Foreign investors pour billions into Vietnam stock market via P‑Notes

Foreign investors have injected a multi‑billion‑dong inflow into Vietnam's equity market after a two‑month decline. Following a record net sell‑off of more than VND 92,000 billion, net buying surged in the last week of July and the first week of August 2026, with strong purchases over three consecutive sessions.

The buying is concentrated in blue‑chip stocks such as FPT, VIC and HPG, reflecting the typical “footprint” of anonymous Participatory Notes (P‑Notes). These instruments are issued by major global investment banks—including Citigroup, Deutsche Bank, HSBC and Merrill Lynch—allowing foreign investors to acquire large positions quickly, retain dividend rights and remain anonymous. By contrast, inflows through ETF funds remain modest (about USD 0.12 million). Market analysts view the renewed foreign demand as a positive signal that could bolster investor confidence in Vietnam’s market.