VPB Leads Foreign Net Selling as Vietnam Market Sees USD 8.8M Outflow

Overview

Foreign investors net sold roughly VND 221 billion (about USD 8.84 million) of Vietnamese equities on the first trading day of the week, with VPBank (VPB, HOSE) accounting for the single largest outflow at VND 200 billion. The session was defined by cautious sentiment, a lower VN-Index close, and thin liquidity, with foreign flows concentrated in a handful of banking and insurance names.

Key Facts

• Market-wide foreign net sell: approximately VND 221 billion (USD 8.84 million).
• VPB led net selling on HOSE at VND 200 billion; BVH followed at VND 114 billion and CTG at VND 74 billion.
• On HOSE, foreign investors net sold VND 293 billion overall, partly offset by net buying on HNX (+VND 58 billion) and UPCOM (+VND 14 billion).
• Strongest foreign net buys on HOSE: BSR (+VND 53 billion), DCM (+VND 48 billion), STB (+VND 38 billion).
• HNX net buys: PVS (+VND 42 billion), IDC (+VND 6 billion), plus small net purchases in CEO and SHS.
• UPCOM net buys: MSR (+VND 18 billion); QNS was the main net sell at VND 5 billion.
• VN-Index closed down 4.43 points at 1,780, with HoSE turnover near VND 15,000 billion.

What Happened

According to Vietcap-sourced trading data cited by the article, foreign investors were net sellers across the Vietnamese market on the first trading day of the week, offloading roughly VND 221 billion in equities. On HOSE, the net sell figure reached VND 293 billion, with VPBank (VPB) the most heavily sold stock at VND 200 billion. Bao Viet Holdings (BVH) and VietinBank (CTG) followed, with net outflows of VND 114 billion and VND 74 billion respectively.

The selling was not uniform across bourses. On HNX, foreign investors were net buyers of VND 58 billion, led by PVS at VND 42 billion and IDC at VND 6 billion, with smaller net purchases in CEO and SHS. On UPCOM, net buying reached VND 14 billion, driven by MSR at VND 18 billion. The article attributes the data to Vietcap and does not disclose the identity of the selling or buying institutions.

Market Context

VPB trades on HOSE and closed at VND 22,950 on 28 September 2026, according to the price context provided. The stock sits within the banking sector, which has been a frequent target of foreign portfolio rebalancing in recent sessions. The broader VN-Index closed at 1,780, down 4.43 points, with HoSE turnover near VND 15,000 billion, indicating low participation. BVH closed at VND 73,600 and CTG at VND 29,850 on the same reference date, while BSR, a foreign net buy, closed at VND 32,400.

Strategic Significance

For long-term investors, the session highlights the persistent sensitivity of large-cap Vietnamese banks to foreign flow reversals. VPB’s VND 200 billion net sell represents a meaningful share of the day’s total foreign outflow and suggests that foreign portfolios are trimming exposure to the banking sector even as they rotate into energy (BSR), fertiliser (DCM) and select financials (STB) on HOSE. The offsetting net buying on HNX and UPCOM indicates that foreign appetite for Vietnamese equities has not disappeared, but is being redirected toward smaller, more specialised names. The key question for VPB holders is whether this is tactical rebalancing or the start of a sustained reduction in foreign ownership.

What to Watch

• Daily foreign flow data for VPB over the next five sessions to see if the VND 200 billion sell is a one-off or the start of a trend.
• Foreign ownership room and any subsequent disclosure filings for VPB on HOSE.
• VN-Index behaviour around the 1,780 level and whether HoSE turnover recovers above VND 15,000 billion.
• Continued foreign net buying in BSR, DCM and STB, which would confirm sector rotation rather than broad de-risking.
• Any Vietcap or exchange-level updates to the foreign flow dataset that revise the VND 221 billion market-wide figure.