VPB Leads Foreign Net Selling on 29/09 as Proprietary Desks Buy the Dip

Overview

Foreign investors net sold VND 380 billion on the 29/09 session, with VPBank (VPB, HOSE) alone accounting for VND 250 billion of the outflow, according to the daily “Theo dấu dòng tiền cá mập” flow report. Proprietary trading desks moved in the opposite direction, net buying more than VND 800 billion, including nearly VND 390 billion of VPB and VND 216 billion of GMD. The divergence makes VPB the clearest battleground between foreign and domestic proprietary money in the session.

Key Facts

• Foreign investors net sold VND 380 billion on 29/09, with VPB leading at VND 250 billion.
• VPB’s foreign net sell value exceeded the rest of the top 10 by a wide margin, where the remaining names ranged from VND 25-50 billion.
• PVT was the standout foreign net buy, at VND 61 billion.
• Proprietary trading net bought more than VND 800 billion overall.
• Proprietary desks bought nearly VND 390 billion of VPB and more than VND 216 billion of GMD.
• TCB appeared in the proprietary net-buy top list at more than VND 110 billion.
• On the proprietary sell side, MBB led at just over VND 16 billion, with the rest of the top 10 between VND 1-10 billion.
• Reference closes on 29/09: VPB 22,950; GMD 77,200; PVT 24,950; TCB 32,600.

What Happened

The flow report, published under the “Theo dấu dòng tiền cá mập” series, tracked order-book activity for the 29/09 session and found foreign investors net sellers to the tune of VND 380 billion. VPBank dominated that selling: at VND 250 billion, its foreign outflow was roughly five to ten times larger than any other name in the top 10, which clustered between VND 25 billion and VND 50 billion. On the buy side, PVT drew VND 61 billion in net foreign purchases, the only notable foreign accumulation in the session.

Proprietary trading books told the reverse story. Self-trading desks net bought more than VND 800 billion, with VPB the largest single position at nearly VND 390 billion. GMD followed at more than VND 216 billion and TCB at more than VND 110 billion. Selling by proprietary desks was muted by comparison: MBB led at just over VND 16 billion, and the remaining top-10 names each sat between VND 1 billion and VND 10 billion. The article does not disclose the identity of the proprietary desks or the specific order types behind the flows.

Market Context

VPB closed at 22,950 on 29/09 on HOSE, the reference price against which the VND 250 billion foreign outflow and VND 390 billion proprietary inflow were executed. GMD closed at 77,200, PVT at 24,950 and TCB at 32,600. The session fits a broader pattern in the Vietnamese market where foreign investors have been net sellers of banking names while domestic proprietary desks and retail accounts absorb the supply, particularly in large-cap banks trading near the lower end of their recent ranges. The logistics names in the flow, PVT and GMD, sit in a different sector but drew the same split treatment, with foreign money favoring PVT and proprietary money favoring GMD.

Strategic Significance

For long-term holders, the 29/09 session is a clean read on who is setting the marginal price in VPB. Foreign selling of VND 250 billion in a single session, against a proprietary bid of nearly VND 390 billion, suggests domestic institutions are willing to warehouse bank exposure that foreign funds are reducing. If that proprietary bid persists, it can cap downside in VPB even as foreign ownership ratios fall; if it proves tactical rather than structural, the stock loses its most visible support. The GMD and PVT split points to a similar question in logistics, where foreign and domestic desks appear to be pricing different views on the same sector.

What to Watch

• Whether VPB’s foreign net selling continues at or above the VND 250 billion daily pace over the following sessions.
• Proprietary trading disclosures for the next session to see if the VND 390 billion VPB buy is extended or reversed.
• Foreign ownership room and any block-trade filings in VPB, which would clarify whether the outflow reflects room constraints or active de-risking.
• GMD and PVT flow direction in the next “dòng tiền cá mập” report, to test whether the logistics split is a one-day event or a trend.
• Any Q3 2026 earnings or credit-growth disclosure from VPBank that would give fundamental support to the proprietary bid.