Foreign Investors Net Sell VND 362.6B; VN-Index Dips 8.88 Points

Overview

On July 31, 2026, foreign investors net sold VND 362.6 billion (~USD 14.5 million) on Vietnamese exchanges, with net selling concentrated in real estate and net buying in technology and retail. The VN-Index fell 8.88 points to 1,735.78 during the ETF rebalancing session, though state-owned banks provided significant support.

Key Facts

• Foreign net selling reached VND 362.6 billion (~USD 14.5 million); matched-order net selling was VND 311.6 billion.
• VN-Index closed at 1,735.78, down 8.88 points, with 200 decliners versus 126 advancers.
• VCB rose nearly 5%, BID gained 2%, and CTG added 1.15%, collectively contributing 7 points to the index.
• Real estate was the top net-sold sector; VHM, TCB, VPB, NVL, ACB, NLG, GEX, HPG, and GMD led sell-offs.
• Technology and retail saw net buying; top buys included VCB, FPT, VIC, VRE, FRT, VNM, BSR, MSB, LPB, and CTG.
• Three-session liquidity remained high at approximately VND 20,000 billion in matched orders.
• Individual investors net sold VND 123.6 billion overall but net bought VND 136.4 billion on matched orders.
• Proprietary trading (tự doanh) net bought VND 121.5 billion, with matched-order net buying of VND 149.0 billion.

What Happened

The session on July 31, 2026 marked the completion of ETF portfolio rebalancing, causing late-session volatility. The VN-Index initially dropped as much as 25 points during the closing auction but recovered to close at 1,735.78, down 8.88 points. Market breadth weakened, with 200 stocks falling against 126 gainers.

State-owned banks acted as the main pillar: VCB surged nearly 5%, BID rose 2%, and CTG gained 1.15%, together offsetting 7 points of index decline. In contrast, most private banks (TCB, LPB, ACB, HDB, SHB) fell 1-2%, and securities stocks (SSI, VND, VCI, HCM) declined similarly. Real estate stocks faced selling pressure amid rising interest rates and tighter policies, with BCM, KBC, DXG, PDR, and VPI declining. Vingroup stocks diverged: VIC dropped 2.68% (costing 9.64 points), while VHM edged up 0.14% and VRE rose 2.06% on strong Q2 earnings.

Market Context

The VN-Index’s decline came despite strong support from state-owned banks, highlighting a clear divergence within sectors. VCB closed at VND 59,300 on HOSE, up nearly 5%, while BID closed at VND 38,000 and CTG at VND 30,800. Foreign selling pressure has been easing, with net buying on strong up days, potentially supporting August gains. The real estate sector remains under pressure from high interest rates and policy tightening, while technology and retail attract foreign interest.

Strategic Significance

For long-term investors, the session underscores the resilience of state-owned banks as defensive anchors, while foreign flows continue to favor technology and retail over real estate. The ETF rebalancing amplified volatility, but the underlying trend of reduced foreign selling suggests improving sentiment. The divergence within Vingroup (VIC down, VRE up) reflects company-specific fundamentals, with VRE’s strong earnings standing out. Investors should monitor whether foreign buying in tech and retail persists, and whether real estate outflows stabilize.

What to Watch

• Foreign net flow data for the first week of August to confirm the trend of reduced selling.
• Q2 earnings reports from real estate firms (VHM, NVL, NLG) for signs of recovery.
• Interest rate movements and any new policy measures affecting the property sector.
• VCB’s price action above VND 60,000, as it may signal sustained institutional demand.
• ETF rebalancing effects on liquidity and index volatility in the coming sessions.