Foreign Investors Sell VND 600B on Aug 17, VIC and VHM Hit Hardest

Overview

Foreign investors net sold nearly VND 600 billion on August 17, marking a third consecutive session of outflows, with Vingroup (VIC) and Vinhomes (VHM) bearing the brunt. Meanwhile, proprietary traders at securities firms reversed course to net buy over VND 234 billion, creating a clear divergence in trading flows on HOSE.

Key Facts

• Foreign net selling reached VND 600 billion on August 17, extending a three-session streak.
• VIC was the top sell, with foreign investors offloading approximately VND 237 billion.
• VHM followed with net selling of over VND 118 billion.
• ACB saw foreign net selling of about VND 96 billion, while SSI and GMD were sold for VND 54 billion and VND 47 billion, respectively.
• On the buy side, TCB led with nearly VND 60 billion, followed by VNM (VND 46 billion) and HDB (VND 29 billion).
• Proprietary traders net bought over VND 234 billion, with FPT the top pick at VND 38 billion.
• VPB and HDB each saw proprietary net buying of about VND 29 billion, while MWG and CTG attracted VND 20 billion each.
• MSN was the top proprietary sell at VND 24 billion, with HPG down VND 14 billion and VHM down VND 11 billion.

What Happened

On the first trading day of the week, foreign investors continued their net selling trend, offloading nearly VND 600 billion on August 17. This marked the third consecutive session of foreign outflows, following heavy withdrawals in the prior two sessions. The selling was concentrated in large-cap real estate and financial names, with VIC suffering the largest outflow of approximately VND 237 billion, followed by VHM at over VND 118 billion. ACB, SSI, and GMD also saw significant foreign selling.

In contrast, proprietary trading desks at securities companies returned to net buying after two sessions of net selling, with total net purchases exceeding VND 234 billion. The buying was spread across several large-cap stocks, with FPT receiving the largest inflow of about VND 38 billion. VPB and HDB each attracted around VND 29 billion, while MWG and CTG saw VND 20 billion each. Interestingly, VIC was also net bought by proprietary traders to the tune of over VND 19 billion, opposite to the foreign selling pressure.

Market Context

VIC closed at VND 198,000 on August 17 on HOSE, while VHM closed at VND 68,200. The persistent foreign selling in these real estate giants reflects broader risk-off sentiment among international investors, possibly driven by sector-specific concerns or global factors. Meanwhile, proprietary traders’ net buying suggests domestic institutional confidence, particularly in technology and banking names like FPT, VPB, and HDB. The divergence highlights a two-speed market where foreign and domestic flows are moving in opposite directions.

Strategic Significance

For long-term investors, the sustained foreign selling in VIC and VHM could signal ongoing deleveraging or portfolio rebalancing by international funds, potentially weighing on these stocks’ near-term performance. However, the proprietary buying in the same names, including VIC, indicates that domestic institutions see value at current levels. The contrast underscores the importance of monitoring both foreign and domestic flow trends, as they can provide clues about market sentiment and potential turning points. Investors should assess whether foreign outflows are driven by fundamental concerns or temporary factors, and watch for any stabilization in foreign flows as a potential positive signal.

What to Watch

• Continued foreign net selling in VIC and VHM over the next few sessions; a slowdown could signal easing pressure.
• Proprietary trading flows: whether the net buying persists or reverses, indicating domestic institutional conviction.
• Any regulatory or policy announcements affecting the real estate sector, which could influence foreign sentiment.
• Quarterly earnings reports from VIC and VHM for fundamental confirmation of the market’s concerns.
• Broader market indices and liquidity trends on HOSE to gauge overall investor risk appetite.