VPB Draws VND 227B in Proprietary Buying as Foreign Investors Net Sell 9th Straight Session

Overview

VPBank (VPB, HOSE) was the single largest target of proprietary trading desks on October 14, absorbing VND 227 billion in net buying as brokerage houses extended their buying streak to a fifth consecutive session. The same session saw foreign investors net sell VND 666 billion (~USD 26.6 million) for a ninth straight day, with Vingroup ecosystem names VIC and VHM bearing the brunt. The divergence between domestic proprietary desks and offshore flows is the defining feature of the current tape.

Key Facts

• Proprietary trading desks net bought VND 426 billion on HOSE on October 14, with VND 1,003 billion in buys against VND 577 billion in sells — a fifth straight net-buying session.
• VPB alone accounted for VND 227 billion of that net buying, nearly double the second-ranked FRT at VND 120 billion.
• Foreign investors net sold VND 666 billion on October 14, with VND 1,402 billion in buys versus VND 2,069 billion in sells — a ninth consecutive net-selling session.
• VIC led foreign net selling at VND 153 billion, followed by VHM at VND 152 billion.
• On the foreign buy side, MBB led at VND 100 billion, ahead of STB (VND 44 billion), HPG (VND 29 billion) and HDB (VND 21 billion).
• Proprietary desks sold TCB (VND 88 billion), MSB (VND 24 billion) and MCH (VND 24 billion) on a net basis.
• VPB closed at VND 24,350 on October 14; FRT at VND 140,600, TCB at VND 33,000 and MSB at VND 14,650.

What Happened

According to the October 14 proprietary-flow report, securities firms’ proprietary desks recorded VND 426 billion in net buying on HOSE matched-order trading, split between VND 1,003 billion of purchases and VND 577 billion of sales. The concentration in VPB was pronounced: at VND 227 billion, it was almost twice the VND 120 billion directed to FRT, the second-ranked name. On the sell side, TCB drew VND 88 billion in net proprietary selling, with MSB and MCH each at VND 24 billion.

Foreign investors moved in the opposite direction. The offshore cohort net sold VND 666 billion, with purchases of VND 1,402 billion against sales of VND 2,069 billion — the ninth consecutive net-selling session. VIC and VHM, both part of the Vingroup ecosystem, were the largest individual targets at VND 153 billion and VND 152 billion respectively. Foreign buying was fragmented: MBB led at VND 100 billion, followed by STB at VND 44 billion, HPG at VND 29 billion and HDB at VND 21 billion, a distribution the report describes as insufficient to offset the selling pressure.

Market Context

The report notes that Vietnamese equities are showing signs of weakening even after the market’s official upgrade to emerging-market status. Foreign capital continues to withdraw, while domestic liquidity is narrowing, with average daily turnover on a declining trend. That combination leaves the market without a sufficient buffer to absorb offshore selling. VPB’s close of VND 24,350 on October 14 places the bank among the more actively contested large-cap bank names, while TCB at VND 33,000 and MSB at VND 14,650 sit in the same sector cohort that proprietary desks were net sellers of during the session.

Strategic Significance

For longer-horizon investors, the October 14 tape highlights a structural question: whether domestic proprietary capital can substitute for retreating foreign flows in large-cap banks. VPB’s outsized share of proprietary net buying suggests brokerages are positioning around the bank’s liquidity and index weight rather than a sector-wide call, given that TCB and MSB were sold on the same day. The Vingroup complex remains the primary source of foreign outflows, which matters for index-level performance because VIC and VHM carry substantial capitalization weight. If the post-upgrade foreign selling persists while domestic turnover keeps contracting, the market’s ability to price new information efficiently narrows, and single-name flows like VPB’s become disproportionately influential on short-term direction.

What to Watch

• Whether foreign net selling extends to a tenth consecutive session, and whether VIC and VHM remain the primary exit points.
• Proprietary trading desk positioning in VPB over the coming sessions — a sixth straight net-buy day would confirm conviction rather than a one-off rebalancing.
• Daily average turnover on HOSE, to gauge whether domestic liquidity is stabilizing or continuing to contract.
• Foreign flows into the banks that drew buying on October 14 — MBB, STB, HPG and HDB — to see if the bid broadens beyond a single session.
• Any disclosure from VPB or the Vingroup entities regarding foreign-ownership room or block activity, which the current report does not address.