Foreign ETF Outflows Persist in Vietnam: VIC, VHM, HPG Lead Net Selling

Overview

Foreign ETF and investor capital recorded a net outflow of over 212 billion VND for the week ending April 17, 2026, marking the fifth consecutive week of net selling. Year-to-date, foreign net selling has reached -38.788 trillion VND (~$1.49B USD), with top stocks VIC, VHM, HPG, VCB, and MSN bearing the brunt of the selling pressure, primarily from the Fubon FTSE Vietnam ETF.

Key Facts

• Foreign ETF net outflows totaled 212 billion VND for the week, up from 139 billion VND the prior week.
• Year-to-date foreign net selling reached -38.788 trillion VND (~$1.49B USD) as of April 17, 2026.
• The Fubon FTSE Vietnam ETF led outflows with -233.5 billion VND in the week.
• Top stocks sold by ETFs included VIC, VHM, HPG, VCB, and MSN.
• On April 20, 2026, the Fubon FTSE Vietnam ETF continued selling, with top sold stocks HPG (-2.1B VND), VIX (-1B VND), SSI (-1.2B VND), SHB (-600M VND), and VCK (-1B VND).
• Total net asset value of Vietnam-focused ETFs stood at 61.8 trillion VND, down 6.7% from 2025.
• Foreign investors have been net sellers for 5 consecutive weeks; in 2025, foreign net selling was a record -135.329 trillion VND (~$5.2B USD).

What Happened

According to data compiled from ETF flow reports, foreign capital continued to exit Vietnamese equities through ETF channels in the week of April 13-17, 2026. Net outflows reached 212 billion VND, accelerating from 139 billion VND the previous week. The selling was concentrated among foreign ETFs, particularly the Fubon FTSE Vietnam ETF, which alone accounted for -233.5 billion VND in outflows. Domestic ETFs also saw modest net redemptions of 2 billion VND, with the VFM VN30 ETF and VinaCapital VN100 ETF experiencing outflows, partially offset by inflows into the VFM VNMIDCAP ETF and VFMVN Diamond ETF.

On April 20, 2026, the Fubon FTSE Vietnam ETF continued to sell, with notable net sales in HPG (-75,000 shares), VIX (-57,000 shares), SSI (-42,000 shares), SHB (-37,000 shares), and VCK (-126,000 shares). The VFM VN30 ETF also saw net redemptions of 14 billion VND, while the VFMVN Diamond ETF attracted modest inflows of 3 billion VND. Overall market liquidity averaged 27,385 billion VND per day for the week, up 3.1% week-on-week, but down 19.5% from March 2026.

Market Context

Foreign selling pressure has been a persistent theme in 2026, with year-to-date net outflows reaching -38.788 trillion VND (~$1.49B USD). The affected tickers, including VIC (HOSE), VHM (HOSE), HPG (HOSE), VCB (HOSE), and MSN (HOSE), are among the largest market capitalization stocks and are heavily weighted in foreign ETF portfolios. Recent price action shows VIC and VHM have rallied strongly (up 6.95% and 6.83% respectively on April 15), while HPG declined 1.75% and VCB rose 1.01%. The divergence suggests that foreign selling is being absorbed by domestic investors, but the persistent outflow trend remains a headwind for market sentiment.

Strategic Significance

The sustained foreign net selling, now in its fifth consecutive week and extending a multi-year trend, signals ongoing caution among international investors toward Vietnamese equities. The record foreign net selling of -135.329 trillion VND in 2025 and the continuation into 2026 highlight structural concerns such as limited market access, currency volatility, and regulatory uncertainty. For long-term investors, the key question is whether this outflow is cyclical (driven by global rate differentials) or structural (reflecting a loss of confidence in Vietnam’s growth story). The concentration of selling in blue-chip stocks like VIC and VHM suggests that even the largest, most liquid names are not immune to foreign sentiment shifts.

What to Watch

• Weekly ETF flow data for signs of stabilization or reversal in foreign selling.
• Q2 2026 earnings reports for VIC, VHM, HPG, VCB, and MSN to assess fundamental support.
• Policy announcements from the State Bank of Vietnam (SBV) regarding foreign ownership limits or market access.
• Global interest rate decisions (Fed, ECB) that could influence capital flows to emerging markets.
• Year-to-date foreign net selling trajectory: whether it surpasses the 2025 record of -135.329 trillion VND.