VIC Leads VN-Index's Best Week in Eight Weeks as Foreign Investors Net Sell VND 1,103.6B

Overview

Vingroup (VIC) was the single largest contributor to the VN-Index in week 43/2026, adding 27.5 points as the benchmark posted its strongest weekly gain in eight weeks. The rally came despite foreign investors net selling VND 1,103.6 billion across the week, with real estate and banking accounting for more than half of the index advance.

Key Facts

• VN-Index recorded its strongest weekly gain in eight weeks; 266 of 430 listed stocks advanced.
• Real estate contributed roughly 35.6 points net to the index, of which VIC added 27.5 points and VHM added 4.5 points.
• Banking contributed 16.8 points net, led by STB (+5.6), LPB (+3.5), TCB (+2.1), ACB (+1.9) and EIB (+1.2); VPB (-1.2) and HDB (-0.7) detracted.
• Foreign investors net sold VND 1,103.6 billion in week 43/2026; order-matched net selling alone was VND 870.2 billion (approximately USD 44.1 million).
• HOSE order-matched turnover averaged VND 13,427 billion per session, up 19.76% week-on-week and 4.73% above the five-week average.
• Foreign net buying concentrated in TCB, MSN, VIC, HPG, VIB, HDB, CTG, POW, DCM and FRT; net selling concentrated in FPT, ACB, VCB, STB, MSB, VJC, DXG, GEX and TCX.
• Proprietary trading desks net bought VND 117.3 billion overall and VND 450.7 billion on an order-matched basis.

What Happened

The weekly market review, drawing on HOSE trading data for week 43/2026, showed liquidity recovering across most sectors. Total average trading value across the three exchanges reached VND 17,260 billion per session, of which order-matched value was VND 14,654 billion, up 19.52% from week 42 and 5.37% above the five-week average. The report characterised the recovery as a return of demand after a prolonged correction, while noting volumes remain well below levels seen during the market’s more active phase.

Sector attribution showed the advance broadening beyond large caps. Financial services added about 3.9 points, led by VIX (+1.2) and SSI (+0.6), while industrials (+2.5), retail (+1.8), travel and leisure (+1.4) and food and beverage (+1.0) also contributed. Information technology was the largest drag, subtracting about 1.1 points almost entirely through FPT (-1.1), with PNJ weighing on the personal and household goods group. Foreign investors remained net sellers for the week, though the flow was uneven: buying clustered in food and beverage and basic resources, while selling concentrated in information technology and financial services.

Market Context

VIC closed at VND 236,500 on 25 October 2026 on HOSE, with VHM at VND 64,300, STB at VND 68,500 and LPB at VND 40,400. The index’s dependence on a narrow set of large caps is the central feature of the week: VIC alone accounted for more than half of the VN-Index gain, meaning the headline move overstates breadth even as 266 stocks advanced. The divergence between a strong index week and persistent foreign net selling is consistent with domestic demand absorbing foreign supply in the largest real estate and banking names.

Strategic Significance

For long-term investors, the week illustrates a structural feature of the Vietnamese market rather than a one-off: index performance is increasingly concentrated in a handful of property and banking heavyweights, and VIC’s weight means its own corporate trajectory now dominates passive and benchmark-relative exposure to Vietnam. The foreign selling pattern is equally instructive. Outflows hit technology (FPT) and selected banks (ACB, VCB, STB) while VIC and TCB attracted net foreign buying, suggesting foreign investors are rotating within Vietnam rather than exiting outright. The proprietary desk net buying of VND 450.7 billion on an order-matched basis, concentrated in banking and industrials, adds a second domestic counterweight to foreign supply.

What to Watch

• Weekly foreign flow data for week 44/2026 to see whether net selling in FPT, ACB and VCB persists or reverses.
• Whether VIC sustains its index contribution or the rally broadens enough to reduce single-stock dependence.
• HOSE order-matched turnover holding above the VND 13,427 billion per-session average as confirmation of demand recovery.
• Third-quarter 2026 earnings releases from the banking constituents (STB, LPB, TCB, ACB) that drove the index.
• Proprietary trading positioning in banking and industrials, which has run counter to foreign flows.