VHM Leads Vietnam Foreign Net Selling in 2026: Over VND 21,000B Sold on HoSE

Overview

Foreign investors have net sold more than VND 90,000B on HoSE since the start of 2026, and Vinhomes (VHM), listed on HOSE, is the single most heavily sold stock at over VND 21,000B. The selling has concentrated in real estate and banking blue chips, with FPT and seven bank stocks rounding out the top 10, even as Vietnam’s FTSE Russell upgrade to secondary emerging market status approaches.

Key Facts

• Foreign net selling on HoSE has exceeded VND 90,000B since the start of 2026, with no month of net buying recorded.
• VHM is the most net-sold stock on the exchange at more than VND 21,000B, well ahead of second-placed FPT.
• The VIC-VHM pair accounts for a combined VND 31,000B of foreign net selling.
• Seven of the ten most net-sold stocks are bank shares.
• Net buying is concentrated in HPG, MBB, MWG and MSN, but the largest buy value only matches the smallest names in the top-10 sell list.
• Foreign investors have net withdrawn nearly VND 1,700B on HoSE since the start of September 2026.
• SSI Research estimates the FTSE Russell upgrade could eventually channel about USD 2.21B of ETF capital into Vietnamese equities, with roughly USD 240M per disbursement phase.

What Happened

According to the article, foreign investors have not recorded a single month of net buying on HoSE since January 2026, despite FTSE Russell’s confirmation of Vietnam’s upgrade to secondary emerging market status. The pressure has fallen hardest on blue chips, with the VIC-VHM pair alone absorbing more than VND 31,000B of net selling. VHM’s VND 21,000B total is far larger than FPT’s, the second name on the list, while the remaining seven stocks in the top 10 are all banks.

On the buy side, foreign flows have continued into a smaller set of names, notably HPG, MBB, MWG and MSN. In value terms, however, buying remains clearly weaker than selling: the most net-bought stock, HPG, is comparable in value only to the bottom names in the top-10 sell list. The article notes that net selling on the exchange does not necessarily mean foreign investors are exiting Vietnam; it may reflect a large-scale restructuring between sectors, with money rotating out of banking and real estate and showing more selectivity in manufacturing, retail and energy.

Market Context

VHM closed at VND 71,300 on 17 September 2026, while parent VIC closed at VND 241,200, FPT at VND 74,300 and HPG at VND 21,200. The selling wave has unfolded just before the FTSE Russell upgrade takes effect. Although a few net-buying sessions appeared in September, the trend did not persist and the values were small. The article notes that net selling over the past two months has fallen considerably versus earlier in the year, which it frames as a psychological support for hopes of a foreign-flow reversal once emerging-market ETFs begin disbursing.

Strategic Significance

For long-term investors, the key question is whether the VHM outflows reflect a permanent reduction in foreign exposure to Vietnamese real estate or a portfolio rebalancing ahead of the index upgrade. The article’s framing suggests the latter is plausible: flows are rotating toward manufacturing, retail and energy names that stand to benefit from public investment, consumption stimulus and sustainable development policies. The scale of the VHM overhang matters because index-tracking ETF demand, estimated at roughly USD 2.21B in total by SSI Research, would be spread across the market and disbursed in phases of about USD 240M, not concentrated in a single stock. That limits how quickly passive flows can offset active selling in VHM specifically.

What to Watch

• Monthly foreign net flow data on HoSE for October and November 2026, to see whether the two-month deceleration in selling continues.
• FTSE Russell ETF rebalancing schedules and the size and timing of the first disbursement tranches.
• VHM and VIC foreign-ownership room filings and any block trades on HOSE.
• Third-quarter 2026 earnings releases from VHM, VIC, FPT and the bank names in the top-10 sell list.
• SSI Research updates to its USD 2.21B ETF inflow estimate as the upgrade implementation progresses.