Vietnam Foreign Flow September 2026: VHM, VIC Lead VND 4,719.7B Net Selling

Overview

Foreign investors net sold VND 4,719.7 billion through order matching on Vietnamese exchanges in September 2026, with Vinhomes (VHM) and Vingroup (VIC) the largest individual targets, according to a monthly market review. The selling concentrated in Real Estate and Banking large caps and coincided with a 3.47% decline in the VN-Index to 1,768.62 points, a month in which HOSE matched-order turnover fell 6.41% from August.

Key Facts

• Foreign investors net sold VND 4,719.7 billion via order matching in September 2026; including all trade types, net selling was VND 849.7 billion.
• The VN-Index closed the month at 1,768.62 points, down 63.5 points or 3.47% from end-August, giving back roughly two-thirds of the prior month’s gain.
• Real Estate was the largest drag on the index at about -24.8 points net, with VIC (-10.3 points) and VHM (-6.1 points) the two worst contributors; 12 real estate tickers weighed on the index.
• Banking subtracted about 17.7 points net, led by LPB (-8.7), ACB (-4.2), MBB (-3.9), TCB (-1.8), SHB (-1.6) and STB (-1.5), partly offset by VPB (+4.0).
• Top foreign net buys via order matching: FPT, BSR, MCH, SSB, DGW, VPL, HDB, MSR, DCM and GAS.
• Top foreign net sells via order matching: VHM, VIC, VPB, CTG, TCB, VCB, TCX, ACB and VIX.
• HOSE average matched-order value was VND 13,295 billion per session, down 6.41% month-on-month and 28.13% below the five-month average; proprietary trading net bought VND 668.0 billion overall and VND 200.1 billion via order matching.

What Happened

The September review, published as a monthly market summary, shows the correction deepening in the second half of the month with pressure concentrated in large-cap Real Estate, Banking and Financial Services. Liquidity thinned rather than spiked: market-wide average matched-order value reached VND 14,301 billion per session, down 6.36% from August and 20.96% below the five-month average, a pattern the report reads as cautious demand rather than capitulation.

Foreign flows were the clearest directional signal. Order-matched net selling of VND 4,719.7 billion dwarfed the VND 849.7 billion net sell figure that includes put-through and other trade types, implying block activity partly offset matching-board outflows. Foreign buying was narrow and defensive, clustered in Food & Beverage and Information Technology, with FPT, BSR, MCH and SSB the leading net buys. On the sell side, the list is dominated by property and bank names: VHM, VIC, VPB, CTG, TCB, VCB, TCX, ACB and VIX.

Market Context

Vinhomes (VHM) trades on HOSE and closed at 67 on 1 October 2026, down 2.04% on volume of 1,578,500 shares, while parent Vingroup (VIC) closed at 224, down 1.71%. Vietcombank (VCB), VietinBank (CTG), Techcombank (TCB) and VPBank (VPB) were the banking names most exposed to foreign selling; CTG closed September at 30,000 and VPB was flat at 23 on 1 October. The VN-Index’s 3.47% September decline, on shrinking turnover, fits a market where foreign investors are reducing beta to property and banks while rotating selectively into technology, refining and food staples.

Strategic Significance

For long-term holders, the September data sharpens a familiar split: foreign money is not leaving Vietnam wholesale, it is reweighting away from the leveraged property-and-credit complex toward cash-generative exporters and domestic-consumption names. VHM’s position at the top of the net-sell list matters because the stock is a core index constituent and a proxy for the residential property cycle; sustained foreign distribution can cap re-rating even if underlying presales hold up. The offsetting bids in FPT, BSR, MCH and SSB suggest the foreign bid is now valuation- and earnings-quality driven rather than sector-beta driven, which raises the bar for property and bank names to win back flows.

What to Watch

• October foreign flow data to see whether VHM and VIC selling persists or reverses after the September drawdown.
• HOSE matched-order turnover for October, to test whether the 28.13% shortfall versus the five-month average narrows.
• Third-quarter earnings releases from VHM, VIC and the banks on the net-sell list, particularly residential presales and credit growth commentary.
• Foreign-ownership and put-through filings for VHM and VIC, which would clarify how much of the VND 849.7 billion total net sell figure reflects block deals.
• Whether FPT, BSR, MCH and SSB stay on the foreign net-buy list, which would confirm a rotation rather than a one-month anomaly.