Foreign net selling surges to VND 4.7 trillion in week April 13-17; VIC leads buying, FPT tops sell-off

Overview

Foreign investors were net sellers of VND 4,689 billion (~$187.6 million) on the Vietnamese stock market during the trading week April 13-17, according to exchange data. The sell-off was concentrated on the HoSE, where net selling reached VND 4,713 billion, while HNX and UPCoM saw modest net buying. Vingroup (VIC) was the top net buy at VND 1,430 billion, while FPT was the most sold stock at VND 1,176 billion.

Key Facts

• Foreign net selling across all three exchanges totaled VND 4,689 billion for the week April 13-17.
• On HoSE, foreign investors net sold VND 4,713 billion; on HNX they net bought VND 20 billion; on UPCoM net bought VND 4 billion.
• VIC was the top net buy at VND 1,430 billion, followed by HPG (VND 274 billion) and SSI (VND 245 billion).
• FPT was the most heavily sold stock at VND 1,176 billion, far exceeding other sold names.
• Other stocks with significant net selling included BID (-VND 173 billion), ACB (-VND 164 billion), VHM (-VND 141 billion), VIX (-VND 135 billion), STB (-VND 131 billion), HCM (-VND 118 billion), SHB (-VND 114 billion), CII (-VND 110 billion), and NVL (-VND 106 billion).
• The week saw strong market gains and elevated liquidity, with daily trading volume consistently around VND 10,000 billion.

What Happened

During the trading week from April 13 to April 17, the Vietnamese stock market experienced a strong rally, with buying pressure concentrated in large-cap stocks, pushing the benchmark index above key resistance levels. Trading volume remained robust, averaging around VND 10,000 billion per session. However, foreign investor activity was a notable negative factor, as they turned net sellers across the market.

According to data from the exchanges, foreign investors net sold VND 4,689 billion on all three exchanges combined. The selling was almost entirely on the HoSE, where net sales reached VND 4,713 billion. In contrast, foreign investors were net buyers on HNX (VND 20 billion) and UPCoM (VND 4 billion). The divergence in foreign flows was stark: VIC led net buying with VND 1,430 billion, while FPT was the most sold stock at VND 1,176 billion.

Market Context

VIC closed at VND 177 on April 15, up 6.95% on high volume of 6.36 million shares, reflecting strong domestic buying. HPG fell 1.75% to VND 28, SSI rose 0.17% to VND 29, and MWG declined 1.10% to VND 81. The broad market rally was supported by domestic liquidity, but persistent foreign selling, especially in FPT and financials, suggests cautious positioning by international investors. VIC’s large net buy may be linked to its recent strategic announcements or index rebalancing expectations.

Strategic Significance

The week’s foreign flow data highlights a clear divergence: VIC attracted significant foreign capital, while FPT and several banking and real estate stocks saw heavy selling. This pattern may reflect foreign investors rotating into VIC on expectations of its conglomerate restructuring or new business ventures, while reducing exposure to tech and financials amid global rate uncertainty. The net selling of VND 4.7 trillion in a single week is substantial and could weigh on market sentiment if sustained, but the strong domestic bid suggests the market can absorb foreign outflows in the short term.

What to Watch

• Continuation of foreign net selling in subsequent weeks, especially in FPT and banking stocks.
• Any official announcements from Vingroup regarding capital-raising or business developments that could explain the large net buy.
• HoSE trading volume and index performance to gauge domestic investor confidence.
• Global market trends and foreign investor sentiment toward emerging markets.
• Quarterly earnings reports from affected tickers, particularly FPT and VIC, for fundamental justification of flow divergence.