Domestic Capital Floods Vietnam Banking Stocks VCB, BID, CTG; Foreigners Net Sell

Overview

Domestic capital flooded into major Vietnamese banking stocks, particularly VCB, BID, and CTG, driving sharp price gains and pushing the sector’s share of HoSE trading value to a record 43.5%. The surge occurred despite net selling by foreign investors, underscoring strong local demand for state-owned bank shares.

Key Facts

• Banking stocks accounted for 43.5% of total matched order value on HoSE in the morning session, a record high.
• VCB saw a sudden spike in trading volume, reaching nearly VND 1,660 billion in the morning, approaching its historical record from January 9, 2026.
• VCB’s share price rose 5.72% in the morning session.
• BID traded VND 706.3 billion, up 3.85%; CTG traded VND 582.5 billion, up 2.58%.
• VCB, BID, and CTG have all corrected back to levels seen at the start of 2026.
• Within the VN30 basket, banking stocks made up 65% of total matched order value.
• Excluding banking stocks, VN30 trading value would have fallen 5% versus the previous morning.
• Total HoSE matched order value rose 59% to nearly VND 12,043 billion; excluding banks, it still rose 19%.

What Happened

According to market data from the morning session, domestic investors aggressively bought banking stocks, especially the three largest state-owned banks: Vietcombank (VCB), BIDV (BID), and VietinBank (CTG). The buying pushed VCB up 5.72% with a trading volume of over VND 1,660 billion, nearly matching its all-time record set on January 9, 2026. BID and CTG also saw strong gains of 3.85% and 2.58%, respectively, with substantial turnover.

The article notes that VCB’s price action resembles a pattern from early 2026, when it surged over 37% in six consecutive sessions. The current rally comes after a correction that brought prices back to early-2026 levels. Other banks like KLB, TCB, and MBB also rose but with less momentum.

Market Context

VCB closed at VND 60 on April 15, up 1.01% on the day, while BID closed at VND 40 (-0.12%) and CTG at VND 35 (flat). The banking sector’s dominance in trading value is notable: it accounted for 43.5% of HoSE’s total matched orders, a record high. Within the VN30 index, banking stocks represented 65% of trading value. The VN-Index rose 0.93% in the morning, but breadth was narrow, with only 43 stocks gaining over 1% and 52 falling more than 1%. Foreign investors were net sellers in the banking group, contrasting with strong domestic buying.

Strategic Significance

The surge in state-owned bank stocks reflects a rotation of domestic capital into high-liquidity, government-linked names, possibly driven by expectations of stable dividends or policy support. The record concentration of trading in banking stocks suggests that market breadth remains weak, with most other sectors seeing limited participation. The divergence between domestic buying and foreign selling indicates differing views on valuation and near-term outlook for the banking sector.

What to Watch

• Continuation of VCB’s trading volume: whether it can break its historical record and sustain the uptrend.
• Foreign net selling intensity: if foreign outflows accelerate, it could cap further upside.
• Q1 2026 earnings reports for VCB, BID, and CTG, due in the coming weeks.
• Any regulatory announcements regarding state bank capital increases or dividend policies.
• Broader market breadth: whether other sectors attract capital away from banking.