Foreign Net Selling in Vietnam Hits 91.4T VND in 7M 2026, but Flows Rotate

Overview

Foreign investors net sold over 91.4 trillion VND on HoSE in the first seven months of 2026, with July net selling of 11.5 trillion VND, though ETF outflows eased. Selling concentrated in large caps like banking and real estate, while buying focused on VNM, MCH, HDB, MWG.

Key Facts

• Foreign net selling on HoSE reached 91.4 trillion VND in 7M 2026, nearly triple the same period in 2025.
• July 2026 net selling was 11.5 trillion VND, the second consecutive month of reduced selling pressure after May’s peak.
• Foreign institutions net sold for the seventh straight month, with 9 trillion VND in July, down from 11.3 trillion VND in June.
• Foreign individuals net sold for the sixth consecutive month, with 2.6 trillion VND in July, down from over 4 trillion VND in June.
• Domestic individual investors net bought nearly 16 trillion VND in July, absorbing most of the foreign supply.
• Domestic institutions turned net sellers with 4.3 trillion VND after 11 months of net buying.
• Banking led foreign selling with 5.4 trillion VND, followed by real estate (4.7 trillion VND) and financial services (1.3 trillion VND).
• Top foreign net buys: VNM (1,359 billion VND), MCH (470 billion VND), HDB (334 billion VND), MWG (323 billion VND).

What Happened

According to data from VnDirect, foreign investors continued their net selling trend on the Ho Chi Minh Stock Exchange (HoSE) in July 2026, with a net sell value of over 11.5 trillion VND. This marks the second consecutive month of reduced selling pressure, following a peak in May. Over the first seven months of 2026, cumulative foreign net selling exceeded 91.4 trillion VND, nearly three times the level in the same period of 2025.

The selling was concentrated in large-cap sectors, with banking leading at over 5.4 trillion VND, followed by real estate at over 4.7 trillion VND and financial services at 1.3 trillion VND. However, foreign investors maintained net buying in sectors such as food and beverage, retail, construction and materials, and travel and leisure, indicating a rotation rather than a broad exit. Notably, VNM topped the net buying list with approximately 1,359 billion VND, followed by MCH (470 billion VND), HDB (334 billion VND), and MWG (323 billion VND).

Market Context

VNM, listed on HOSE, closed at 63,000 VND on August 20, 2026, down 0.48% with a volume of 622,000 shares. The stock has been a beneficiary of foreign net buying, reflecting a defensive rotation into consumer staples amid broader market selling. The Vietnamese market has faced significant foreign outflows in 2026, with the VN-Index under pressure from large-cap selling in banking and real estate. However, the easing of ETF outflows and the selective buying in certain sectors suggest that foreign investors are reallocating rather than exiting entirely.

Strategic Significance

For long-term investors, the persistent foreign selling in Vietnam highlights the ongoing challenges of foreign ownership limits and market depth. However, the rotation into consumer staples like VNM indicates that foreign investors still see value in defensive, cash-generative companies with strong domestic brands. VNM’s position as a top foreign net buy underscores its appeal as a stable dividend play and a proxy for Vietnam’s domestic consumption story. The continued buying in retail (MWG) and banking (HDB) also points to selective opportunities in sectors with structural growth drivers.

What to Watch

• Q3 2026 earnings reports from VNM, MCH, HDB, and MWG to confirm sustained foreign interest.
• Monthly foreign flow data for August and September 2026 to see if selling pressure continues to ease.
• Any regulatory changes regarding foreign ownership limits or market upgrades that could alter foreign investor sentiment.
• The trajectory of ETF outflows, as a further slowdown could signal a stabilization in foreign flows.
• Domestic institutional behavior, as their recent shift to net selling may add to market volatility.