TCB Leads Foreign and Proprietary Net Selling on October 29

Overview

Foreign investors net sold more than VND 540 billion and proprietary trading desks net sold nearly VND 282 billion on October 29, a combined outflow of roughly VND 825 billion. Techcombank (TCB), listed on HOSE, was the single largest target of selling from both cohorts, with FPT and SSI also among the most heavily sold names. HPG bucked the trend as the top foreign net-buy.

Key Facts

• Foreign investors net sold more than VND 540 billion on October 29.
• Proprietary traders net sold nearly VND 282 billion, bringing the combined net selling to close to VND 825 billion.
• TCB led foreign net selling at VND 118 billion, followed by FPT at VND 115 billion and SSI at VND 79 billion.
• HPG topped the foreign net-buy list with more than VND 63 billion purchased.
• On the proprietary side, TCB was again the heaviest net sale at nearly VND 90 billion, with SAB sold for close to VND 43 billion.
• PVT was the largest proprietary net buy at more than VND 55 billion; VPB ranked second on the proprietary sell list at nearly VND 27 billion.
• TCB closed at VND 22,350 on October 29; FPT at VND 52,700, HPG at VND 21,200 and SSI at VND 19,600.

What Happened

The session was defined by a rare alignment of the two largest institutional flow sources in the Vietnamese market. Foreign investors extended their selling streak with more than VND 540 billion in net outflows, concentrated in banking and technology names. Techcombank absorbed VND 118 billion of foreign selling, FPT VND 115 billion and SSI VND 79 billion, according to the market flow data compiled in the report. HPG was the notable exception, drawing more than VND 63 billion in foreign net buying.

Proprietary trading desks moved in the same direction, net selling nearly VND 282 billion. TCB again featured at the top of the sell list at close to VND 90 billion, with SAB close behind at roughly VND 43 billion. PVT attracted more than VND 55 billion in proprietary net buying, while VPB recorded nearly VND 27 billion in net selling. The report does not disclose the source of the flow data beyond exchange-level trading statistics.

Market Context

TCB closed at VND 22,350 on October 29, with the stock facing selling pressure from both foreign and proprietary accounts on the same session. The pattern spans several sectors: banking (TCB, VPB), technology (FPT), securities (SSI), steel (HPG), logistics (PVT) and consumer (SAB). The simultaneous net selling by foreign investors and proprietary desks is a defensive signal, though the rotation into HPG and PVT suggests the flows reflect sector reallocation rather than a wholesale exit from Vietnamese equities.

Strategic Significance

For long-term holders of TCB, the key question is whether the dual selling reflects a durable de-rating of the bank’s foreign ownership premium or a short-term liquidity event. Techcombank has historically commanded a valuation premium within the Vietnamese banking sector, and sustained foreign outflows can pressure that premium by reducing the marginal buyer base. The offsetting flows into HPG and PVT point to a rotation toward steel and logistics, sectors geared to industrial production and export activity rather than domestic credit growth. Investors should treat a single session of aligned selling as a data point, not a trend, but repeated convergence of foreign and proprietary flows in the same direction would carry more weight.

What to Watch

• Daily foreign and proprietary net flow data for TCB over the following sessions to see whether the outflow persists.
• Whether FPT and SSI continue to attract foreign selling or stabilize near current levels.
• Follow-through in HPG and PVT net buying as a signal of sector rotation.
• Any foreign-ownership disclosure or block trade filings involving TCB.
• Broader market liquidity and index-level foreign flow trends for the week.