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After a record foreign net selling in 2025, foreign investors’ outflow from Vietnam has shown no signs of easing. In just over the first four months of this year, foreign investors continued to net sell nearly 40 trillion VND on the Vietnamese stock market, even as the market received upgrade-related news.
Speaking at the “Cash Flow Map of Q2/2026” program organized by Finhay Securities, Nguyen Duy Anh, Portfolio Management Director at Vietcombank Asset Management Company (VCBF), said the foreign selling trend has been ongoing since last year.
He attributed the pattern primarily to a broad global capital shift. Investors have been moving away from higher-risk markets and returning to the United States. With US interest rates still high, domestic investment opportunities appear more attractive relative to deploying capital abroad.
“Compared with markets like Vietnam, investors still face exchange-rate risk, which reduces relative attractiveness,” Mr. Duy Anh said. “This is not just a Vietnam story but is also playing out in many markets such as Indonesia and Thailand.”
Beyond macro factors, Mr. Duy Anh also pointed to profit-taking after a year of positive stock market performance as another driver of continued foreign outflows.
He further explained why foreigners may still sell even after upgrade information is announced, citing capital allocation timing and lag effects:
As a result, the current period could coincide with some investors taking profits and exiting.
Mr. Duy Anh said foreign investors are expected to return in about six months to one year. He added that investors who have not yet participated in Vietnam will typically start researching only after investment conditions are opened following the upgrade, a process that usually takes six months to one year before capital is deployed.
In practice, experts said discussions between VCBF and foreign partners after the upgrade news indicate that international investor interest in Vietnam has increased markedly. Many new investor groups have begun exploring and assessing opportunities.
However, a key constraint remains the limited number of high-quality investment opportunities in Vietnam. Large-cap companies capable of attracting foreign capital are still not plentiful, while the foreign ownership limit (“foreign room”) also limits access.
In that context, experts expect that pushing for privatizations and IPOs of large enterprises could add new supply and improve the attractiveness of Vietnam for foreign investors.
“We expect in about six months to a year, as conditions gradually improve and the due diligence process by funds concludes, foreign capital will return to the Vietnam stock market in a more stable manner,” Mr. Duy Anh said.
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