SSI

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.

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.

SSI and Virtu have successfully executed the first Global Broker transaction in Vietnam, operationalizing Circular 08/2026/TT-BTC. This milestone enhances connectivity for international institutional investors and supports Vietnam's path to FTSE Russell secondary emerging market status by September 2026.

Securities companies including SSI, VPS, and HSC achieved record Q1 margin lending revenue of over 11,200 billion VND, with total outstanding loans reaching 420,000 billion VND. The surge reflects capital optimization and strong customer demand, boosting the lending revenue share to 36% of total revenue, up from the typical 28-30%.

SSI is among securities firms with parent bank backing that stand to benefit as NSI forecasts industry debt to rise at least 40% in 2026, driven by GDP growth and credit expansion. However, NSI trimmed its 2026 profit forecast for the sector by 5.4% due to higher funding costs and weaker investment returns.

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.

Fubon FTSE Vietnam ETF achieved a 27.47% return since May 2021, driven by heavy exposure to Vingroup stocks VHM (13.33% weight) and VIC (12.92%). Despite strong performance, the fund has seen net outflows of over $89 million since early 2026, reflecting the broader trend of foreign net selling on HOSE, which has reached VND 63.8 trillion year-to-date.

NSI forecasts securities industry debt could rise at least 40-50% in 2026, boosting margin lending and liquidity for firms like SSI, TCX, VPX, HCM, and VCI. However, higher capital costs lead NSI to cut 2026 revenue and profit forecasts by 3.8% and 5.4% respectively, while new provisioning rules add cost pressure.

MSN, TCB, and CTG were the top stocks bought by proprietary desks on HOSE on May 27, with net purchases of VND 195B and VND 133B each, respectively. This occurred as foreign investors net sold VND 785B, highlighting a divergence between domestic institutional and foreign sentiment.

HPG is set to receive the largest net inflow of ~VND 284B from two major foreign ETFs (Xtrackers Vietnam Swap UCITS ETF and VanEck Vietnam ETF) during their June 2026 rebalancing, while SSI faces the largest outflow of ~VND 250B. The rebalancing, with combined fund assets of nearly $1.2B, will also see BSR, EIB, and NAB gain and VIX, VCI, and DGC lose weight.

Foreign investors net sold VND 895.5B on May 26, 2026, with real estate stocks VIC and VHM leading the sell-off, while banking and technology stocks saw net buying. The VN-Index fell only slightly, but VIC and VHM alone contributed nearly 14 points of decline, highlighting their outsized influence.