Foreign Investors Net Sell VND 1.5 Trillion, Dump Banks VCB, VPB, TCB

Overview

Foreign investors unexpectedly net sold nearly VND 1,500 billion on the first trading day of September, heavily dumping banking stocks such as VCB, VPB, and TCB. The VN-Index fell 0.24% to 1,828 points, with total matched value on HOSE reaching only VND 14,609 billion. This marks a sharp reversal in foreign flow sentiment and puts pressure on key blue-chip tickers.

Key Facts

• Foreign investors net sold VND 1,493 billion across the Vietnamese market on September 1.
• On HOSE, net foreign selling reached VND 1,531 billion; VCB was sold most heavily at VND 215 billion.
• VPB and TCB followed with net sales of VND 173 billion and VND 155 billion, respectively.
• VIC and HPG were also sold, with net amounts of VND 149 billion and VND 148 billion.
• On HNX, foreign net selling totaled VND 52 billion, led by IDC (VND 26 billion) and PVS (VND 24 billion).
• On UPCoM, foreign investors were net buyers at VND 14 billion, with MSR receiving VND 19 billion in net purchases.
• VIX led net buying on HOSE with VND 48 billion, followed by DPM at VND 46 billion.

What Happened

On the first trading session of September, foreign investors unexpectedly turned net sellers, offloading VND 1,493 billion worth of Vietnamese equities. The selling pressure was concentrated on HOSE, where net foreign sales reached VND 1,531 billion. Vietcombank (VCB) saw the largest net sell of VND 215 billion, followed by VPBank (VPB) at VND 173 billion and Techcombank (TCB) at VND 155 billion. Conglomerate Vingroup (VIC) and steelmaker Hoa Phat (HPG) were also sold, with net amounts of VND 149 billion and VND 148 billion, respectively.

On the buy side, VIX led with VND 48 billion in net purchases, followed by DPM at VND 46 billion. Other notable net buys included VPI (VND 33 billion), SSB (VND 31 billion), and DCM (VND 30 billion). On HNX, foreign net selling was VND 52 billion, with IDC and PVS bearing the brunt. UPCoM saw net foreign buying of VND 14 billion, led by MSR. The data comes from exchange reports and reflects a broad-based foreign sell-off across major sectors.

Market Context

Vietcombank (VCB) closed at VND 58,700 on September 3, down from recent highs, while VPBank (VPB) ended at VND 26,950 and Techcombank (TCB) at VND 32,100. The VN-Index dipped 0.24% to 1,828 points, with trading value on HOSE at VND 14,609 billion—below recent averages. The foreign net selling of VND 1,493 billion is among the largest daily outflows in recent months, reversing a trend of modest foreign buying seen in August. Banking stocks, which had been a key driver of the index rally, are now facing renewed foreign profit-taking.

Strategic Significance

For long-term investors, the foreign sell-off in banking names like VCB, VPB, and TCB signals a potential shift in foreign sentiment toward Vietnamese large caps. Banks have been the market’s backbone, and sustained foreign selling could cap index upside. However, the buying interest in mid-caps and select names like VIX and DPM suggests foreign investors are rotating rather than exiting the market entirely. The concentration of selling in banks may reflect concerns over valuation or sector-specific risks, but it does not necessarily indicate a structural change in foreign appetite for Vietnam.

What to Watch

• Subsequent foreign flow data: whether net selling continues in the following sessions or reverses.
• VCB’s price action around the VND 58,000–59,000 support zone.
• Q3 banking sector earnings reports, due in October, for fundamental confirmation.
• Any regulatory or policy announcements affecting foreign ownership limits or market access.
• VN-Index’s ability to hold above the 1,800–1,820 support level.