Vietnam stock accounts rise despite VN-Index decline

That resilience matters because it shows local households are still supplying liquidity to a market that has been under pressure from overseas outflows. In the third quarter alone, investors opened more than 702,000 new accounts, lifting the nine-month total increase to more than 2.26 million, or about 251,000 a month on average.

The account surge came even as the VN-Index dropped 4.9% in the quarter and 3.47% in September, ending the month at 1,768.62 points. Trading value on the Ho Chi Minh Stock Exchange averaged more than 16,400 billion dong per session in September, down 5.33% from August, while more than 840 stocks fell over the month.

Foreign investors were again a drag on sentiment and market liquidity, selling a net 17,676 billion dong across the market in the quarter and more than 100,000 billion dong year to date. That persistent selling has become a key headwind for large-cap stocks and a reminder that domestic participation is cushioning the market even if it is not yet offsetting overseas flows.

The latest account data also lands as Vietnam pushes to upgrade its market status, a theme that has helped keep investor attention on the country’s equities. The next test is whether rising retail participation can support turnover and valuations if foreign selling continues and the benchmark remains volatile.