Foreign Investors Net Sell VND 3,905B on Vietnam Market, VHM Leads with VND 1,075B

Overview

Foreign investors net sold VND 3,905 billion (~USD 156.2 million) across Vietnamese exchanges in the week of May 11-15, with Vinhomes (VHM) being the most sold stock at VND 1,075 billion. The selling pressure was concentrated on large-cap stocks, while a few names like MSN, BSR, and GEX saw net buying.

Key Facts

• Foreign investors net sold VND 3,905 billion (~USD 156.2 million) across all Vietnamese exchanges in the week of May 11-15.
• On HoSE, net selling reached VND 3,819 billion; on HNX, VND 40 billion; and on UPCoM, VND 46 billion.
• VHM (Vinhomes) was the most sold stock, with net selling of VND 1,075 billion.
• Other heavily sold stocks: FPT (-VND 882 billion), ACB (-VND 455 billion), HPG (-VND 344 billion), STB (-VND 294 billion), DGC (-VND 277 billion), TCB (-VND 200 billion), NVL (-VND 167 billion), TPB (-VND 150 billion), GMD (-VND 145 billion).
• On the buying side, MSN led with net buying of VND 461 billion, followed by BSR (VND 412 billion) and GEX (VND 211 billion).
• Other net-bought stocks: VIC (VND 154 billion), DCM (VND 153 billion), SSI (VND 94 billion), VPL (VND 77 billion), VRE (VND 76 billion), GEE (VND 74 billion).

What Happened

According to data from the Ho Chi Minh Stock Exchange (HoSE) and other exchanges, foreign investors maintained a strong net selling position in the week of May 11-15. The VN-Index closed at 1,921.6 points, up 0.33% from the previous week, but foreign selling pressure remained a significant drag. Only one session (Thursday) saw net buying on HoSE; the other four sessions were net selling.

The selling was heavily concentrated in large-cap stocks, with VHM (Vinhomes) alone accounting for over VND 1,000 billion of net outflows. Other major sell-offs included FPT, ACB, HPG, STB, DGC, TCB, NVL, TPB, and GMD. In contrast, foreign investors selectively bought stocks such as MSN, BSR, GEX, VIC, DCM, SSI, VPL, VRE, and GEE.

Market Context

VHM (Vinhomes) closed at VND 158,000 on May 15, up 0.64% for the session, with volume of 4.8 million shares. The stock has been under persistent foreign selling pressure in recent weeks. The broader market, as measured by the VN-Index, remains near its historical high around 1,920, but foreign net selling has been a recurring theme. VHM is listed on HoSE and is the largest real estate stock by market capitalization in Vietnam.

Strategic Significance

The sustained foreign selling in VHM and other large caps reflects ongoing portfolio rebalancing by foreign investors, possibly due to global risk-off sentiment or profit-taking after the market’s strong run. The fact that VHM alone accounted for nearly 28% of total net selling suggests that foreign investors are reducing exposure to the real estate sector, which has been under regulatory and financial pressure. Meanwhile, selective buying in stocks like MSN (consumer staples) and BSR (energy) indicates a rotation into defensive or cyclical recovery plays.

What to Watch

• Weekly foreign flow data for the coming weeks to see if selling pressure on VHM and other large caps abates.
• Any regulatory or policy changes affecting the real estate sector, particularly regarding land laws or credit access.
• Q2 2026 earnings reports from VHM and other heavily sold stocks, which could influence foreign sentiment.
• Global market developments, especially US interest rate expectations and emerging market fund flows.
• Foreign ownership limit changes or corporate actions (e.g., share buybacks) that could affect supply-demand dynamics.