Vietnam Foreign Outflows Hit VND 3,007B as VIC Leads Selling; VN-Index Reclaims 1,700

Overview

Foreign investors were net sellers in all five trading sessions last week, offloading a combined VND 3,007 billion (about USD 120 million), with Vingroup (VIC) on HOSE the single largest target at VND 417.14 billion. The VN-Index nonetheless recovered 7.56 points to 1,705.91 on 16 October, reclaiming the 1,700 level after seven consecutive declines.

Key Facts

• Foreign investors sold net VND 3,007 billion across all five sessions of the week.
• VIC led outflows at VND 417.14 billion, well ahead of the next names.
• TCB followed at VND 281.94 billion, then VIX at VND 213.90 billion and FPT at VND 202.24 billion.
• VCI (VND 155.22 billion), VHM (VND 152.34 billion), HDB (VND 124.43 billion) and MSB (VND 120 billion) also saw meaningful net selling.
• ACB, VPB, BID, STB and VND each recorded net outflows between roughly VND 91 billion and VND 100 billion.
• MBB topped the net-buy side at VND 230.22 billion, with PVT attracting VND 95 billion.
• The VN-Index rose 7.56 points to 1,705.91 on 16 October, with 185 gainers (9 at ceiling) against 121 decliners (2 at floor).

What Happened

The week’s foreign flow data, compiled from exchange trading statistics and reported by Vietnamese financial media, show a fifth straight session of net selling to close the week. The distribution was broad but concentrated in large caps: VIC alone accounted for roughly 14% of the weekly net outflow, with TCB, VIX and FPT together adding a further VND 698 billion. The selling extended into mid-cap banks and securities names, including ACB, VPB, BID, STB, VND, HDB and MSB.

On the buy side, MBB stood out with VND 230.22 billion of net foreign buying, more than double the next name, while PVT drew VND 95 billion. The article also notes that the SSI Sustainable Competitive Advantage fund (SSI-SCA) held no VIC shares at the end of September, after VIC had been its largest position at nearly 11% of the portfolio a month earlier. The fund’s net asset value was close to VND 1,300 billion at month-end, with equities at 78.62% of assets and cash raised to 21% from a monthly average of about 10%. The article does not disclose the value of the VIC position sold.

Market Context

VIC on HOSE closed at VND 215,000 on 17 October. FPT closed at VND 58,200, TCB at VND 33,200 and VIX at VND 11,850. The index recovery on 16 October was broad, with 185 advancers against 121 decliners, but large-cap weakness capped the gain. The pattern of persistent foreign selling absorbed by domestic demand has been a recurring feature of the Vietnamese market through 2026, and it sits alongside the ongoing FTSE Russell upgrade process, which has yet to translate into sustained foreign inflows.

Strategic Significance

For long-term holders, the key question is whether foreign selling in VIC reflects index and fund-level rebalancing or a change in the fundamental view. The SSI-SCA exit from a position that represented nearly 11% of the portfolio is a concrete data point suggesting active managers are reducing real-estate beta, not merely trimming. The concentration of outflows in banks (TCB, HDB, MSB, ACB, VPB, BID, STB) and securities firms (VIX, VCI, VND) points to de-risking across the domestic credit and market-liquidity complex rather than a single-sector call. MBB’s outsized net buying is the counterweight: foreign money is rotating within banks rather than leaving the sector outright.

What to Watch

• Daily foreign net flow data for VIC and the bank basket to see whether the selling pace slows after the index reclaims 1,700.
• The next SSI-SCA monthly report for confirmation that the VIC exit is complete and where the proceeds were redeployed.
• FPT’s share price trend, given the article’s note that its market capitalization has fallen by nearly VND 73,000 billion since the start of the year.
• Any FTSE Russell or MSCI update on Vietnam’s market classification and its effect on passive foreign flows.
• Third-quarter earnings releases from the banks named in the outflow list, particularly TCB, MBB and HDB.