VPB Leads Proprietary Buying as Foreign Net Selling Eases on HOSE

Overview

Proprietary trading desks at Vietnamese securities firms net bought VND 299 billion on HOSE on 04/11, led by VPBank (VPB) at VND 100 billion, even as foreign investors logged a ninth consecutive net-selling session worth VND 125 billion. The divergence matters for VPB because domestic desks are accumulating the bank while foreign flow remains negative market-wide, and the session coincided with a 33.4-point VN-Index rally.

Key Facts

• Proprietary desks net bought VND 299 billion on HOSE on 04/11, with VND 870 billion in buys against VND 571 billion in sells.
• VPB was the top proprietary net-buy name at VND 100 billion, followed by MBB (VND 60 billion), FPT (VND 37 billion), TCB (VND 37 billion) and MWG (VND 29 billion).
• Foreign investors net sold VND 125 billion on HOSE, the ninth straight net-selling session, with VND 2,013 billion bought and VND 2,138 billion sold.
• FPT drew the largest foreign net buying at VND 183 billion, followed by MSN at VND 175 billion.
• MBB (VND 198 billion) and ACB (VND 128 billion) were the heaviest foreign net sells, ahead of BSR (VND 83 billion), DXG (VND 82 billion), HDB (VND 68 billion) and STB (VND 57 billion).
• Proprietary net selling was narrow, concentrated in HPG (VND 65 billion) and NT2 (VND 31 billion).
• HOSE liquidity reached nearly VND 18 trillion, up almost 39% from the prior session.

What Happened

HOSE trading on 04/11 was buoyant, with the VN-Index adding 33.4 points and turnover rising nearly 39% to close to VND 18 trillion. Against that backdrop, proprietary desks at brokerage firms turned net buyers of VND 299 billion, and VPBank (VPB) again topped their accumulation list at VND 100 billion, though the article notes the size of the VPB net buy was smaller than in prior heavy-accumulation sessions. MBB, FPT, TCB and MWG rounded out the desk buying, while selling was limited to HPG and NT2.

Foreign investors, by contrast, remained net sellers for a ninth consecutive session, offloading VND 125 billion. The article, citing HOSE trading data, frames the figure as relatively modest versus prior sessions and attributes the cooling to concentrated buying in FPT (VND 183 billion) and MSN (VND 175 billion). FPT’s appearance as the top foreign net buy is notable given it absorbed VND 1.87 trillion of foreign net selling in October 2026. On the sell side, banks MBB (VND 198 billion) and ACB (VND 128 billion) led, and the article flags both as names where foreign flow ran opposite to proprietary desks.

Market Context

VPB trades on HOSE and closed at VND 22,150 on 04/11. The stock sits within the banking sector, which dominated both sides of the flow picture: VPB and MBB drew proprietary buying, while MBB and ACB absorbed the heaviest foreign selling. The broader market’s 33.4-point VN-Index gain and 39% turnover increase suggest improving domestic risk appetite even as foreign investors extend a selling streak now in its ninth session. The article does not disclose VPB’s own foreign net flow for the session.

Strategic Significance

For long-term holders of VPB, the signal is the persistent bid from domestic proprietary desks, which have repeatedly selected the bank as their largest single accumulation target. That domestic demand has been absorbing part of the market-wide foreign outflow, and the reduced pace of foreign selling on 04/11 suggests the pressure may be moderating. The rotation is not uniform: foreign money moved into FPT and MSN while leaving banks such as MBB and ACB, so VPB’s proprietary support is a stock-specific dynamic rather than a sector-wide foreign re-rating. Investors should treat desk positioning as a sentiment indicator, not a fundamental one, since proprietary flows can reverse quickly.

What to Watch

• Daily HOSE foreign and proprietary flow data to see whether the nine-session foreign net-selling streak breaks.
• Whether proprietary desks continue adding VPB at the VND 100 billion scale or taper further, as the article notes the pace has already slowed.
• Foreign flow in FPT and MSN to gauge whether the 04/11 buying is a reversal or a one-off.
• VPB’s next quarterly earnings disclosure and any foreign-ownership-limit filings.
• Banking-sector flow divergence between MBB, ACB and VPB in subsequent sessions.