VPB Leads Proprietary Desk Net Buying as VN-Index Rebounds 1.97%

Overview

Securities firms’ proprietary trading desks net bought VND 303B on HOSE on November 4, with VPBank (VPB) leading at VND 100B, according to market data reported by Nhịp sống thị trường. The session snapped four consecutive declines, with VN-Index rising 1.97% to 1,733.02 points as foreign net selling cooled to about VND 70B. The flow matters for VPB because proprietary desks are a distinct, typically short-horizon buyer class whose positioning can signal near-term conviction on bank stocks.

Key Facts

• Proprietary desks net bought VND 303B on HOSE on November 4.
• VPB led net buying at VND 100B, followed by MBB at VND 60B.
• FPT and TCB each recorded VND 37B in net buying; MWG VND 29B; ACB VND 23B.
• POW drew VND 22.4B, HDB VND 19.1B, FUEVFVND VND 14.6B and VNM VND 12B in net buying.
• HPG was the heaviest net-sold name at VND 65B, followed by NT2 at VND 31B and KDH at VND 12B.
• VN-Index closed at 1,733.02 points, up 33.40 points or 1.97%.
• Foreign investors net sold roughly VND 70B, a marked cooling from prior sessions.

What Happened

The November 4 session followed four straight sessions of sharp declines. Liquidity improved through the afternoon, and the index closed near the upper end of its intraday range at 1,733.02 points, a gain of 33.40 points. The article attributes the rebound partly to reduced foreign selling pressure, which fell to about VND 70B net for the session.

On the proprietary side, the desks concentrated buying in large-cap banks and technology. VPB topped the list at VND 100B, with MBB at VND 60B, FPT and TCB at VND 37B each, ACB at VND 23B and HDB at VND 19.1B. Selling was concentrated in steel and utilities, led by HPG at VND 65B and NT2 at VND 31B, with smaller net sales in KDH, PVT, VRE, MCH, DXG, TCH and VJC. The figures are session-level flow data as reported in the article; the underlying filing does not break out individual desk positions or holding periods.

Market Context

VPB trades on HOSE and closed at VND 22,150 on November 4. The stock sits within the banking sector, which has been the primary battleground for foreign and domestic institutional flows through 2026. The session’s rebound came after a four-day slide, and the VND 303B proprietary net buy contrasts with the prior session’s roughly VND 300B net sell at the start of the month, suggesting desks repositioned quickly rather than building a sustained trend. Peer banks MBB (VND 19,250), TCB (VND 21,850) and technology name FPT (VND 53,900) also featured among the top net-buy targets.

Strategic Significance

For long-term holders of VPB, the relevant signal is less the single-session VND 100B figure than the composition of the bid: proprietary desks bought banks, technology and retail while selling steel and power. That rotation implies domestic institutional money is positioning for a rate-sensitive, domestic-demand recovery rather than a cyclical commodity rebound. VPB’s position at the top of the list, ahead of MBB and TCB, suggests desks view it as the highest-beta expression of that bank trade. The cooling in foreign net selling, if sustained, would remove the main supply overhang that has capped large-cap bank valuations.

What to Watch

• Whether proprietary desks extend VPB net buying across subsequent sessions or reverse, as they did between November 1 and November 4.
• Foreign flow data on HOSE for the following week to confirm the cooling from VND 70B net selling.
• VPB’s third-quarter and full-year 2026 credit growth and NPL disclosures.
• Sector-wide bank earnings commentary on net interest margin trends.
• Any SBV policy signals on credit quotas that would affect bank-sector positioning.