Vietnam ETF Flows Turn Positive as Foreign Selling Hits VHM, TCB, VPB

Overview

Foreign investors continued their net selling streak on the Vietnamese stock market, with total net outflows reaching 2,344 billion VND (approximately 93.76 million USD) in the latest week. The selling pressure was concentrated in Vinhomes (VHM), Techcombank (TCB), and VPBank (VPB), while Vingroup (VIC) and Hoa Phat Group (HPG) saw net buying. Notably, ETF flows into Vietnam turned positive, attracting over 3 million USD, a reversal from previous weeks.

Key Facts

• Foreign net selling on the Vietnamese stock market totaled 2,344 billion VND (approx. 93.76 million USD) in the week.
• VHM led the outflows with 3,196 billion VND net sold, followed by TCB (377 billion VND) and VPB (210 billion VND).
• VIC saw net buying of 372 billion VND, and HPG attracted 335 billion VND in net inflows.
• ETF flows into Vietnam reversed to a net inflow of over 3 million USD, with E1VFVN30 (+2.5 million USD) and FUEVFVND (+2.3 million USD) leading.
• US equity ETF inflows fell 31% week-on-week to nearly 6.4 billion USD, the lowest in three weeks, while non-US equity ETFs saw inflows of nearly 9.5 billion USD, up 64%.
• In Asia, Taiwan saw the largest outflows at over 2.5 billion USD, while India and South Korea led inflows with 907 million USD and 728 million USD, respectively.

What Happened

According to data compiled by Yuanta, the Vietnamese stock market experienced continued foreign net selling last week, with total outflows of 2,344 billion VND. The selling was heavily concentrated in real estate and banking names, with VHM accounting for the majority of the outflows at 3,196 billion VND. TCB and VPB also saw significant net selling, reflecting a broader risk-off sentiment among foreign investors in these sectors.

In contrast, foreign investors net bought VIC and HPG, with inflows of 372 billion VND and 335 billion VND, respectively. This divergence suggests selective buying in conglomerate and steel names despite overall market outflows. The data comes from the stock exchange’s foreign trading statistics, which are published daily.

Market Context

On the HOSE, VHM closed at 158 VND, up 3.34% on the day, while TCB rose 0.51% to 30 VND and VPB gained 0.97% to 26 VND. VIC advanced 1.19% to 221 VND. The net selling pressure from foreign investors has been a persistent theme in 2025, weighing on large-cap indices. However, the positive ETF flow reversal, albeit modest, could signal a shift in passive investor sentiment, especially as global funds rotate away from the US market toward cheaper Asian valuations.

Strategic Significance

The persistent foreign selling in VHM, TCB, and VPB highlights ongoing concerns about valuations and sector-specific risks in Vietnam’s real estate and banking sectors. However, the net buying in VIC and HPG suggests that foreign investors are still finding value in certain blue chips. The turnaround in ETF flows, driven by domestic funds like E1VFVN30 and FUEVFVND, may indicate that local and regional investors are stepping in to absorb the selling pressure. For long-term investors, the key question is whether this marks a bottom in foreign sentiment or merely a pause. The shift in global ETF flows toward Asia, including Vietnam, could provide a tailwind if sustained.

What to Watch

• Weekly foreign flow data for the next few weeks to see if net selling persists or reverses.
• ETF flow updates, particularly for E1VFVN30 and FUEVFVND, to gauge sustained interest.
• Q2 earnings reports from VHM, TCB, and VPB, which could influence foreign investor sentiment.
• Any regulatory changes or policy announcements affecting foreign ownership limits in Vietnam.
• Global market developments, especially US interest rate expectations, which drive capital flows to emerging markets.