Investors open accounts in record numbers, foreign investors set a monthly record as VN-Index falls more than 200 points

According to data from the Vietnam Securities Depository (VSD), the number of domestic investors’ accounts rose by nearly 346,000 in March 2026, up about 150,000 from the previous month. The increase was the largest in almost four years, since the May–June 2022 period.

Account growth driven mainly by individuals

New accounts were opened mainly by individual investors, while institutions added only 123 accounts. Since the start of 2026, domestic investors have opened nearly 790,000 new accounts. By the end of March 2026, domestic individuals held a total of 12.6 million stock accounts, equivalent to about 12% of the population.

Market correction amid Middle East geopolitical concerns

The surge in account numbers coincided with a sharp market correction triggered by concerns over geopolitical tensions in the Middle East. The VN-Index fell more than 200 points (-11%), closing March below 1,680 points. It marked the index’s steepest monthly decline in more than three and a half years, since September 2022.

Foreign accounts also increased, despite net selling

Alongside domestic investors, foreign investors also unexpectedly accelerated account openings. The number of foreign-investor accounts rose by 427 in March, the highest since the 2017–2018 period. Individuals increased by 393 accounts, while institutions added 34. The total number of foreign investor accounts now stands at 51,164.

Despite the rise in accounts, foreign trading activity remained net selling. In March, foreigners sold a net 17.6 trillion dong on HoSE, bringing the year-to-date net outflow to over 31 trillion dong. The pattern has persisted for years; in 2025, the net selling value reached a record 125 trillion dong.

Upgrade review could shift foreign capital flows

Foreign capital is expected to reverse soon as the upgrade review approaches. In the early hours of April 8 (Vietnam time), FTSE Russell will publish the market classification review results. If Vietnam passes, FTSE will officially upgrade Vietnam to a Secondary Emerging market, on par with China, India, Egypt, Indonesia, among others.

In an earlier March report, Vietcap stated the probability Vietnam would not pass the review was 0%. It estimates passive capital of about $1.67 billion from global ETFs could flow into the market. If the review is passed, the market could begin attracting this capital from September 2026. Some active funds may enter earlier depending on the attractiveness of Vietnam’s stock market.