Foreign Investors Sell VIC, VPB, GMD; Buy VNM, SHB, TCB in Vietnam

Overview

Foreign investors on Vietnam’s stock market extended their net selling streak to a second week, offloading over VND 1,947 billion (~USD 77.9 million) in the week ending August 26, 2026. The sell-off was led by Vingroup (VIC), VPBank (VPB), and Gemadept (GMD), while Vinamilk (VNM), Saigon-Hanoi Bank (SHB), and Techcombank (TCB) saw net buying. This mirrors a global trend of caution, with capital rotating from equities into bonds and gold.

Key Facts

• Foreign investors net sold over VND 1,947 billion (~USD 77.9 million) on the Vietnamese market for the second consecutive week.
• VIC led the sell-off with net selling of VND 552 billion, followed by VPB (VND 290 billion) and GMD (VND 239 billion).
• VNM saw net buying of VND 140 billion, with SHB (VND 96 billion) and TCB (VND 83 billion) also attracting inflows.
• Global equity ETFs saw inflows of over USD 10 billion, down 55% week-on-week, while bond ETFs attracted over USD 11 billion.
• Commodity ETFs, including SPDR Gold Trust, saw inflows of over USD 4.8 billion, the highest since late February 2026.
• Vietnam-focused ETFs saw net inflows of over USD 3 million, reversing the previous week’s outflows.

What Happened

In the week ending August 26, 2026, foreign investors on the Ho Chi Minh Stock Exchange (HOSE) continued their net selling trend, with total net sales exceeding VND 1,947 billion. Vingroup (VIC), the largest real estate conglomerate, saw the heaviest selling at VND 552 billion, followed by VPBank (VPB) and Gemadept (GMD). On the buying side, Vinamilk (VNM) led with VND 140 billion in net purchases, alongside SHB and TCB.

The selling pressure in Vietnam aligns with a broader global shift toward defensive assets. US equity ETFs saw inflows drop 55% week-on-week, while bond and gold ETFs attracted significant capital. The article notes that the upcoming Jackson Hole meeting (August 27–29) and Nvidia’s earnings (August 26) are key events that could influence Fed policy and tech sector sentiment.

Market Context

VIC closed at VND 223 on August 26, up 1.09% on the day, despite the foreign selling pressure. VPB closed at VND 26, down 0.19%, while GMD and VNM closed at VND 78,700 and VND 62,600 respectively on August 25. The foreign net selling comes as global investors reduce equity exposure amid rising bond yields and geopolitical uncertainty. Vietnam’s market has been relatively resilient, but the persistent outflows suggest caution among international funds.

Strategic Significance

The continued foreign selling in VIC, VPB, and GMD reflects a risk-off sentiment among global investors, who are rotating into safer assets like bonds and gold. For long-term investors, this trend highlights the importance of monitoring foreign ownership limits and liquidity in Vietnamese blue chips. The inflows into VNM, SHB, and TCB suggest selective buying in defensive or undervalued sectors. The upcoming Fed meeting and Nvidia earnings could determine whether this cautious stance persists or reverses.

What to Watch

• The outcome of the Jackson Hole meeting (August 27–29) and any signals on Fed rate policy.
• Nvidia’s earnings release on August 26 and its impact on global tech sentiment.
• Weekly foreign flow data for the Vietnamese market to see if net selling continues.
• Any changes in foreign ownership limits or regulatory policies affecting foreign investment in Vietnam.
• Q3 earnings reports from VIC, VPB, GMD, and other heavily traded stocks.