VPB Sees Record Divergence: Foreign Investors Net Sell VND 200B, Proprietary Trading Net Buys VND 172B

Overview

Foreign investors net sold nearly VND 221 billion on HOSE on September 28, the fourth consecutive net-selling session, with VPBank (VPB) accounting for VND 200 billion of that total. In the same ticker, proprietary trading desks at securities firms net bought VND 172 billion, the largest single-stock net buy on the exchange that day. The divergence between the two flows at VPB is the defining feature of the session.

Key Facts

• Foreign investors net sold nearly VND 221 billion on September 28, with buy value of VND 1,462 billion against sell value of VND 1,682 billion.
• VPB was the most net-sold stock by foreign investors at VND 200 billion, ahead of BVH (VND 114 billion) and CTG (VND 73 billion).
• Proprietary trading desks net sold VND 210 billion market-wide, with buys of nearly VND 707 billion and sells of VND 917 billion.
• VPB was the top proprietary net buy at VND 172 billion, far ahead of HPG (VND 23 billion) and MWG (VND 9.4 billion).
• Proprietary net selling concentrated in banks: TCB at VND 164 billion, EIB at VND 101 billion, and NAB at VND 93 billion.
• Foreign net buying was led by BSR (nearly VND 53 billion), DCM (VND 48 billion), and PVS (VND 42 billion).
• The VPB divergence repeated a September 23 pattern, when proprietary desks net bought VND 229 billion while foreign investors net sold VND 289 billion.

What Happened

On September 28, the VN-Index fell more than 21 points intraday before bargain-hunting demand lifted the benchmark to close down just over 4 points, according to market data compiled from HOSE matched-order trading. Against that backdrop, both foreign investors and proprietary trading desks finished the session as net sellers, but their activity in VPB moved in opposite directions with unusual intensity.

Foreign investors net sold VND 200 billion of VPB, the largest single-stock net sell of the session, while proprietary desks net bought VND 172 billion, the largest single-stock net buy. The article notes this is not the first occurrence: on September 23, proprietary trading net bought VND 229 billion of VPB while foreign investors net sold VND 289 billion. The source does not disclose the identity of the counterparties or the specific reasons behind either flow.

Market Context

VPB closed at VND 22,950 on September 28 on HOSE. The stock sits within the banking sector, which absorbed the brunt of proprietary net selling that day through TCB (close VND 32,850), EIB (close VND 16,750), and NAB (close VND 12,350). The broader foreign net-selling streak has run for four sessions, though the daily net-sell value has narrowed considerably from earlier sessions, a detail the article flags as relevant to near-term expectations for foreign capital inflows.

Strategic Significance

For long-term investors, the VPB divergence raises a question about who is setting the marginal price. Foreign investors have now been consistent net sellers of the stock across at least two sessions in the past week, while domestic proprietary desks have absorbed that supply. If proprietary buying is tactical rather than structural, the stock could remain sensitive to any acceleration in foreign outflows. Conversely, if domestic institutions are building positions on valuation grounds, the foreign selling may prove to be a liquidity event rather than a signal on fundamentals. The article does not provide valuation metrics or earnings data to resolve that question.

What to Watch

• Whether foreign investors extend the net-selling streak to a fifth session and whether VPB remains the largest single-stock net sell.
• Whether proprietary desks continue to accumulate VPB or begin to unwind the VND 172 billion position.
• Daily foreign net flow values on HOSE to see if the narrowing trend continues or reverses.
• Any disclosure from VPBank on foreign ownership room or shareholder structure.
• Third-quarter earnings releases from VPB and peer banks TCB, EIB, and NAB for sector-level read-through.