Foreign Net Selling Hits VIC, MSN, PNJ; VNM, MBB, MWG Bought

Overview

Foreign investors net sold VND 2,503 billion (~$100.12 million) on the Vietnamese stock market in the latest week, with concentrated selling on Vingroup (VIC), Masan Group (MSN), and Phu Nhuan Jewelry (PNJ). In contrast, net buying was seen in Vinamilk (VNM), Military Bank (MBB), and Mobile World Group (MWG). ETF flows into Vietnam continued negative at about $8 million, led by VanEck and Fubon FTSE outflows.

Key Facts

• Foreign net selling totaled VND 2,503 billion (~$100.12 million).
• Top sold stocks: VIC (-VND 474 billion), MSN (-VND 302 billion), PNJ (-VND 246 billion).
• Top bought stocks: VNM (+VND 413 billion), MBB (+VND 114 billion), MWG (+VND 70 billion).
• ETF flows into Vietnam were net negative ~$8 million.
• VanEck ETF led outflows with $5.5 million, followed by Fubon FTSE ($3.6 million) and E1VFVN30 ($0.1 million).
• FUEVFVND was the only ETF with net inflow of $1.2 million.
• Global ETF flows into US stocks reversed to net inflow of ~$2.5 billion, focusing on AI tech.

What Happened

According to data from the week ending July 15, 2026, foreign investors net sold VND 2,503 billion on the Ho Chi Minh Stock Exchange (HOSE), continuing a trend of net selling pressure. The selling was concentrated in large-cap stocks: Vingroup (VIC) saw net selling of VND 474 billion, Masan Group (MSN) VND 302 billion, and Phu Nhuan Jewelry (PNJ) VND 246 billion. On the buy side, Vinamilk (VNM) attracted net buying of VND 413 billion, followed by Military Bank (MBB) with VND 114 billion and Mobile World Group (MWG) with VND 70 billion.

ETF flows into Vietnam remained negative at approximately $8 million, with VanEck Vietnam ETF recording the largest outflow of $5.5 million. Fubon FTSE Vietnam ETF and E1VFVN30 also saw outflows of $3.6 million and $0.1 million, respectively. The only ETF with net inflow was FUEVFVND, which attracted $1.2 million. Globally, US equity ETFs reversed to net inflows of nearly $2.5 billion, driven by AI tech optimism, while emerging market ETFs saw mixed flows.

Market Context

Foreign net selling pressure has been a recurring theme on HOSE in recent weeks, with VIC, MSN, and PNJ among the most sold. VIC closed at VND 217,000 on July 15, 2026, while MSN closed at VND 68,000 and PNJ at VND 43,650. The selling comes amid a broader global shift toward US tech stocks and away from emerging markets. Vietnam’s ETF outflows, though modest, reflect cautious foreign sentiment. In contrast, VNM, MBB, and MWG have seen consistent foreign buying, suggesting selective interest in consumer staples, banking, and retail.

Strategic Significance

The persistent foreign selling in VIC, MSN, and PNJ may reflect profit-taking or portfolio rebalancing by foreign institutions, possibly due to valuation concerns or sector-specific headwinds. VIC, as a real estate conglomerate, faces regulatory and macro uncertainties, while MSN and PNJ are consumer-focused but may be impacted by slowing domestic demand. The buying in VNM, MBB, and MWG indicates foreign investors favor defensive, high-dividend, or growth-oriented names. The continued ETF outflows suggest that passive foreign capital remains cautious on Vietnam, awaiting clearer catalysts such as market upgrades or policy reforms.

What to Watch

• Weekly foreign flow data on HOSE for signs of reversal in VIC, MSN, PNJ selling.
• Q2 2026 earnings reports from VIC, MSN, PNJ, VNM, MBB, and MWG for fundamental cues.
• ETF flow data from VanEck, Fubon FTSE, and other major Vietnam-focused funds.
• Any regulatory announcements regarding market upgrade or foreign ownership limits.
• Global risk appetite and Fed policy signals affecting EM flows.