Foreign Investors Net Sell VND 830B on May 19; VCB Bought Heavily at VND 594B

Overview

On May 19, foreign investors net sold VND 830 billion across the Vietnamese stock market, with Vietcombank (VCB) being the most bought stock at VND 594 billion and Military Commercial Joint Stock Bank (MBB) the most sold at VND 233 billion. The VN-Index fell 15 points to 1,913 despite improved liquidity on HoSE, which recorded matching volume of over VND 27 trillion.

Key Facts

• Foreign investors net sold VND 830 billion across all three exchanges on May 19.
• On HoSE, net selling amounted to VND 742 billion.
• VCB was the top net buy on HoSE with VND 594 billion, followed by VIC (VND 155 billion) and GEX (VND 100 billion).
• MBB was the top net sell on HoSE with VND 233 billion, followed by SSI (VND 172 billion) and ACB (VND 151 billion).
• On HNX, net selling was VND 75 billion, with PVS the most sold at VND 66 billion.
• On UPCOM, net selling was VND 13 billion, with ACV the most sold at VND 24 billion.
• VN-Index closed at 1,913, down 15 points from the previous session.

What Happened

According to data from the trading session on May 19, foreign investors were net sellers across the Vietnamese equity market, offloading a total of VND 830 billion. The selling pressure was concentrated on HoSE, where net foreign selling reached VND 742 billion. Despite the overall net outflow, several large-cap stocks saw significant net buying. Vietcombank (VCB) led the buy side with net purchases of approximately VND 594 billion, followed by Vingroup (VIC) at VND 155 billion and Gelex Group (GEX) at nearly VND 100 billion.

On the sell side, Military Commercial Joint Stock Bank (MBB) was the most heavily sold stock, with net selling of VND 233 billion. Other notable net sells included SSI Securities Corporation (SSI) at VND 172 billion, Asia Commercial Bank (ACB) at VND 151 billion, and VPBank (VPB) at VND 115 billion. On HNX, foreign investors net sold VND 75 billion, with PVS being the most sold at VND 66 billion. On UPCOM, net selling was VND 13 billion, led by Airports Corporation of Vietnam (ACV) at VND 24 billion.

Market Context

On May 19, the VN-Index declined 15 points to close at 1,913, reflecting broad-based selling pressure, particularly among large-cap stocks in the VN30 basket, where four stocks hit the floor and only eight advanced. Despite the index decline, trading volume on HoSE improved markedly, with matching value exceeding VND 27 trillion. VCB, listed on HOSE, closed at VND 64,400, up 1.90% on the day, while MBB, also on HOSE, saw net foreign selling of VND 233 billion. The net foreign outflow of VND 830 billion is a notable reversal from recent sessions and signals cautious sentiment among international investors.

Strategic Significance

The heavy net buying of VCB by foreign investors underscores the bank’s status as a blue-chip defensive holding in the Vietnamese banking sector, often favored during periods of market volatility. Conversely, the concentrated selling in MBB, SSI, and ACB suggests profit-taking or portfolio rebalancing by foreign funds. The overall net selling of VND 830 billion indicates that foreign investors are reducing exposure to Vietnamese equities amid the VN-Index’s pullback from recent highs. The elevated HoSE matching volume of VND 27 trillion points to strong domestic participation, which may partially offset foreign outflows.

What to Watch

• Subsequent sessions’ foreign flow data to see if the net selling trend persists or reverses.
• VCB’s upcoming quarterly earnings and any updates on its credit growth and NIM trends.
• MBB’s price action and any company announcements that may explain the heavy foreign selling.
• VN-Index support level around 1,900 and whether domestic liquidity can sustain the market.
• SBV policy moves on interest rates or credit growth that could impact banking stocks.