Foreign investors continued to net sell heavily despite the market rally. The
VN-Index rose about 180 points in April to around 1,854.1, but foreigners ended the month with a net sale of roughly 13.8 trillion dong, lifting the year-to-date net selling to over 44.1 trillion dong. Experts say the market needs more time to witness a return to net buying. Net selling for the period was driven by declines in large-cap names such as VHM and VIC (about 5.9 trillion and 2 trillion dong, respectively), with further selling in banks like VCB, BID, HDB, VPB, ACB, and MBB, reflecting a sector- and stock-specific pattern. The Vingroup pair (VIC and VHM) contributed significantly to the market’s gains, while selling pressure persisted. On the bullish side, HPG attracted the most buying during the period, with over 1.5 trillion dong net bought, followed by MSN and VPL, and ETF FUEVFVND also showing net buying. On HOSE, foreign buyers posted a net buy of around 295 billion dong, marking the third straight month of net buying, led by SHS, IDC, and PVS; NTP led net selling on HOSE. Analysts say it will take time for foreign money to return; at conferences, experts suggested that upgrading the market index will not immediately inject funds, as passive funds allocate capital only after inclusion, while active funds may take 6–12 months to deploy. The limited supply of large, high-quality domestic names may constrain foreign participation, though upcoming IPOs could attract new foreign capital. A prudent strategy for investors is to participate before the upgrade’s peak and to take profits as the event unfolds to preserve gains.
