The big picture is unmistakable: global capital flows are shifting, and Vietnam is no exception. FPT — once the pride of Vietnamese investors — now sits squarely in the eye of a historic capital rotation storm.
From All-Time Highs to a Two-Year Low
Just 14 months ago, FPT touched VND 135,700 per share — its all-time high. With a P/E near 30x, the AI and digital transformation narrative made it the “national stock” in nearly every retail and institutional portfolio.
But since that January 2025 peak, a quiet selloff has dragged the price down to VND 78,000 by late March 2026 — a decline of more than 40%. The striking part: there has been no negative company-specific news.
Foreign Selling at Unprecedented Scale
The answer lies in foreign capital flows. From the early 2025 peak through late March 2026, foreign investors have net sold over VND 18,600 billion worth of FPT shares across 174 selling sessions.Vietnambiz
The intensity has been escalating. In just the first week of March 2026, foreigners dumped VND 1,660 billion in FPT.Thoi bao Tai chinh By late March, a streak of 4 consecutive sessions saw roughly VND 5,500 billion in net selling. Across the entire market, FPT ranks among the most heavily sold names, trailing only VIC and VHM.
The Great Rotation — When AI Blind Faith Runs Out
Capital is not leaving FPT because the company is weakening. It is leaving because the Great Rotation — the massive shift from tech/AI stocks to real economy plays — has become the dominant force driving global markets.
After three years of dominance, the “Magnificent Seven” have declined roughly 4.9% year-to-date in 2026, while the remaining 493 stocks in the S&P 500 have gained 2.9%.FinancialContent The Nasdaq 100 has dropped nearly 9% from its late-2025 peak.FinancialContent
Three deep-rooted catalysts are driving this rotation:
- The DeepSeek effect: China’s open-source AI model proved that high-performance AI can be achieved at a fraction of the cost, shaking confidence in hundreds of billions of dollars in AI investment.CNBC
- Persistently high interest rates: US 10-year Treasury yields rose from 3.8% to above 4.3%, pressuring high-valuation growth stocks.
- Institutional investors demanding proof: Instead of riding expectations alone, major funds now require tangible returns from AI investments.
Capital is flowing heavily into industrials and materials, reaching the highest institutional buying levels since 2021. The FTSE 100 and DAX hit all-time highs while the Nasdaq plunged.
Impact on the Vietnamese Market
The rotation has not stopped at Wall Street. In Vietnam, foreign investors have been aggressively selling tech names while redirecting capital toward real economy sectors. March 2026 data shows mining, electrical equipment, and power generation leading the market while the VN-Index traded sideways around 1,644 points. Stocks like HPG and MBB attracted capital flows on the back of the commodity cycle and public investment spending.
The FPT Paradox — Best-Ever Earnings, Two-Year Low Price
Here is what puzzles many investors: FPT is delivering its best financial results ever. In 2025, revenue reached VND 70,112 billion (up 11.5%), with after-tax profit hitting VND 11,226 billion (up 19.1%).FPT Corp
The 2026 plan focuses on AI, semiconductors, and electric vehicles with total planned investment exceeding VND 7,000 billion. FPT AI Factory is deploying next-generation infrastructure with NVIDIA HGX B300, serving Southeast Asian and Japanese markets.FPT Software The long-term target: USD 5 billion in global IT services revenue by 2030.
Foreign ownership room has reached record levels as the foreign holding ratio dropped to around 15%, creating conditions for FPT’s inclusion in international indices and opening strategic investment headroom.
Which Side of the Capital Flow Are You On?
The business fundamentals remain rock-solid, but global capital is flowing against the AI narrative. As long as the Great Rotation continues, selling pressure from foreign investors may not let up.
Long-term investors may consider gradually accumulating at more attractive valuations. But for short-term traders, trying to “catch the bottom” on a stock caught in the crosshairs of a global capital reallocation could easily turn into “catching a falling knife.”
The Great Rotation is not over. The important question is not whether FPT is a good company — it is which side of the capital flow you are standing on.
