Foreign Investors Hold VND 1.08 Quadrillion in HoSE Stocks Ahead of FTSE Upgrade
This Aveluro analysis covers VCB (Vietcombank) on HOSE in the Banks sector. The classified event type is foreign flow, with neutral sentiment and a deterministic market-impact score of 7.0/10. Source coverage came from CafeF - Doanh nghiệp, 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 have net sold approximately VND 76 trillion from Vietnam’s stock market since the start of 2026, according to VPBank Securities (VPBankS). Despite this, their total holdings on the Ho Chi Minh Stock Exchange (HoSE) remain substantial at over VND 1.08 quadrillion, with 16 companies each having foreign ownership valued above USD 1 billion. This comes just one month before Vietnam is officially upgraded to FTSE Russell’s secondary emerging market status on 21/9/2026.
Key Facts
- Foreign investors net sold about VND 76 trillion from Vietnamese equities since early 2026 (VPBankS data).
- Total foreign-held shares on HoSE were valued at approximately VND 1.08 quadrillion as of 21/8/2026.
- Vietcombank (VCB) leads with foreign holdings worth about VND 99.3 trillion.
- Vinamilk (VNM) follows with nearly VND 66.4 trillion, VietinBank (CTG) about VND 61.8 trillion, and Mobile World (MWG) over VND 54 trillion.
- Other large caps: Vingroup (VIC) ~VND 50 trillion, BIDV over VND 47 trillion, VPBank ~VND 46.6 trillion, Techcombank ~VND 46.1 trillion, Hòa Phát (HPG) nearly VND 39.7 trillion, and MB over VND 37 trillion.
- 16 companies have foreign holdings of USD 1 billion (approx. VND 26 trillion) or more.
- Newly listed firms also attracted foreign capital: TCBS (TCX) ~VND 10.36 trillion, Điện Máy Xanh (DMX) ~VND 9.36 trillion, Vinpearl (VPL) ~VND 9.16 trillion, VPS (VCK) ~VND 2.67 trillion, VPBankS (VPX) ~VND 1.95 trillion, GELEX Infrastructure (GEL) ~VND 946 billion, and Hòa Phát Agriculture (HPA) ~VND 75 billion.
What Happened
According to a statistical report from VPBank Securities (VPBankS), foreign investors have been net sellers of Vietnamese stocks, with cumulative net selling reaching about VND 76 trillion since the beginning of 2026. However, the value of their remaining holdings on HoSE is still enormous, totaling over VND 1.08 quadrillion as of 21/8/2026. The data, derived from foreign ownership records and stock prices, reveals that 16 listed companies each have foreign-held stakes exceeding USD 1 billion (roughly VND 26 trillion).
Vietcombank (VCB) holds the top position with foreign investors owning shares worth approximately VND 99.3 trillion. Vinamilk (VNM) follows with nearly VND 66.4 trillion, VietinBank (CTG) about VND 61.8 trillion, and Mobile World (MWG) over VND 54 trillion. Other major corporations with significant foreign ownership include Vingroup (VIC) at about VND 50 trillion, BIDV over VND 47 trillion, VPBank around VND 46.6 trillion, Techcombank about VND 46.1 trillion, Hòa Phát (HPG) nearly VND 39.7 trillion, and MB over VND 37 trillion.
Notably, the foreign ownership landscape is not limited to long-listed blue chips. Several newly listed companies have quickly become significant foreign investments. As of 21/8, foreign holdings in TCBS (TCX) were valued at about VND 10.36 trillion, Điện Máy Xanh (DMX) at VND 9.36 trillion, Vinpearl (VPL) at VND 9.16 trillion, VPS (VCK) at nearly VND 2.67 trillion, and VPBankS (VPX) at about VND 1.95 trillion. Two other newcomers, GELEX Infrastructure (GEL) and Hòa Phát Agriculture (HPA), recorded foreign holdings of approximately VND 946 billion and VND 75 billion, respectively. Together, these seven companies account for about VND 34.5 trillion (over USD 1.3 billion) in foreign-held shares.
Market Context
The persistent net selling by foreign investors contrasts with their large absolute holdings, painting a nuanced picture. While daily trading data shows foreign outflows, a significant amount of foreign capital remains parked in large-cap names, and new positions are being built in recently listed companies. This dynamic is unfolding ahead of Vietnam’s upgrade to FTSE Russell’s secondary emerging market status on 21/9/2026, which is expected to attract additional passive inflows. Among the affected tickers, VCB closed at VND 59,100 on 23/8/2026, VNM at VND 63,800, CTG at VND 32,150, and MWG at VND 75,000, all on HOSE.
Strategic Significance
The upcoming FTSE Russell upgrade is a pivotal catalyst for Vietnamese equities. The substantial foreign holdings, despite net selling, indicate that foreign investors are maintaining strategic positions in key sectors such as banking, consumer staples, and real estate. The presence of new listings like TCX, DMX, and VPL in foreign portfolios suggests that international investors are diversifying into emerging names, potentially positioning for the upgrade. For long-term investors, the upgrade could trigger passive fund inflows, improving liquidity and valuations. However, the persistent net selling highlights ongoing concerns, possibly related to valuation or currency risks. The ability of Vietnam to retain and attract foreign capital post-upgrade will be a key test of market confidence.
What to Watch
- Official FTSE Russell upgrade effective date: 21/9/2026, and subsequent index inclusion flows.
- Foreign net buying/selling trends in the weeks following the upgrade.
- Quarterly foreign ownership reports for the 16 companies with >USD 1 billion stakes.
- Any regulatory changes affecting foreign ownership limits or market access.
- Q3 2026 earnings reports from key tickers like VCB, VNM, CTG, and MWG.