary block trades, as over 2.18 million certificates changed hands in negotiated deals.

Market Context

Techcombank (TCB), listed on HOSE, closed at VND 30,850 on August 18, 2026. The broader market has been under pressure from persistent foreign selling, which has now extended to four sessions. TCB’s significant proprietary selling adds to the negative sentiment, though the stock remains a large-cap banking name. VIC, trading at VND 200,000, and VPB at VND 24,900, also faced heavy foreign outflows, reflecting a cautious stance toward large-cap real estate and banking stocks. The block trades in FUESSVFL suggest institutional investors are rebalancing portfolios, possibly rotating into or out of the fund.

Strategic Significance

For long-term investors, the sustained foreign selling and proprietary trading activity highlight a risk-off sentiment in the Vietnamese market, particularly in large-cap names like TCB, VIC, and VPB. The concentrated selling in these stocks may reflect profit-taking or concerns about valuations and economic headwinds. However, the FUESSVFL block trades indicate that some institutional investors see value in fund certificates, potentially signaling a shift toward diversified exposure. The lack of significant buying interest, as seen in GAS’s modest net buying, underscores the cautious mood. Investors should monitor whether foreign selling abates and whether domestic institutions step in to support key indices.

What to Watch

• Foreign net selling activity in the coming sessions: whether the streak extends beyond four days or reverses.
• TCB’s price action and trading volume: whether it stabilizes above VND 30,000 or faces further downside.
• FUESSVFL block trades: any further large negotiated deals that could indicate institutional accumulation or distribution.
• Quarterly earnings reports from TCB, VIC, and VPB for fundamental support.
• Regulatory or policy announcements that could influence foreign investor sentiment, such as changes in foreign ownership limits or market upgrades.