VHM, MSN Lead Proprietary Trading Surge: VND 1 Trillion Net Buy on HOSE

Overview

On April 20, proprietary trading desks of securities firms made a surprise net purchase of VND 1 trillion on HOSE, the highest in a month, focusing on large caps like VHM and MSN. Foreign investors maintained a modest net buy of VND 228 billion on the exchange but were net sellers of VND 639 billion including block trades, with VIC seeing significant block-trade selling. The VN-Index rose nearly 20 points on the day.

Key Facts

• Proprietary trading desks net bought VND 1 trillion on HOSE on April 20, the highest daily level in about one month.
• VHM was the top net buy by proprietary desks at VND 112 billion, followed by MSN (VND 94 billion) and HDB (VND 92 billion).
• DGC was the top net sell by proprietary desks at VND 20 billion, followed by TPB (VND 13 billion) and VCI (VND 9 billion).
• Foreign investors net bought VND 228 billion on the exchange but net sold VND 639 billion including block trades.
• On the exchange, SSI was the top foreign net buy at VND 136 billion, followed by MWG (VND 133 billion) and FPT (VND 105 billion).
• VPB was the top foreign net sell on the exchange at VND 127 billion, followed by VIC (VND 84 billion) and BSR (VND 53 billion).
• Including block trades, VIC was net sold by foreign investors at VND 879 billion, a large divergence from its exchange-only figure.
• Since the start of April, VHM has been the most net sold by foreign investors at over VND 5.1 trillion, while HPG has been the most net bought at over VND 1.3 trillion.

What Happened

On April 20, the VN-Index rose nearly 20 points, accompanied by a notable shift in institutional flows. Proprietary trading desks of securities firms unexpectedly turned aggressive buyers, recording a net purchase of VND 1 trillion on HOSE, the highest daily level in about a month. The buying was concentrated in large-cap stocks, with VHM receiving the largest net inflow of VND 112 billion, followed by MSN (VND 94 billion) and HDB (VND 92 billion). On the sell side, proprietary desks’ selling was modest and dispersed, with DGC being the most net sold at VND 20 billion.

Meanwhile, foreign investors maintained a net buying position on the exchange but at a modest scale of VND 228 billion. However, when block trades are included, foreign investors turned net sellers of VND 639 billion, indicating persistent selling pressure. On the exchange, SSI led foreign net buying at VND 136 billion, followed by MWG (VND 133 billion) and FPT (VND 105 billion). VPB was the most net sold on the exchange at VND 127 billion, followed by VIC (VND 84 billion) and BSR (VND 53 billion). Notably, including block trades, VIC was net sold by foreign investors at VND 879 billion, a stark contrast to its exchange-only figure.

Market Context

VHM closed at VND 138 on April 15, up 6.83% with volume of 6.25 million shares, while MSN closed at VND 77, down 0.64% with volume of 3.35 million shares. HDB closed at VND 26, up 1.15% with volume of 10.7 million shares. The proprietary trading surge on April 20 provided a significant boost to these large caps, which have been under foreign selling pressure. Since the start of April, VHM has been the most net sold by foreign investors at over VND 5.1 trillion, while VIC has also seen net selling of about VND 1.7 trillion. In contrast, HPG has been the most net bought by foreign investors at over VND 1.3 trillion, followed by MSN at VND 774 billion. VHM is listed on HOSE.

Strategic Significance

The sharp increase in proprietary trading net buying, particularly in VHM and MSN, suggests that domestic institutional investors see value in these large caps amid recent foreign selling. VHM recently raised its profit plan by VND 10 trillion, which may have attracted proprietary desks. The divergence between foreign exchange buying and block-trade selling, especially in VIC, indicates that foreign investors are using block trades to exit positions in Vingroup-related stocks. This pattern underscores the ongoing foreign rotation out of real estate and into other sectors like steel (HPG) and consumer staples (MSN). For long-term investors, the proprietary buying provides a counterbalance to foreign outflows, but the sustainability of this trend depends on continued domestic institutional support.

What to Watch

• Continued proprietary trading net buying levels in the coming sessions to confirm whether the April 20 surge is a one-off or the start of a trend.
• Foreign block-trade activity, especially in VIC and VHM, to gauge the pace of foreign exit from Vingroup stocks.
• VHM’s Q1 2026 earnings release and any further updates on its profit plan revision.
• HPG’s foreign buying momentum, as it has been the top foreign net buy since the start of April.
• The VN-Index’s ability to sustain gains above the 1,200 level, which could attract further institutional inflows.