VIC Leads Foreign Net Selling on HOSE as Proprietary Desks Pile Into MWG

Overview

Foreign investors net sold VND 647bn on HOSE on October 30, extending a run of outflows to a sixth consecutive session, with Vingroup (VIC) the single largest target at VND 354bn. Proprietary trading desks at securities firms took the opposite side, net buying VND 87bn on the exchange, concentrated in Mobile World (MWG) at VND 306bn.

Key Facts

• Foreign investors net sold VND 647bn on October 30, the sixth straight session of net selling.
• VIC led foreign net selling at VND 354bn, followed by TCB at VND 133bn, MBB at VND 43bn and VPL at VND 38bn.
• Foreign investors net bought VHM (+VND 69bn), VCB (+VND 38bn) and VJC (+VND 31bn).
• Proprietary desks net bought VND 87bn on HOSE, led by MWG (+VND 306bn), VPB (+VND 97bn) and VGC (+VND 8bn).
• Proprietary desks sold HPG (-VND 39bn), MBB (-VND 30bn) and STB (-VND 28bn).
• VIC closed at VND 241,000 on October 30; TCB at VND 21,600, MBB at VND 19,300 and VPL at VND 90,100.

What Happened

Foreign investors sold a net VND 647bn of HOSE-listed shares on October 30, according to the session’s trading data. Vingroup (VIC) accounted for more than half of the total, with VND 354bn of net selling, while Techcombank (TCB) saw VND 133bn of outflows, Military Commercial Joint Stock Bank (MBB) VND 43bn and Vinpearl (VPL) VND 38bn. On the buy side, Vinhomes (VHM) attracted VND 69bn of net foreign buying, Vietcombank (VCB) VND 38bn and Vietjet Air (VJC) VND 31bn.

Proprietary trading desks at securities companies recorded a net purchase of VND 87bn on HOSE, a mirror image of the foreign flow. Mobile World (MWG) was the dominant position at VND 306bn of net buying, followed by VPBank (VPB) at VND 97bn and VGC at VND 8bn. The desks reduced exposure to Hoa Phat Group (HPG) by VND 39bn, MBB by VND 30bn and Sacombank (STB) by VND 28bn. The figures are drawn from the session’s exchange trading data as reported in the local financial press; the article does not disclose the underlying counterparties or the split between active and passive flows.

Market Context

VIC, listed on HOSE, closed at VND 241,000 on October 30, the highest price among the tickers cited in the flow data, and the stock absorbing the largest single-day foreign outflow. The selling fits a broader pattern: foreign investors have now been net sellers on HOSE for six consecutive sessions, and the October 30 outflows clustered in real estate and banking names (VIC, TCB, MBB, VPL) rather than across the whole market. Domestic proprietary desks leaned into retail and consumer-finance exposure (MWG, VPB) while trimming steel and bank positions (HPG, MBB, STB), a rotation that suggests the two investor cohorts are reading the same macro backdrop differently.

Strategic Significance

For long-term holders of VIC, the relevant question is whether the VND 354bn of foreign selling reflects a structural de-rating of the Vingroup complex or a tactical reduction ahead of year-end. The fact that VHM, the group’s residential developer, attracted VND 69bn of net foreign buying in the same session argues against a blanket exit from the group and points instead to stock-specific positioning. The proprietary bid for MWG at VND 306bn is the more notable signal: domestic desks are willing to take sizeable positions in retail ahead of the sector’s peak-season earnings, even as foreign money leaves the market overall. If that domestic bid persists, it may cushion index-level drawdowns from continued foreign outflows.

What to Watch

• Whether foreign net selling on HOSE extends to a seventh session and whether VIC remains the primary target.
• Daily proprietary trading disclosures for MWG to confirm whether the VND 306bn position is built or added to.
• Any Vingroup or VHM corporate filing or block-trade disclosure that would explain the divergence between the two tickers.
• Third-quarter earnings releases for MWG and VPB, which would test the domestic desks’ rotation thesis.
• Foreign-ownership-limit filings for VIC and TCB, which would indicate whether room remains for further selling.