Vietnamese ETFs post net outflows of more than 1.2 trillion VND in the week, led by domestic funds

Net outflows were recorded in 14 of 25 funds, with the majority concentrated in the domestic ETF segment. In the week of March 30 to April 3, 2026, ETFs investing in the Vietnamese stock market saw net outflows of more than VND 1.2 trillion, down 11.3% from the previous week.

Domestic ETFs drive most outflows

Domestic ETFs recorded net outflows of VND 912 billion, mainly concentrated in the VFMVN Diamond ETF (-VND 885.6 billion) and the VFM VN30 ETF (VND 22.8 billion). The Vina Capital VN100 ETF was the only fund to post a net inflow of more than VND 2 billion.

Foreign ETFs recorded net outflows of over VND 319 billion, concentrated mainly in the VanEck Vietnam ETF (-VND 245.3 billion) and the Fubon FTSE Vietnam ETF (-VND 36.8 billion).

Thai investors sell via depository receipts

Funds from Thailand via depository receipts (DRs) also contributed to selling. Thai investors net sold 250,000 DRs of the VFM VN30 ETF (code E1VFVN3001), equivalent to over VND 8 billion. They also net sold 180,000 DRs of the VFM VNDiamond ETF (code FUEVFVND01), equivalent to over VND 6 billion.

Monthly and year-to-date ETF flows

In April 2026, ETF funds recorded net outflows of VND 634 billion, bringing year-to-date net outflows to more than VND 3.0 trillion. As of April 3, the total net asset value of ETF funds allocated to the Vietnamese market stood at over VND 58.2 trillion, down 11.7% from 2025.

Trading activity and fund cash flow updates

For the week 30/3–3/4, the top stocks sold by funds included MWG, FPT, PNJ, TCB, and GMD, mostly attributed to selling by the VFMVN Diamond ETF and the Fubon FTSE Vietnam ETF.

On April 6, the Fubon FTSE Vietnam ETF recorded no cash flow due to a trading halt for the holiday. The VEM VNMIDCAP ETF posted net outflows of more than VND 1 billion. Meanwhile, the VFM VNDiamond ETF and the VFM VN30 ETF had no cash flow changes.

Foreign investor matched-trade flows

Separately, in the same week, foreign investors continued net selling of VND 1,122 billion; on a matched-trade basis, they sold VND 4,464 billion. Primary on-matched purchases were in the Retail, Food & Beverage group, with top on-matched buyer stocks including MSN, HCM, DGC, VCI, VCK, TCH, SSI, GEE, HDG, and MWG.

On the sell side, banks led foreign net selling on matched trades, with top stocks including VHM, FUEVFVND, VCB, FPT, MBB, BSR, BID, VPB, and VIC.

FTSE Russell interim review and expected passive inflows

Tonight, FTSE Russell will officially publish the interim review results for March 2026 for Vietnam. SSI Research expects Vietnam to pass the FTSE mid-term assessment and begin receiving passive fund inflows from September 2026.

SSI Research estimates that passive fund inflows into Vietnam could reach up to USD 1.7 billion. It also notes that capital is unlikely to be deployed in a single instalment and may be deployed in three to five tranches, similar to the 2019 Saudi upgrade.

Potential EM flow stocks

Potential EM flow stocks include VIC, SSI, MSN, VCI, KBC, DGC, VND, HCM. Other candidates mentioned include BSR, SAB, HUT, PDR, and DXG.

SSI Research also compared returns across markets that FTSE has upgraded from Frontier to Emerging Market, finding that these markets often deliver superior medium-term returns.