VPB Leads Proprietary Buying as Foreign Investors Sell 11th Straight Session

Overview

On October 16, 2026, proprietary trading desks on HOSE net bought VND 534 billion, led by VPBank (VPB) at VND 218 billion. Foreign investors net sold VND 489 billion, marking an 11th consecutive session of outflows, with HDB the heaviest sold name. The divergence matters for VPB because domestic proprietary desks are accumulating the bank while foreign money exits the broader banking and securities complex.

Key Facts

• Proprietary desks net bought VND 534 billion on HOSE, with VND 851 billion bought and VND 317 billion sold.
• VPB alone accounted for VND 218 billion of proprietary net buying, more than three times the second-ranked FRT at VND 70 billion.
• TCB was the most heavily net sold by proprietary desks at VND 37 billion.
• Foreign investors net sold VND 489 billion, with VND 1,293 billion bought and VND 1,782 billion sold.
• HDB led foreign net selling at VND 182 billion, followed by VIC (VND 69 billion), VIX (VND 47 billion) and MSB (VND 45 billion).
• FPT led foreign net buying at VND 48 billion, followed by CTG (VND 42 billion), MBB (VND 32 billion) and SSI (VND 31 billion).
• VN-Index rose 7.56 points, ending a seven-session decline, on HOSE turnover below VND 11 trillion, down 25% from the prior session.

What Happened

HOSE-listed shares staged a modest rebound on October 16, 2026, with the VN-Index gaining 7.56 points after seven consecutive losing sessions. The recovery came on weak turnover: HOSE transaction value was under VND 11 trillion, roughly 25% lower than the previous session, according to the market data cited in the report.

Proprietary trading desks at securities firms net bought VND 534 billion, reversing a net-selling position from the prior session. VPB was the dominant target at VND 218 billion, extending a recent accumulation trend in the bank. On the sell side, TCB saw the largest proprietary net selling at VND 37 billion, while other names saw only modest outflows. Foreign investors, by contrast, net sold VND 489 billion, their 11th straight net-selling session, with HDB the most heavily sold at VND 182 billion. FPT, CTG, MBB and SSI attracted modest foreign net buying.

Market Context

VPB closed at VND 24,500 on October 16, 2026, on HOSE. The bank sits within the HOSE banking group, which has faced persistent foreign selling pressure across names such as HDB, MSB and TCB. The broader VN-Index rebound was technical in nature, given the sharp drop in liquidity, suggesting limited conviction behind the bounce. FRT closed at VND 141,000, HDB at VND 22,800 and TCB at VND 33,200 on the same date.

Strategic Significance

For long-term investors, the key signal is the divergence between domestic proprietary desks and foreign flows. Proprietary desks are typically shorter-horizon, but sustained accumulation in VPB, now over multiple sessions, suggests domestic institutions see value at current levels. Foreign outflows have been broad-based across Vietnamese banking and securities names, driven by global risk appetite rather than company-specific fundamentals. If VPB’s proprietary buying persists while foreign selling exhausts, the stock could find a firmer base. The thin overall liquidity, however, means the rebound lacks broad market confirmation.

What to Watch

• Whether proprietary desks extend VPB net buying into a third consecutive session.
• Foreign net flow turning positive, ending the 11-session selling streak.
• HOSE daily turnover recovering above VND 15 trillion as a sign of renewed conviction.
• VPB’s next quarterly earnings release and any foreign-ownership room updates.
• HDB foreign selling pace, given it led outflows on October 16.