MSN Among Top Three Stocks Net-Bought by Foreign Investors This Year as Vietnam Upgrades to Secondary Emerging Market

MSN, Masan Group’s stock, has climbed into the top three shares net-bought by foreign investors since the start of the year, with year-to-date net buying value reaching “in the trillions” of Vietnamese dong. Several sessions also saw foreign purchases in the hundreds of billions of dong. Market commentary links the inflow not only to short-term cash movement, but also to a broader shift in investors’ assessment of the company’s business model and long-term prospects.

The trend comes as Vietnam is set to be upgraded to a secondary emerging market by FTSE Russell, expected to take effect in September 2026. In that context, foreign capital has increasingly favored companies with solid fundamentals and clearer growth narratives. While some large-cap stocks have faced selling pressure, MSN has continued to accumulate steadily, supported by net purchases in multiple sessions, positioning it as a bright spot for foreign flows. The stock is also being discussed as a potential future candidate for inclusion in international indices alongside other large-cap names.

Growth momentum across three pillars

Three growth pillars are cited as driving the momentum: consumer, retail, and high-tech materials.

Consumer: Masan Consumer (MCH)

Masan Consumer reported revenue for the first two months of 2026 of about VND 5,160 billion, up more than 15% year-on-year. Growth was attributed to both expanding points of sale and higher value per sale through the Retail Supreme distribution model. Points of sale reached about 420,000, while the average number of SKUs per order increased sharply, indicating improved efficiency in the distribution network.

Retail: WinCommerce

In retail, WinCommerce posted revenue of about VND 7,872 billion for the first two months, up more than 30% year-on-year. The company opened 145 new stores, bringing total outlets to around 4,700 nationwide. The strategy is described as shifting from pure scale expansion toward optimizing profitability in modern retail at scale.

High-tech materials: Masan High-Tech Materials (MSR)

Masan High-Tech Materials is benefiting from a favorable structural cycle in the minerals market. The price of APT (an intermediary for tungsten) rose above USD 3,000 per mtu by late April 2026, well above last year’s average. The increase is linked to tighter external supply alongside continued demand from semiconductor, AI, and defense sectors. With supply tightening outside China, MSR is increasingly viewed as a strategic asset within the global supply chain.

MSR, which owns the Nui Phao mine—one of the largest tungsten mines outside China—is positioned to benefit from this environment. The company targets after-tax profit for 2026 of VND 1,700 to 2,500 billion, representing a significant improvement over earlier periods. Given MSN’s sizable stake in MSR, the stock could see meaningful profit contributions if commodity-price trends persist.

Forecast upgrades and re-rating narrative

Profit growth expectations and a potential valuation re-rating are shaping the outlook for MSN. Analysts have raised their forecasts:

• SSI Research expects after-tax profit around VND 2,500 billion in Q1 2026, up more than 150% year-on-year, described as one of the market’s top growth rates.
• VCBS set a target price near VND 111,421 per share, reflecting confidence in earnings growth and the possibility of a valuation re-rating.

In the longer term, the three growth drivers—consumption, retail, and resource assets—are described as moving in tandem, an alignment that may help explain foreign buying into MSN. As the business platform improves and the earnings trajectory becomes clearer, valuations may re-rate, with capital often moving ahead of results. The next quarters’ performance are highlighted as a key test, but MSN is portrayed as entering a phase where growth is increasingly driven by the convergence of its ecosystem rather than a single segment.