VHM Leads Foreign Net Selling as VN-Index Slips 1.68% to 1,785

Overview

Foreign investors net sold VND 2,765.1 billion on the Ho Chi Minh City Stock Exchange in week 39 of 2026, with Vinhomes (VHM) the single largest matched-order sell target. The VN-Index closed the week at 1,785.11 points, down 30.55 points or 1.68%, as real estate and banking shares absorbed the bulk of the outflow.

Key Facts

• VN-Index closed week 39/2026 at 1,785.11 points, down 30.55 points (-1.68%) week-on-week, back below the 1,800 mark.
• Foreign investors net sold VND 2,765.1 billion for the week; matched-order net selling alone was VND 2,682.95 billion (roughly USD 110.6 million).
• Real Estate was the largest sector drag on the index at about -17.2 points, with VIC contributing -11.8 points and VHM -2.6 points.
• Top foreign matched-order net sells: VHM, VPB, TCB, ACB, HPG, VCB, FPT, HDB, TCX.
• Top foreign matched-order net buys: MCH, BSR, MSN, DCM, MSR, GEE, VNM, VPL, DGW, IDC.
• HoSE average matched-order turnover fell 21.38% week-on-week to VND 12,323 billion per session, 11.62% below the five-week average.
• Proprietary trading bought a net VND 34.7 billion overall but sold a net VND 264.9 billion on a matched-order basis.

What Happened

The State Securities Commission’s weekly market summary shows the VN-Index ending week 39/2026 at 1,785.11 points, a decline of 1.68% that erased the prior week’s recovery. Liquidity weakened materially: average matched-order value on HoSE reached VND 12,323 billion per session, down 21.38% from the previous week and 11.62% below the five-week average. Market-wide matched-order turnover averaged VND 13,281 billion per session, down 20.53% week-on-week.

Real Estate was the heaviest drag, removing a net 17.2 points from the index, mostly through Vingroup’s VIC (-11.8 points) and Vinhomes’ VHM (-2.6 points). The report notes that 11 real estate stocks weighed on the index, indicating pressure beyond the two Vingroup names. Financial Services subtracted 3.8 points, led by SSI, VIX, VND, TCX and VCI, while Basic Resources removed 2.4 points almost entirely through HPG. Banking was mixed: VPB (+3.7 points), TCB (+3.5), MSB (+1.7) and HDB (+0.7) supported the index, but SSB (-4.9), LPB (-2.3), STB (-1.7), ACB (-1.4) and VCB (-1.0) offset those gains, leaving the sector a net -1.9 points.

Market Context

VHM trades on HOSE and closed at VND 70,000 on 28 September 2026, up 0.58% on the day but still the leading foreign matched-order net sell for the week. Peer banks were weaker into the close: ACB at VND 21,000 (-0.70%), TCB at VND 33,000 (-1.95%) and VPB at VND 23,000 (-1.09%). The pattern fits a broader de-risking in Vietnamese large caps, where foreign investors rotated out of banks and property into food and beverage, chemicals and select consumer names such as MCH, BSR, MSN and DCM.

Strategic Significance

For long-term holders of VHM, the week’s flow data matters less for the headline outflow than for what it says about the composition of foreign demand. The sell list is dominated by index-heavy banks and property developers, while the buy list skews toward defensive consumer and chemical names, suggesting a rotation rather than an outright exit from Vietnamese equities. Vinhomes’ position at the top of the sell list, combined with the sector’s 17.2-point drag, points to continued foreign caution on residential real estate absorption and pre-sale conversion, even as the company’s VND 70,000 share price held marginally positive on the final session.

What to Watch

• Weekly foreign flow data for week 40/2026 to see whether VHM remains a net sell or stabilizes.
• Vinhomes’ Q3 2026 business results, including pre-sales and handover volumes.
• HoSE matched-order turnover, which needs to recover above the five-week average to confirm renewed domestic participation.
• Banking sector index contribution, particularly whether VPB and TCB can keep offsetting weakness in SSB, LPB and STB.
• Any foreign-ownership room or block-trade filings on VHM and other Vingroup entities.