VPB Leads Proprietary Desk Net Buying for Third Session as Foreign Investors Sell

Overview

Securities firms’ proprietary trading desks net bought VND 424 billion on the Ho Chi Minh Stock Exchange, with VPBank (VPB) leading at VND 227 billion for a third consecutive session. The buying ran against foreign investors, who net sold roughly VND 782 billion across the market as the VN-Index fell 0.85% to 1,704.87, a fifth straight declining session.

Key Facts

• Proprietary desks net bought VND 424 billion on HOSE in the session.
• VPB led net buying at VND 227 billion, its third straight session at the top of the desk net-buy list.
• FRT followed at VND 120 billion, then FUEKIV30 at VND 63 billion, HPG at VND 28 billion and MWG at VND 21 billion.
• VCB drew VND 19 billion, SSI VND 17 billion, FPT and MBB VND 14 billion each, and MSN VND 11 billion in desk net buying.
• TCB saw the heaviest desk net selling at VND 88 billion, followed by MCH and MSB at VND 24 billion each, VHM at VND 16 billion and HDB at VND 10 billion.
• Foreign investors net sold approximately VND 782 billion market-wide.
• VN-Index closed down 14.55 points, or 0.85%, at 1,704.87.

What Happened

Proprietary trading desks at Vietnamese securities firms recorded net purchases of VND 424 billion on HOSE, according to session data reported by market media. VPBank was the single largest beneficiary at VND 227 billion, extending a run in which the bank has held the top spot on the desk net-buy list for three consecutive sessions. FRT was the second-largest net buy at VND 120 billion, with index-tracking certificate FUEKIV30 third at VND 63 billion.

On the sell side, TCB led desk net selling at VND 88 billion, followed by MCH and MSB at VND 24 billion each, VHM at VND 16 billion and HDB at VND 10 billion. Smaller net sales were recorded in STB, GAS, E1VFVN30, VIC and VRE. The article does not disclose which specific securities firms were behind the VPB purchases, nor whether the buying reflects proprietary positioning or market-making and hedging activity.

Market Context

VPB trades on HOSE and closed at 24,350 in the most recent price context, alongside FRT at 140,600, HPG at 20,800 and MWG at 73,500. The session marked a fifth consecutive decline for the VN-Index, with large-cap stocks weighing on the market and liquidity continuing to weaken. Foreign investors were net sellers of roughly VND 782 billion, equivalent to about USD 31.3 million, putting the desk buying in direct contrast with offshore flow.

Strategic Significance

Sustained proprietary desk accumulation in a single bank stock while foreign investors reduce exposure points to a divergence in how domestic and offshore money is pricing Vietnamese banking risk. For long-term investors, the relevant question is whether the VPB buying reflects a fundamental view on the bank’s earnings trajectory or tactical positioning around index and derivatives activity. Desk flows are typically shorter-horizon than foreign institutional allocations, so three sessions of buying does not by itself establish a re-rating case. The signal matters more if it persists alongside improving liquidity and a stabilising VN-Index.

What to Watch

• Whether VPB extends its run at the top of the proprietary desk net-buy list beyond the third session.
• Foreign net flow on HOSE, which has been negative at roughly VND 782 billion in this session.
• VN-Index liquidity trends after five consecutive declining sessions.
• Any VPB disclosure on foreign ownership room or shareholder structure changes.
• Third-quarter earnings releases from VPB and the other net-bought names, including FRT, HPG and MWG.