Foreign Net Selling Hits VND 1,515B: Vingroup Stocks Under Pressure, SOEs Surge

Overview

On May 13, 2026, foreign investors net sold VND 1,515.5 billion (~USD 60.6 million) across the three Vietnamese exchanges. Selling pressure concentrated on Vingroup stocks (VIC, VHM, VRE) and private banks, while state-owned enterprises and energy stocks surged on news of accelerated privatization. The VN-Index closed down only 2.73 points at 1,898.37, supported by rotation into SOEs.

Key Facts

• Foreign net selling totaled VND 1,515.5 billion (~USD 60.6 million) on all three exchanges; on a matched-order basis, net selling was VND 2,004.6 billion.
• Three-session liquidity reached nearly VND 32,000 billion, indicating active trading.
• Vingroup stocks: VRE fell 6.91% to VND 33,000; VHM lost 6.68% to VND 152,500; VIC dropped 1.44% to VND 221,000.
• GAS hit the ceiling price, rising 6.93% to VND 81,800; BSR, PLX, GVR, ACV also surged.
• State-owned banks VCB, BID, CTG posted gains.
• Top foreign net buying on a matched basis: MSN, BSR, HPG, PLX, PVT, GEX, VPL, PC1, GEE, BAF.
• Top foreign net selling on a matched basis: FPT, ACB, VHM, STB, VIC, BID, CTG, GMD, VNM.
• Individual investors net bought VND 15.3 billion overall, with matched-order net buying of VND 1,074.9 billion.

What Happened

Foreign investors intensified selling on May 13, with net outflows of VND 1,515.5 billion. The selling was concentrated on Vingroup-related stocks and private banks, causing sharp declines in VRE (down 6.91%), VHM (down 6.68%), and VIC (down 1.44%). However, the market saw a notable rotation into state-owned enterprises and energy stocks after news that the Prime Minister directed the completion of privatization plans for state-owned enterprises in May. This catalyst drove GAS to its ceiling price and lifted BSR, PLX, GVR, and ACV. State-owned banks VCB, BID, and CTG also rose, helping the VN-Index limit its loss to just 2.73 points.

Market Context

VIC (HOSE) closed at VND 221,000, down 0.45% on volume of 6.5 million shares. VHM (HOSE) fell 4.81% to VND 152,500, and VRE (HOSE) dropped 6.91% to VND 33,000. The selling pressure on Vingroup stocks weighed on the real estate sector, but the rotation into SOEs and energy stocks provided a buffer. The VN-Index’s resilience suggests underlying market strength beyond the Vingroup group. Foreign net selling has been a persistent theme in recent sessions, but the shift in flows toward privatization beneficiaries indicates changing sentiment.

Strategic Significance

The market rotation away from Vingroup stocks toward state-owned enterprises and energy names reflects a shift in investor focus toward policy-driven catalysts. The privatization directive provides a clear narrative for SOEs, potentially unlocking value and improving corporate governance. For Vingroup, the sustained foreign selling may signal concerns about valuation or sector headwinds, but the group’s diversified holdings (real estate, retail, technology) remain long-term assets. The ability of the market to absorb large foreign selling without a sharp decline suggests improving domestic liquidity and broadening participation.

What to Watch

• Further foreign flow data in the coming sessions to confirm whether selling pressure on Vingroup stocks persists.
• Official announcements on privatization timelines for state-owned enterprises, particularly GAS, BSR, and PLX.
• Q2 2026 earnings reports from VIC, VHM, and VRE for signs of operational momentum.
• Policy updates from the State Bank of Vietnam on credit growth and interest rates, which affect banking stocks.
• Market breadth and sector rotation patterns to assess sustainability of the current rally in SOEs.