Vietnam Upgrade Week One: Foreign Investors Net Sell VND 4,341B, VHM Leads

Overview

In the first full trading week after Vietnam’s stock market was officially upgraded, foreign investors net sold VND 4,341 billion (approximately USD 173.6 million) of Vietnamese equities. Vinhomes (VHM), listed on HOSE, absorbed the largest single outflow at VND 784.87 billion, well ahead of VPB and TCB. The VN-Index fell 1.68% over the week to close at 1,785.11 points, with selling pressure concentrated in banking and securities shares in the final two sessions.

Key Facts

• Foreign investors net sold VND 4,341 billion (~USD 173.6 million) across Vietnamese stocks during the week.
• VHM recorded the largest net sell value at VND 784.87 billion, far exceeding all other tickers.
• VPB followed at VND 300.41 billion and TCB at VND 286.11 billion.
• ACB (VND 248.22 billion), HPG (VND 195.42 billion) and VCB (VND 160.52 billion) also saw substantial net selling.
• FPT, HDB, TCX, BID and CTG each recorded net outflows ranging from just over VND 123 billion to nearly VND 143 billion.
• On the buy side, MCH led with VND 172.53 billion, followed by BSR at VND 161.09 billion, MSN at VND 139.57 billion and DCM at VND 131.56 billion.
• The VN-Index lost 30.55 points (-1.68%) for the week, closing at 1,785.11 points after trading in a 1,770-1,820 range.

What Happened

The week marked the first trading period following Vietnam’s official market upgrade, a milestone that had been widely anticipated by domestic and international investors. According to market statistics cited in the report, the VN-Index oscillated in a wide band between 1,800 and 1,820 points through the first half of the week before selling pressure intensified in banking and securities shares during the final two sessions. That pressure spread into other sectors, pushing the index back toward the 1,790 support zone on the last trading day.

Foreign flows were decisively negative. VHM was the standout, with net selling of VND 784.87 billion, more than double the next-largest outflow. VPB and TCB followed at VND 300.41 billion and VND 286.11 billion respectively, while ACB, HPG and VCB each saw net selling above VND 160 billion. A second tier of outflows between roughly VND 123 billion and VND 143 billion covered FPT, HDB, TCX, BID and CTG. Against that backdrop, MCH, BSR, MSN and DCM attracted net buying, though the combined inflows of those four names were not enough to offset the broader selling.

Market Context

VHM trades on HOSE and is the flagship real estate platform of Vingroup. The stock closed at 69,000 dong on 2026-09-25, up 5.66% on the session with 11.45 million shares traded, a sharp single-day rebound against the weekly foreign outflow trend. VPB closed at 23,000 dong (+4.07%) on volume of 46.84 million shares, while TCB closed at 33,000 dong (+0.91%) and ACB at 21,000 dong (flat). The divergence between heavy foreign net selling during the week and strong closing-session gains in several of the most-sold names suggests domestic buyers absorbed much of the foreign supply. The VN-Index’s 1.68% weekly decline came after the upgrade, a reminder that index inclusion and reclassification do not guarantee immediate passive inflows.

Strategic Significance

For long-term investors, the first-week flow data tests a central pillar of the upgrade thesis: that reclassification would bring durable foreign demand. The concentration of selling in VHM, VPB and TCB indicates that foreign investors used the upgrade’s liquidity and visibility to reduce exposure to large-cap real estate and banking names rather than to build new positions. VHM’s outsized outflow is particularly notable given its weight in the index and its role as a proxy for the residential property cycle. If foreign selling persists beyond the initial rebalancing window, the upgrade’s expected valuation re-rating may be delayed, and domestic institutional and retail flows will need to carry the market. Conversely, the strong buy-side interest in MCH, BSR, MSN and DCM points to selective rotation into consumer staples, energy and materials rather than a wholesale exit from Vietnamese equities.

What to Watch

• Weekly foreign net flow data for the next four to six weeks to determine whether the VND 4,341 billion outflow was a one-off rebalancing event or the start of a trend.
• VHM’s foreign-ownership room and any subsequent filings showing changes in major foreign shareholder positions.
• Q3 earnings releases from VHM, VPB and TCB, which will test whether fundamentals justify the selling.
• VN-Index behavior around the 1,770-1,790 support zone; a sustained break below would confirm the corrective phase.
• Any official statements from index providers or regulators on the pace of passive fund inflows tied to the upgrade.