Foreign Investors Net Sell VND 2.5T in Late July; VIC Leads Buys

Overview

In the final week of July (July 27-31), foreign investors net sold VND 2,546 billion (~USD 101.8 million) across all three Vietnamese exchanges, extending a recent trend of outflows. Despite the selling pressure, the VN-Index rose 2.95% to close at 1,735.78 points, supported by large-cap stocks. Notably, Vingroup (VIC) on HOSE led net foreign buying with VND 453 billion, while Techcombank (TCB) saw the largest net selling.

Key Facts

• Foreign investors net sold VND 2,546 billion (~USD 101.8 million) across the market in the week of July 27-31.
• On HoSE, net selling was VND 2,432 billion; on HNX, VND 100 billion; and on UPCoM, VND 14 billion.
• VIC led net buys with VND 453 billion, followed by VNM (VND 361 billion), HPG (VND 335 billion), and FPT (VND 308 billion).
• TCB led net sells with VND 377 billion, followed by VHM (VND 362 billion), VPB (VND 279 billion), and VIX (VND 243 billion).
• The VN-Index gained 49.67 points (+2.95%) week-on-week, closing at 1,735.78 points.
• The market saw three recovery sessions during the week, with the index rebounding from 1,650 to 1,760 before easing.

What Happened

Foreign investors continued their net selling trend in the last week of July, with selling pressure dominating most sessions except for a brief buying signal on Thursday. According to data compiled from the exchanges, cumulative net selling reached VND 2,546 billion over the five sessions. The selling was broad-based, affecting all three exchanges, with HoSE accounting for the bulk at VND 2,432 billion.

Despite the foreign outflow, the VN-Index posted a strong weekly gain, driven by large-cap stocks in sectors such as real estate, banking, retail, and securities. Vingroup (VIC) was the standout, attracting net foreign buying of VND 453 billion, making it the top net-bought stock. Other notable net buys included VNM, HPG, and FPT. In contrast, TCB saw the largest net selling at VND 377 billion, followed by VHM and VPB.

Market Context

VIC closed at VND 214,100 on July 31, 2026, reflecting a strong week as foreign investors accumulated the stock. The broader market, as measured by the VN-Index, rose 2.95% to 1,735.78, despite foreign net selling. This divergence suggests that domestic investors and other market participants were absorbing the foreign supply. The selling pressure was concentrated in banking and real estate names, with TCB, VHM, and VPB seeing significant outflows, while VIC bucked the trend.

Strategic Significance

The continued foreign net selling, now extending over several weeks, reflects persistent concerns about valuations and global monetary conditions. However, the strong buying in VIC, a key conglomerate with diverse interests in real estate, automotive, and technology, signals selective interest in high-quality, large-cap names. For long-term investors, the ability of the VN-Index to rise despite foreign outflows indicates underlying domestic strength, but the sustainability of this trend depends on foreign flows stabilizing. The divergence between VIC and other large-caps like VHM (also part of the Vingroup ecosystem) suggests investors are differentiating based on specific business prospects.

What to Watch

• Weekly foreign flow data for the first week of August to see if net selling persists or reverses.
• VIC’s upcoming quarterly earnings and any updates on its business strategy, particularly in automotive and technology.
• TCB’s price action and any bank-sector news that could explain the heavy foreign selling.
• VN-Index’s ability to hold above the 1,700-point level amid continued foreign outflows.
• Any regulatory changes or policy signals from the State Securities Commission regarding foreign ownership limits.