MBB

ACB was the most sold stock by proprietary trading desks on HOSE, with net selling of VND 82 billion, as foreign investors unexpectedly net sold a massive VND 5,760 billion across the entire market. The selling pressure comes despite a market rebound, signaling caution from both domestic and foreign institutional players.

ACB Securities forecasts large-cap banking stocks including VCB, CTG, MBB, VPB, and HDB will lead the market in H2 2026, supported by stable business fundamentals and attractive valuations. Sector P/E of 10.8-10.9x is 10% below historical median, while NIM has compressed to ~3% and Q1 2026 pre-tax profit growth slowed to 14.2% YoY.

VIC saw a net sell of 4.8 trillion VND on June 4 via a large block trade, contributing to a total foreign net sell of over 5.7 trillion VND. Proprietary desks also net sold 372 billion VND. FPT led foreign buying with 270 billion VND.

NVL was the most sold stock by proprietary trading desks on HOSE on June 3, with net selling of VND 87 billion, as total proprietary net selling reached VND 995 billion. The selling pressure adds to NVL's recent decline, with the stock closing at VND 13,600, down 4.23% on the day.

Foreign investors net sold VND 19.3 trillion on HOSE in May 2026, the highest in 7 months, with cumulative year-to-date net selling reaching VND 64.4 trillion. FPT, MSB, ACB, and VHM were the most sold, while VCB was the only stock with net buying over VND 1 trillion. The persistent selling pressure reflects global fund rebalancing and defensive positioning ahead of Vietnam's market upgrade.

Proprietary trading desks of securities companies net sold 360 billion VND on HOSE on June 1, 2026, with SHB the most sold stock at -29 billion VND. Foreign investors also net sold 634 billion VND across the market, adding to negative sentiment. The selling pressure contributed to a 1.02% drop in the VN-Index to 1,844.54 points.

The State Bank of Vietnam has relaxed real estate credit growth caps for 25 commercial banks, excluding social housing and industrial zone loans from the limit. While intended to boost priority segments, the policy raises asset quality concerns if the property market recovery slows, impacting banks like ACB, BID, CTG, and EIB.

NSI projects a 50 bps rise in interest rates due to liquidity pressure, while Q1 2026 banking sector revenue grew 20.2% and profit 13.6%. Seven small and mid-sized banks posted negative growth. Banking stocks trade near historical low P/B of 1.5x, with opportunities for banks like VPB, HDB, and MBB that have strong credit growth and asset quality.

Foreign investors net sold nearly VND 19,357 billion (USD 774 million) in May 2026, with top sells including FPT, ACB, HPG, VHM, MBB, STB, KDH, CTG, and VIC. The VN-Index rose 0.51% but liquidity remained subdued, indicating cautious market sentiment.

The State Bank of Vietnam (SBV) exempts 25 commercial banks from including social housing, industrial park, and export processing zone loans in real estate credit growth limits from January 1, 2026. This regulatory change supports targeted lending while maintaining overall credit controls, benefiting banks like ACB, BID, and CTG with expanded capacity for priority sectors.

On May 29, proprietary trading desks at securities companies net sold VND 570 billion on HOSE, while foreign investors net sold approximately VND 750 billion across the entire market. VPB was the most bought stock by proprietary desks, with net purchases of VND 57 billion, while E1VFVN30 saw the largest net selling.