Foreign investors net sell VND 2.7T on HOSE; VIC leads outflows

Overview

Foreign investors net sold VND 2,663 billion on HOSE during the trading week of August 17-21, 2026, while proprietary traders net bought VND 722 billion. Vingroup (VIC) saw the largest foreign net selling at VND 640 billion, while FPT was bought by both groups. The divergence highlights contrasting strategies between foreign and domestic institutional flows amid a week of low liquidity.

Key Facts

• Foreign investors bought VND 6,849 billion and sold VND 9,512 billion, resulting in net selling of VND 2,663 billion on HOSE.
• Proprietary traders net bought VND 722 billion, with purchases of VND 3,535 billion and sales of VND 2,813 billion.
• VIC saw the largest foreign net selling at VND 640 billion, while proprietary traders net bought VND 68.4 billion of the stock.
• VPB experienced foreign net selling of VND 377 billion, while proprietary traders net bought VND 77 billion.
• ACB saw foreign net selling of VND 188 billion and proprietary net buying of VND 66 billion; proprietary traders have been net buyers for six consecutive sessions.
• TCB was the only large-cap where foreign investors net bought (VND 92 billion) while proprietary traders net sold (VND 67.7 billion).
• FPT was bought by both groups: foreign net buying of VND 83 billion and proprietary net buying of VND 116 billion.
• VCB was the most sold by both groups: foreign net selling of VND 282 billion and proprietary net selling of VND 21.4 billion.
• Cumulative foreign net selling on HOSE since the start of 2026 reached VND 94,000 billion.
• Total HOSE trading value for the week was VND 75,516 billion, averaging VND 15,103 billion per session, down 12.1% from the prior week.
• VN-Index closed the week at 1,768.12 points, up 2.26% from the previous week.

What Happened

According to data from HOSE, during the five sessions from August 17 to 21, foreign investors and proprietary traders moved in opposite directions. Foreign investors sold a net VND 2,663 billion, while proprietary traders bought a net VND 722 billion. The divergence was most pronounced in VIC, where foreign investors net sold VND 640 billion—the largest on the exchange—while proprietary traders net bought VND 68.4 billion.

Similar patterns appeared in other large caps: VPB saw foreign net selling of VND 377 billion versus proprietary net buying of VND 77 billion; ACB had foreign net selling of VND 188 billion and proprietary net buying of VND 66 billion. However, TCB was an exception: foreign investors net bought VND 92 billion while proprietary traders net sold VND 67.7 billion, the largest proprietary net selling of the week. FPT was bought by both groups, with foreign net buying of VND 83 billion and proprietary net buying of VND 116 billion, making it the most bought stock of the week. Conversely, VCB was the most sold by both groups, with foreign net selling of VND 282 billion and proprietary net selling of VND 21.4 billion.

Market Context

The week of August 17-21 saw the lowest trading value for a full five-session week since February 2025, with average daily turnover of VND 15,103 billion, down 12.1% from the prior week. Despite low liquidity, the VN-Index rose 2.26% to close at 1,768.12 points, with the final session contributing 33.88 points of the week’s 39.04-point gain. VIC, trading on HOSE, closed at VND 205,000 on August 22, 2026. The persistent foreign selling, now totaling VND 94,000 billion year-to-date, continues to weigh on large caps, while proprietary traders have provided some counterbalancing support.

Strategic Significance

The ongoing divergence between foreign and proprietary flows highlights a shift in market dynamics: foreign investors are reducing exposure to Vietnamese equities, while domestic institutions are stepping in. For VIC, the largest foreign net selling suggests continued foreign de-risking from the conglomerate, despite its strategic importance. The fact that FPT attracted buying from both groups indicates selective interest in tech and digital transformation plays. For long-term investors, the sustained foreign outflow may pressure valuations, but the resilience of the VN-Index and domestic institutional buying could signal a maturing market less dependent on foreign capital. The low trading volumes also suggest caution, as liquidity may amplify price moves.

What to Watch

• Weekly foreign flow data on HOSE for the week of August 24-28 to see if selling pressure persists.
• VIC’s trading volume and price action around the VND 200,000 level, a psychological support.
• Proprietary trading activity, especially whether the net buying streak continues for a third week.
• Any regulatory or policy announcements that could influence foreign investor sentiment, such as changes in trading rules or market access.
• Q3 earnings reports from major banks (VPB, ACB, TCB) and conglomerates (VIC) for fundamental signals.