Foreign and Proprietary Traders Net Sell VND 1.5T on VN30; VCB, VPB, TCB Hit

Overview

On the first trading session after the National Day holiday, both foreign investors and proprietary trading desks were net sellers on the Ho Chi Minh Stock Exchange (HOSE). Foreign net selling reached nearly VND 1.5 trillion, concentrated in VN30 blue chips, while proprietary trading net sold over VND 280 billion. The selling pressure hit major banking and real estate stocks, including Vietcombank (VCB), VPBank (VPB), Techcombank (TCB), and Vingroup (VIC).

Key Facts

• Foreign investors net sold nearly VND 1.5 trillion on September 3, 2026, ending a six-session net buying streak.
• VCB, VPB, TCB, VIC, HPG, and MSN each saw foreign net selling exceeding VND 100 billion.
• VIX and DPM led foreign net buying, with each attracting nearly VND 50 billion.
• Proprietary trading desks net sold over VND 280 billion, with HPG (VND 60 billion), HDB (VND 50.7 billion), and TCB (VND 30.5 billion) seeing the largest outflows.
• NAF and PVD were the top proprietary net buys, with VND 14.4 billion and VND 12 billion, respectively.
• VCB closed at VND 58,700, TCB at VND 32,100, VIC at VND 244,500, and VPB at VND 26,950 on September 3, 2026.

What Happened

According to the daily capital flow report published by a Vietnamese financial media outlet on September 3, 2026, foreign investors reversed their recent buying trend and became net sellers. The report, which tracks “smart money” flows, indicated that foreign net selling amounted to nearly VND 1.5 trillion, with the bulk of the selling directed at VN30 constituents. Notably, VCB, VPB, TCB, VIC, HPG, and MSN each recorded foreign net selling of over VND 100 billion.

In parallel, proprietary trading desks at securities firms also reduced exposure, net selling more than VND 280 billion. HPG led the proprietary sell-off with VND 60 billion, followed by HDB (VND 50.7 billion) and TCB (VND 30.5 billion). On the buying side, VIX and DPM attracted foreign inflows of nearly VND 50 billion each, while NAF and PVD were the top proprietary net purchases.

The data is based on exchange-reported matched trades and is widely used by institutional investors to gauge short-term positioning.

Market Context

Vietcombank (VCB), listed on HOSE, closed at VND 58,700 on September 3, 2026, reflecting the broader selling pressure on banking stocks. The VN30 index, which includes VCB, VPB, TCB, and VIC, saw significant foreign outflows, indicating that international investors were trimming exposure to large-cap Vietnamese equities. This session’s foreign net selling of VND 1.5 trillion is among the largest daily outflows in recent months, reversing a six-day accumulation phase. The coordinated selling by both foreign and proprietary desks suggests a cautious sentiment following the holiday period, possibly driven by global market volatility or domestic profit-taking.

Strategic Significance

For long-term investors, the simultaneous net selling by foreign and proprietary traders highlights the influence of short-term capital flows on Vietnamese blue-chip valuations. The concentration of selling in banking and real estate names—such as VCB, VPB, TCB, and VIC—reflects profit-taking after a period of gains, but does not necessarily signal a deterioration in fundamentals. Banks remain supported by strong credit growth and improving asset quality, while Vingroup’s diversified conglomerate model continues to expand. However, persistent foreign outflows could pressure liquidity and weigh on valuations in the near term, making it important for investors to distinguish between tactical positioning and structural trends.

What to Watch

• Whether foreign net selling continues in the next sessions or reverts to buying, as indicated by daily flow data.
• The response of VCB, VPB, TCB, and other heavily sold stocks in terms of price support and volume.
• Any announcements from the State Bank of Vietnam (SBV) regarding monetary policy or credit growth that could affect banking sector sentiment.
• Global market developments, particularly US Federal Reserve policy signals, which often drive foreign capital flows into emerging markets like Vietnam.
• Quarterly earnings reports from major banks and conglomerates for Q3 2026, due in October, to assess fundamental strength against the backdrop of recent outflows.