After a fairly impressive recovery, the stock market returned to a trading state of "green skin, red heart". At the end of the trading session on November 27, the VN-Index increased by nearly 4 points to 1,684.32 points. The value of matching on HoSE remains low, reaching about VND 17,600 billion.
Regarding foreign transactions, after yesterday's active net buying session on November 26, a group of foreign investors turned to net sell VND6 billion in the whole market. On HoSE, foreign investors net sold approximately VND11 billion. In the net buying direction, POW leads with a sudden value of up to 330 billion VND. Followed by the exchange-traded tax with foreign investors "gom" 116 billion VND. Bank stocks such as MBB and VPB also attracted foreign cash flow, reaching 73 billion and 67 billion VND respectively. In addition, FPT recorded a net purchase value of about VND68 billion.
In the opposite direction, net selling pressure is strongly concentrated on the large-cap group. Leading is VJC with a net selling value of up to 303 billion VND. VCB ranked second with 103 billion VND net sold. VIC and ACB both recorded a net selling price of VND92 billion per code, while VCI was also disbursed about VND62 billion by foreign investors.
In the third quarter of 2025 alone, the market recorded the strongest net selling foreign investors since the beginning of the year, with a total value of VND 89,639 billion, focusing on real estate, banking and financial services.
Currently, it is difficult to predict when foreign investors will stop withdrawing capital from the Vietnamese market. At the same time, it is undeniable that foreign investors' continued net selling will put pressure on the psychology and developments of the market, because most of the foreign investors' assets are in pillar stocks, so it will have a big impact on the index.
At present, the share ownership rate of foreign investors in the whole market is about 14%, this figure has returned to a low level compared to the history of the Vietnamese stock market and is also low compared to the regional level. Some of the reasons for the continuous net selling of foreign investors include the difference in USD and VND interest rates, geopolitical instability in many regions of the world, capital flows reversing and withdrawing from Vietnamese ETFs, competition between global investment channels...
Meanwhile, domestic cash flow is still the mainstay of the market as the significant absorption of domestic cash flow has limited the negative impact of strong foreign net selling. In the recent period, domestic cash flow has been quite "calm", but experts assess liquidity matching the decrease but the market width is positive with more than 2/3 of stocks increasing points. This is not a negative sign but a characteristic of a recovery in doubt.
The large cash flow has not returned, but individual and self-employed investors have quietly hoarded goods at low prices (especially the securities, construction and construction materials, chemicals, logistics groups, etc.). If excluding Vingroup, the VN-Index in fact has reached the 1,400 - 1,420 point range in previous weeks, the starting price increased at the beginning of the year and has increased to 3.6% since the bottom of the week.
According to Dragon Capital, this market adjustment mainly reflects profit-taking activities after a long period of increase, instead of originating from fluctuations in foundational factors. The absorbed domestic liquidity is due to net selling pressure, showing that domestic cash flow is still relatively stable, but the prolonged net selling momentum of foreign investors is still a factor that needs to be monitored.
Dr. Nguyen Duy Phuong, Investment Strategy Director of DG Capital, said that investors should not be too negative, because in reality, the market is in an upward trend from 2024 to present, despite the continuous withdrawal of foreign investors. The market still has a lot of potential when the current valuation is not expensive and the potential for positive profit growth is expected to increase Vietnam's GDP by 10% in 2026 and the following years.
