Một tín hiệu có thể kỳ vọng giảm áp lực bán ròng của khối ngoại trên TTCK Việt Nam

Key Points

Foreign investors continue net selling on the Vietnamese stock market, reaching 17.5 trillion VND YTD as of March 10, 2025.
Both ETF and active funds are withdrawing, with ETFs withdrawing 1.772 trillion VND and active funds 1.658 trillion VND in the first two months of 2025.
Foreign ownership is at its lowest since 2015 (13.1%), potentially easing selling pressure.
SSI suggests focusing on sectors attracting strong domestic cash flow.

Foreign investors continue to sell on the Vietnamese stock market, with brief buying spurts. Net selling has reached 17.5 trillion VND year-to-date as of March 10, 2025.
Both ETFs and active funds contribute to the selling pressure. Globally, investors are cautious with equities, favoring bonds and currencies.
In Vietnam, ETF withdrawals totaled 1.772 trillion VND in the first two months of 2025, representing 3% of their total assets. Active funds also withdrew 1.658 trillion VND.
Foreign ownership is down to 13.1%, the lowest since 2015. This, combined with a weakening DXY, could limit further selling pressure.
However, global capital still favors developed markets. Vietnam needs stronger measures to attract foreign investment back.
SSI believes the current market trend is stable and expects increased domestic investment. Factors supporting this include low valuations, rapid cash flow rotation between sectors, and government growth initiatives.
These initiatives include protective tariffs on steel, resolving legal issues for residential real estate projects, implementing the KRX system, and a draft law amending the Law on Credit Institutions.
SSI Research identifies attractive valuations, potential market upgrades, and government support as key growth drivers. Tariff risks exist but are lower than in other countries.

Despite ongoing foreign selling, low foreign ownership and government efforts provide some optimism.
Investors should focus on sectors attracting strong domestic cash flow.
Vietnam needs further development to attract significant foreign investment back to the market.