Foreign Investors Sell VND 3,400B of VHM Stock as VN-Index Rises 25 Points

Overview

Foreign investors were net sellers of VND 3,651 billion on the Ho Chi Minh Stock Exchange (HOSE) on April 15, with Vinhomes (VHM) accounting for VND 3,400 billion of that outflow. The selling in VHM and other major stocks like FPT and STB contrasted with net buying in Vingroup (VIC), which helped push the VN-Index up 25 points to 1,800. This divergence underscores shifting foreign capital flows within Vietnam’s large-cap sector.

Key Facts

• Foreign investors were net sellers of VND 3,651 billion (~$146 million) on HOSE on April 15.
• Vinhomes (VHM) saw the largest net sell-off at VND 3,400 billion.
• Vingroup (VIC) was the strongest net buy on HOSE at over VND 372 billion.
• Other significant net sells on HOSE included FPT (VND 432 billion) and STB (VND 87 billion).
• The VN-Index rose 25 points to close at 1,800 points.
• Total trading value on HOSE exceeded VND 28,000 billion.
• On HNX, foreign investors were net buyers of VND 32 billion, led by SHS (VND 26 billion).

What Happened

According to exchange data, foreign investors executed a significant net sell-off on the Ho Chi Minh Stock Exchange (HOSE) on April 15, totaling VND 3,651 billion. The bulk of this selling pressure was concentrated on Vinhomes (VHM), the real estate developer, which alone accounted for a net sell of VND 3,400 billion. This made VHM by far the most heavily sold stock by foreign entities during the session.

This foreign selling in VHM and other blue-chips like FPT and STB occurred even as the broader VN-Index rallied 25 points to 1,800. The index’s gain was largely driven by net buying in other Vingroup affiliates, most notably VIC, which saw a net foreign purchase of over VND 372 billion. Trading liquidity remained high, with total value on HOSE surpassing VND 28,000 billion.

Market Context

Vinhomes (VHM) is listed on HOSE. Despite the heavy foreign selling on April 15, VHM’s share price closed at VND 138, up 6.83% on the day with volume of 6.25 million shares. This price increase, concurrent with massive foreign outflow, suggests domestic or other investor buying absorbed the sell-off. The session highlighted a split in foreign activity: heavy selling in real estate (VHM) and technology (FPT) contrasted with strong buying in the conglomerate VIC and banking stock VCB.

Strategic Significance

The scale of the VHM sell-off, representing over 93% of the total foreign net sell value on HOSE, indicates a targeted reassessment of the real estate giant by international funds. This could reflect concerns specific to Vinhomes’s project pipeline, debt profile, or sector headwinds, distinct from the positive sentiment driving capital into its parent conglomerate, Vingroup. For long-term investors, the divergence signals that foreign capital is becoming more selective within Vietnam’s blue-chip universe, potentially rotating out of perceived cyclical risks into broader platform plays.

What to Watch

• VHM’s Q1 2026 financial results, expected in late April or early May, for operational performance metrics.
• Weekly foreign trading data from the VSD to see if the selling pressure on VHM is sustained or a one-off event.
• Announcements from Vinhomes regarding major project sales, land bank developments, or debt refinancing.
• Broader real estate sector data, including apartment absorption rates and new supply in key markets like Hanoi and Ho Chi Minh City.
• Foreign ownership ratio (FOR) updates for VHM to gauge if the selling is approaching regulatory limits.