Foreign Investors Extend Vietnam Net-Selling Streak to 12 Sessions, TCB Leads Outflows
This Aveluro analysis covers TCB (Techcombank) on HOSE in the Banks sector. The classified event type is foreign flow, with negative sentiment and a deterministic market-impact score of 4.9/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from VnExpress - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Foreign investors extended their net-selling streak on the HoSE to 12 consecutive sessions, with cumulative net outflows exceeding VND 11,400bn (roughly USD 436m). Techcombank (TCB), HDBank (HDB) and PNJ led the selling, while Vinhomes (VHM) and Vingroup (VIC) contributed the largest single-stock drag on the VN-Index, which closed near 1,739 points, down more than 14 points.
Key Facts
- Foreign investors have now net-sold for 12 consecutive sessions, with cumulative net selling of more than VND 11,400bn (~USD 436m).
- In the latest session, foreign buying on HoSE reached over VND 1,800bn, but no single stock recorded net buying above VND 100bn.
- Foreign selling in the session totalled more than VND 2,250bn, concentrated in TCB (~VND 153bn), HDB (~VND 118bn) and PNJ (~VND 116bn).
- Net foreign transaction value for the session was negative by roughly VND 451bn.
- VN-Index closed near 1,739 points, down more than 14 points, with 183 HoSE decliners versus 110 gainers.
- VHM fell 3.4% and VIC slipped 0.9%, together subtracting more than 7 points from the VN-Index; they led market liquidity at VND 706bn and VND 756bn respectively.
- SHB fell to its full daily limit and ranked fourth on the market by liquidity.
What Happened
Foreign investors bought more than VND 1,800bn on the HoSE during the session but sold over VND 2,250bn, leaving a net negative transaction value of approximately VND 451bn. The selling was concentrated in Techcombank (TCB) at nearly VND 153bn, HDBank (HDB) at nearly VND 118bn and PNJ at nearly VND 116bn. The session marked the twelfth straight day of net selling, with the sole exception of 21 September, the day Vietnam’s market was officially upgraded, according to the report.
Selling pressure weighed on overall sentiment and kept HoSE liquidity subdued at close to VND 15,900bn, up only about 4% from the prior session. Since the upgrade, total transaction value has consistently stayed below the VND 20,000bn mark. The VN-Index spent most of the day below reference, with selling intensifying in the afternoon across large-cap stocks. Financial services, real estate, construction materials and banking shares bore the brunt. VHM of Vinhomes dropped 3.4% and VIC of Vingroup fell 0.9%, together accounting for more than 7 points of the index decline. SHB drew attention after falling to its full limit, with the bank linked to Bầu Hiển recently planning a private placement of 200 million shares to professional securities investors.
Market Context
TCB trades on the HoSE and closed at VND 31,900 on 8 October 2026, with HDB at VND 28,000, PNJ at VND 18,250 and VHM at VND 65,700. The persistent foreign bid-absence has coincided with the VN-Index oscillating around the 1,750-point threshold without strong cash-flow support. Vietcombank Securities (VCBS) assessed the market as choppy around 1,750 points and recommended following large cash flows, considering exploratory allocations on pullbacks to support, or waiting for a confirmed VN-Index equilibrium before opening positions in stocks consolidating sideways.
Strategic Significance
For long-term investors, the 12-session foreign selling streak tests the post-upgrade thesis that Vietnam’s reclassification would draw durable passive and active inflows. The concentration of outflows in banking names such as TCB and HDB, alongside consumer-discretionary PNJ, suggests foreign investors are trimming liquid, index-heavy positions rather than exiting the market indiscriminately. The divergence between heavy foreign selling and resilient domestic liquidity in VHM and VIC indicates that domestic capital is absorbing supply in the largest real-estate names, a dynamic that matters for how quickly the index can stabilise. SHB’s limit-down move and its planned 200-million-share private placement add a capital-raising overhang to the banking sector at a time when foreign demand is already weak.
What to Watch
- Daily HoSE foreign net-flow data to confirm whether the 12-session selling streak breaks or extends.
- VN-Index behaviour around the 1,750-point level and whether liquidity recovers above VND 20,000bn.
- SHB’s progress on its planned private placement of 200 million shares to professional securities investors.
- Third-quarter earnings releases from TCB, HDB, PNJ, VHM and VIC for evidence on domestic cash-flow rotation.
- Any updated foreign-ownership or upgrade-related flow reports from market participants such as VCBS.