Foreign Investors Net Sell VND 1.45 Trillion in Vietnam, VCB Leads

Overview

Foreign investors net sold over VND 1,446 billion (~$57.8 million) on Vietnamese equities in the week ending September 9, 2026, with Vietcombank (VCB) leading the sell-off. The broader global trend shows a defensive shift toward bonds and commodities, with US equity ETFs experiencing net outflows. This marks a continued but moderating foreign selling pressure on the Ho Chi Minh Stock Exchange (HOSE).

Key Facts

• Foreign net selling on Vietnamese stocks reached VND 1,446 billion (~$57.8 million) in the week.
• VCB led the sell-off with VND 295 billion in net outflows, followed by HPG (VND 219 billion) and DXG (VND 161 billion).
• Net buying was led by VHM (VND 161 billion), MCH (VND 100 billion), and FPT (VND 92 billion).
• Vietnam-dedicated ETFs saw net outflows of over $6 million, with DB FTSE and Fubon FTSE leading the redemptions.
• August foreign selling totaled VND 1.4 trillion, down 88.6% from July’s VND 11.9 trillion, the lowest in five months.
• Global commodity ETFs attracted $2.3 billion in inflows for the fifth consecutive week, while US equity ETFs saw net outflows of $7.1 billion.

What Happened

According to the weekly fund flow report, global investors have turned defensive, reducing exposure to equities and increasing allocations to bonds and commodities. US equity ETFs recorded net outflows of $7.1 billion, the first weekly outflow in months, while commodity ETFs saw inflows of $2.3 billion. Bond ETFs, both US and international, continued to attract capital, reflecting expectations of a possible Fed rate hike in September.

In Vietnam, foreign investors net sold VND 1,446 billion on the secondary market, with the selling concentrated in large-cap banking and cyclical stocks. VCB, HPG, and DXG were the top net sold tickers, while VHM, MCH, and FPT saw net buying. The report attributes the selling to global risk-off sentiment rather than Vietnam-specific factors, as regional markets like Taiwan and South Korea also experienced significant outflows.

The pace of foreign selling has slowed considerably. August’s net selling of VND 1.4 trillion was the lowest in five months, down 88.6% from July. This improvement is largely due to reduced selling activity, as foreign buying remained subdued.

Market Context

On HOSE, VCB closed at VND 59,000 on September 9, up 1.03% on the day, but the stock faced net foreign selling of VND 295 billion during the week. HPG, listed on HOSE, closed at VND 22,000, up 0.69%, while DXG, also on HOSE, fell 2.61% to VND 11,000. VHM, despite being the top net bought stock, declined 1.36% to VND 73,000. The VN-Index has been under pressure from foreign outflows, but the moderation in selling suggests a potential stabilization. The broader regional trend shows foreign investors pulling capital from Asian markets, with Vietnam’s outflows relatively modest compared to Taiwan’s $2.4 billion.

Strategic Significance

For long-term investors, the easing of foreign selling pressure is a positive signal, indicating that the heavy outflows seen in July may be abating. The defensive global stance, driven by expectations of a Fed rate hike, could continue to weigh on emerging markets, but Vietnam’s improving macro fundamentals and the government’s efforts to upgrade market status may attract renewed foreign interest. The net buying in VHM, MCH, and FPT suggests selective foreign appetite for quality names with strong growth prospects. VCB, as a leading bank, remains a key barometer for foreign sentiment toward Vietnamese financials.

What to Watch

• The Fed’s policy decision on September 16, 2026, and its impact on global risk appetite.
• Weekly foreign flow data for the coming weeks to confirm whether the selling pressure continues to ease.
• Q3 earnings reports from VCB, HPG, and other heavily traded tickers for fundamental support.
• Any regulatory announcements regarding Vietnam’s market status upgrade, which could influence foreign investment limits.
• Movement in the USD/VND exchange rate and its effect on foreign investor returns.