Vietnam’s stock market is trying to draw more foreign money, but the absence of big home‑grown tech companies makes this difficult. Understanding why this matters helps explain recent capital outflows.

The market currently has no large domestic tech firms. FPT, one of the few Vietnamese tech groups, is valued at about $3.8 billion, while VNG is worth roughly $620 million – both far smaller than the trillion‑dollar giants that dominate global tech investment.

Foreign investors have been pulling money out. Since the start of 2026 they sold a net $3.5 billion of HoSE shares, and over the past three years the total net selling exceeded $11 billion; foreign ownership fell from around 15 % in 2020 to about 11 %.

Even after Vietnam was upgraded to secondary emerging‑market status, net foreign selling kept going, showing that better market access alone does not stop capital outflows. Global technology corporations, whose market capitalizations run into the trillions, continue to attract the bulk of international tech investment.

Vietnam’s strong tech‑related FDI, such as projects by Samsung and Intel, has not produced domestic champions that can generate billions of value and keep capital at home. Without larger homegrown tech giants, the country may struggle to retain future foreign investment.