VIC and VHM Lead Foreign Net Selling on October 14 as Market Bleeds VND 782B

Overview

Foreign investors net sold approximately VND 782 billion (about USD 31.3 million) of Vietnamese equities on October 14, with Vingroup (VIC) and Vinhomes (VHM) the two most heavily sold names at VND 153 billion and VND 152 billion respectively. The outflows came as the VN-Index closed 15 points lower at 1,704, with HoSE turnover near VND 14,000 billion. The session underscores how concentrated foreign selling in large-cap real estate continues to weigh on index sentiment.

Key Facts

• Market-wide foreign net selling reached roughly VND 782 billion on October 14, equivalent to about USD 31.3 million.
• On HOSE, foreign investors net sold VND 772 billion; VIC led outflows at VND 153 billion, followed by VHM at VND 152 billion and FRT at VND 94 billion.
• MBB attracted the largest foreign net buying on HOSE at more than VND 100 billion, with STB and HPG next at VND 44 billion and VND 29 billion.
• On HNX, foreign investors net sold VND 3 billion; PVS saw VND 13 billion of net selling and IDC VND 12 billion, while SHS drew VND 10 billion of net buying.
• On UPCOM, foreign investors net sold VND 7 billion, with VEA the largest net-sold name at VND 5.5 billion and ACV the largest net-bought at VND 2 billion.
• VN-Index closed October 14 at 1,704 points, down 15 points, with HoSE liquidity near VND 14,000 billion.
• Reference prices on October 14: VIC VND 218,400; VHM VND 61,000; FRT VND 140,600; MBB VND 19,350.

What Happened

The session was defined by broad caution, with the VN-Index spending the day in negative territory and closing at 1,704 points, down 15 points. HoSE turnover reached close to VND 14,000 billion. Foreign flows were the clearest negative, with market-wide net selling of about VND 782 billion, of which VND 772 billion was concentrated on the HOSE board.

The selling was heavily skewed toward the Vingroup complex. VIC recorded VND 153 billion of net foreign selling and VHM VND 152 billion, together accounting for more than VND 300 billion, or roughly 40 percent of the market-wide net outflow. FRT followed at VND 94 billion. On the buy side, MBB led at more than VND 100 billion, with STB and HPG at VND 44 billion and VND 29 billion. Smaller boards saw modest flows: HNX net selling of VND 3 billion and UPCOM net selling of VND 7 billion. The figures are drawn from daily exchange trading statistics as reported by Vietnamese financial media.

Market Context

VIC trades on HOSE and closed October 14 at VND 218,400, while VHM, also on HOSE, closed at VND 61,000. Both sit within the real estate sector that has been a persistent source of foreign outflows during 2026 as global funds rotate toward banks and select industrials. The October 14 pattern fits that template: real estate and retail (FRT at VND 140,600) were sold, while banking (MBB at VND 19,350, STB) and steel (HPG) attracted net buying. The VN-Index’s 15-point decline to 1,704 on near-VND 14,000 billion HoSE turnover suggests supply was absorbed but not reversed, leaving the index sensitive to further foreign selling in large caps.

Strategic Significance

For long-term investors, the key question is whether the Vingroup complex is seeing tactical de-risking or a structural reduction in foreign ownership. VIC and VHM together represent a large share of HOSE market capitalization, so sustained foreign selling in these two names mechanically pressures the index and can trigger passive and active fund rebalancing. The offsetting demand in MBB, STB and HPG indicates foreign money is not leaving Vietnam wholesale but is reallocating within it, favoring banks and cyclicals over property. That rotation, if it persists, would matter more for portfolio construction than any single session’s VND 782 billion outflow.

What to Watch

• Daily foreign net flow data for VIC and VHM over the following sessions to see whether the VND 153 billion and VND 152 billion selling marks a peak or the start of a trend.
• Whether MBB, STB and HPG continue to absorb foreign buying, confirming a sector rotation rather than broad de-risking.
• VN-Index behavior around the 1,700 level and HoSE turnover versus the VND 14,000 billion recorded on October 14.
• Any foreign-ownership room or block-trade disclosures from Vingroup or Vinhomes that would explain the scale of the selling.
• Third-quarter earnings releases from VIC, VHM and FRT, which will test whether fundamentals justify the outflow.