Are Investment Funds Leaning Towards Net Selling?

In the first week of December 2025 (01–05/12/2025), investment fund trading remained subdued, marked by sporadic selling pressure. This occurred against the backdrop of the VN-Index posting a robust weekly gain of over 50 points.

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Specifically, the sole selling force announced this week came from VIAC Limited Partnership, a member fund of Vietnam Oman Investment (VOI) under the Oman National Investment Committee. The fund sold 1.6 million shares of VPI (Van Phu Real Estate Development JSC) on December 3rd, reducing its ownership to 8.76% (over 28 million shares), estimated to yield approximately 88 billion VND.

VPI stock performance from the beginning of 2024 to December 5, 2025

In the market, VPI shares closed at 57,500 VND per share on December 5th, down 6% from its one-year peak (61,400 VND per share on October 16, 2025), but still up 19% from the low recorded on May 15.

Also on December 3rd, funds under VinaCapital Asset Management JSC registered to divest from Khang Dien House Trading and Investment JSC (HOSE: KDH) to restructure their portfolio, with the transaction period from December 9, 2025, to January 7, 2026.

Among them, the VinaCapital Modern Economic Equity Fund plans to sell 1.5 million shares out of the 2.6 million it currently holds, while the VinaCapital Market Access Equity Fund intends to sell its entire stake of over 1.9 million shares.

KDH stock performance from the beginning of 2025 to December 5

VinaCapital’s divestment intention comes as KDH shares have fallen 8% from their August peak, but remain up 55% from the low during the tariff-related volatility in April.

HDG stock performance from the beginning of 2025 to December 5

Conversely, buying activity announced this week actually occurred in late November, with PYN Elite Fund reporting additional purchases of 792,600 YEG (YeaH1) shares and 955,600 HDG (Ha Do) shares on November 24th via order matching. Post-transaction, PYN Elite’s ownership in YeaH1 rose to nearly 9.4%, while its stake in Ha Do reached approximately 10%.

YEG stock performance from the beginning of 2025 to December 5

Notably, these two stocks have shown contrasting price movements. While HDG has gained over 20% since the beginning of the year, YEG has dropped more than 27% during the same period.

Khang Di

– 07:28 07/12/2025

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