On the HOSE, foreign investors have net sold for 5 consecutive sessions. In total, foreign investors net sold 90.5 million units, with a net selling value of VND 2,289.4 billion.
On the HNX floor, foreign investors have net sold for 3 sessions and net bought for 2 sessions. In total, foreign investors net sold more than 7.5 million units during the week, with a total net selling value of VND163.4 billion.
On the HOSE, foreign investors net bought the most HPG shares with a volume of more than 27.4 million units, with a corresponding net purchase value of VND 838 billion. In second place was VNM shares with net purchases of 12.23 million units, with a corresponding net purchase value of VND 479 billion.
On the contrary, this group still net sold strongly in two bank stocks STB and HDB. STB was net sold VND946 billion (17.6 million units) and HDB was net sold VND632 billion (19.3 million units).
Analysts from BSC Securities Company pointed out that the pressure to withdraw capital from foreign investors comes from the context of the world macro such as the escalation of trade tensions between the US and China; exchange rate risks have cooled down but continue to remain high. In addition, deposit interest rates increased.
These make foreign investors seek safer investment channels as a safe haven. However, the prospect of attracting investment capital from foreign investors back in the medium and long term is still supported by expectations of upgrading the stock market and the third IPO wave of potential businesses in the coming time.
The latest report from BSC Securities Company stated that the market is entering a period of information sluggishness and investors tend to trade cautiously, proactively taking profits from a part of stocks that have increased strongly in the previous period.
The momentum to support the market this month comes from positive macro information such as FTSE Russell announcing the upgrading of the Vietnamese stock market from frontier to secondary emerging market. The official upgrading will take effect from September 21, 2026, but depends on the results of the review in March 2026.
Some other driving forces come from macroeconomic indicators achieving good growth and business results in the third quarter of 2025 recording positive growth with the after-tax profit growth of the VN-Index increasing by 27.6% over the same period and after-tax profit of the whole market increasing by more than 35.1%.
"The current valuation of the VN-Index is assessed to be attractive in the medium and long term, supported by the expectation of upgrading the stock market and cash flow of foreign investors returning to the market," BSC's report stated.
However, BSC assessed that the stock market may face risks such as: USD/VND exchange rate remains high; Domestic gold prices along with world gold prices increase; Deposit interest rates increase; Net selling pressure from foreign investors.
Experts from An Binh Securities Company also gave a note that exchange rates and interest rates are risk factors. Deposit interest rates have increased by about 0.1-0.8% compared to the beginning of October. The gap between credit and mobilization is increasingly widening, causing some banks to face liquidity pressure, increasing deposit attraction to meet strong credit growth.
On the other hand, exchange rate pressure still exists at the end of 2025 and 2026 because foreign investors continue to net sell in the financial market, the need for foreign currency to increase imports of counterpart goods to the US, and the trend of foreign direct and indirect investors transferring profits to the country. The USD strengthened at the end of October, causing the free VND/USD exchange rate in Vietnam to increase sharply. Although the exchange rate at banks is controlled, the gap between the formal and free markets has reached a record level.
