VIC and FPT Lead Foreign Net Buying on September 10 as VHM Diverges

Overview

Foreign investors and proprietary trading desks at securities firms both turned net buyers on September 10, ending consecutive sessions of selling, with Vingroup (VIC) and FPT Corporation (FPT) attracting the largest inflows on HOSE. The split was sharpest at Vinhomes (VHM), where foreign investors sold heavily while proprietary desks bought, leaving the two groups on opposite sides of the same ticker.

Key Facts

• Foreign investors net bought nearly VND 393bn on a matched-order basis on September 10, ending three straight sessions of net selling.
• VIC led foreign net buying at close to VND 249bn, followed by FPT at nearly VND 220bn.
• SBT drew more than VND 96bn in foreign net buying and DGW nearly VND 85bn.
• VHM was the heaviest foreign net sell at nearly VND 291bn, far ahead of CTG at more than VND 74bn.
• Proprietary trading desks net bought nearly VND 296bn on HOSE, led by VHM (over VND 35bn), FPT (over VND 30bn) and VIC (nearly VND 28bn).
• On the proprietary sell side, NLG and BID each saw net selling of just over VND 5bn.
• Reference closes on September 10: VIC 247,700; VHM 73,100; FPT 74,500; SBT 23,050.

What Happened

According to the daily flow tracking report, foreign investors recorded net buying of nearly VND 393bn in matched orders on September 10, reversing a run of net selling across the prior three sessions. VIC and FPT were the two most heavily bought names, at close to VND 249bn and nearly VND 220bn respectively, with SBT and DGW next in line at more than VND 96bn and nearly VND 85bn. The buying was not uniform: VHM, another Vingroup ecosystem stock, was sold down by foreign investors to the tune of nearly VND 291bn, a scale that dwarfed the more than VND 74bn net sold in CTG, the next largest foreign outflow.

Proprietary trading desks at securities firms moved in the same direction overall, ending their own selling streak with net buying of nearly VND 296bn on HOSE alone. Their purchases were spread across a wider set of names, including VHM at more than VND 35bn, FPT at over VND 30bn and VIC at nearly VND 28bn. On the sell side, NLG topped the proprietary outflow list but at only just over VND 5bn, followed by BID at slightly more than VND 5bn. The report does not disclose the identity of individual foreign buyers or the specific accounts behind the proprietary flows.

Market Context

VIC trades on HOSE and closed at 247,700 on September 10, with VHM at 73,100, FPT at 74,500 and SBT at 23,050. The session was described as one in which the broader market recovered on points, providing the backdrop for both investor groups to reverse recent selling. The divergence at VHM is notable because it sits in the same Vingroup ecosystem as VIC, meaning foreign and proprietary desks were effectively taking opposite views on two related real estate exposures on the same day. The affected names span real estate, technology, banking, consumer staples and retail, indicating the flows were not concentrated in a single sector.

Strategic Significance

For longer-horizon investors, the September 10 session is less about a single day of flows than about which names foreign capital re-engages with first after a selling streak. VIC and FPT absorbing the bulk of foreign buying suggests offshore accounts are willing to re-add exposure to the largest real estate platform and the country’s leading technology name, while the heavy VHM sale shows that a Vingroup association alone does not guarantee foreign demand. The proprietary buying in VHM, meanwhile, indicates domestic desks see value in the residential developer at current levels even as foreign accounts reduce. That split is the key dynamic to monitor: if foreign selling in VHM persists while proprietary desks keep absorbing it, the stock’s near-term direction will depend on which side has more staying power.

What to Watch

• Whether foreign net buying in VIC and FPT extends beyond a single session or proves to be a one-day reversal.
• Daily foreign flow data for VHM to see if the nearly VND 291bn outflow continues or stabilises.
• Proprietary trading disclosures on HOSE for confirmation that desks keep adding to VHM, FPT and VIC.
• Any company filings or announcements from Vingroup, Vinhomes or FPT that could explain the shift in foreign positioning.
• Broader market breadth and index direction, since the September 10 flows coincided with a recovering session.