Foreign Net Sell VND 14,000B on HOSE in April; VHM Leads at VND 5,800B

Overview

Foreign investors net sold nearly VND 14,000 billion on HOSE in April, with VHM (Vinhomes) leading the sell-off at VND 5,800 billion, according to exchange data. The selling pressure persisted despite the VN-Index surging 180 points (+10.7%) during the month, driven by domestic buying. HPG (Hoa Phat Group) was the top net buy at VND 1,500 billion.

Key Facts

• Foreign investors net sold over VND 13,700 billion on HOSE in April, with an additional net sell of VND 12,100 billion across all exchanges.
• VHM (Vinhomes) was the most sold stock, with net selling of VND 5,800 billion.
• FPT (FPT Corporation) saw net selling of VND 2,700 billion, and VIC (Vingroup) net selling of VND 1,600 billion.
• Other heavily sold stocks include VCB (-VND 1,300 billion), BID (-VND 879 billion), HDB (-VND 753 billion), BSR (-VND 665 billion), ACB (-VND 652 billion), VPB (-VND 630 billion), and MBB (-VND 561 billion).
• HPG (Hoa Phat Group) was the top net buy at VND 1,500 billion, followed by MSN (VND 918 billion) and VPL (VND 620 billion).
• Foreign investors net bought nearly VND 300 billion on HNX.
• The VN-Index closed April at 1,854 points, up 180 points (+10.7%) from the previous month.

What Happened

According to data from the Ho Chi Minh Stock Exchange (HOSE), foreign investors net sold over VND 13,700 billion in April, a significant acceleration from previous months. The selling was concentrated in large-cap stocks, with VHM (Vinhomes) alone accounting for VND 5,800 billion of net outflows. Other major sell-offs included FPT (VND 2,700 billion) and VIC (Vingroup, VND 1,600 billion).

On the buying side, HPG (Hoa Phat Group) was the top net purchase at VND 1,500 billion, followed by MSN (Masan Group, VND 918 billion) and VPL (VND 620 billion). The net selling on HOSE was partially offset by net buying of nearly VND 300 billion on the Hanoi Stock Exchange (HNX). The selling pressure did not prevent the VN-Index from rising 180 points (+10.7%) in April, driven by strong domestic buying.

Market Context

VHM (Vinhomes, HOSE) closed at VND 138 on April 15, 2026, up 6.83% on the day with volume of 6.25 million shares. The stock has been a key component of the Vingroup ecosystem and has seen significant foreign selling in recent months. The broader market, as measured by the VN-Index, rose 10.7% in April, but foreign selling has been a persistent headwind. Other heavily sold stocks like FPT (HOSE) closed at VND 75, down 1.31%, while VIC (HOSE) closed at VND 177, up 6.95%.

Strategic Significance

The sustained foreign selling, particularly in real estate and banking stocks, reflects ongoing concerns about Vietnam’s market accessibility and global risk appetite. VHM’s leading position in the sell-off suggests that foreign investors are reducing exposure to the real estate sector, which has been under regulatory scrutiny. Meanwhile, HPG’s strong net buying indicates foreign interest in cyclical industrial stocks tied to infrastructure and steel demand. The divergence between foreign selling and domestic buying highlights the importance of local liquidity in supporting the market.

What to Watch

• Continuation of foreign selling in May, especially in VHM, FPT, and VIC.
• Any regulatory changes affecting foreign ownership limits or market access.
• Q1 2026 earnings reports for VHM, HPG, and other heavily traded stocks.
• Domestic buying momentum and its ability to absorb foreign selling.
• Global risk sentiment and its impact on emerging market flows.