Vietnam's onshore ETF complex closed the 29/10/2026 session with a sharply bifurcated foreign flow tape. Across the 24 funds listed on HOSE, aggregate ETF assets stood at 22.95 trillion VND against a single-session turnover of 24.00 billion VND, while foreign investors bought 6.14 billion VND and sold 8.89 billion VND — a net -2.75 billion VND withdrawal, according to HOSE / VCI order-book data on etf.com.vn. The benchmark backdrop was soft: VN-Index closed at 1,755.61 points (-0.62%) and VN30-Index at 1,877.18 points (-0.69%). Breadth inside the ETF universe was negative at 4 advancers, 13 decliners and 7 unchanged, but the dispersion beneath that headline — a +3.59 billion VND bid in E1VFVN30 against a -6.55 billion VND exit from FUEVFVND — is the more decision-relevant signal for allocators sizing Vietnam exposure into November.
Key Takeaways
- Aggregate HOSE ETF foreign net flow was -2.75 billion VND on 24.00 billion VND turnover (foreign participation equal to 62.6% of value traded), with 6.14 billion VND of buys against 8.89 billion VND of sells.
- FUEVFVND absorbed -6.55 billion VND on the session (-6.65 billion VND over five sessions, i.e. 98.5% of the five-day outflow landed in one day), while E1VFVN30 drew +3.59 billion VND (+2.48 billion VND over five sessions) — the two funds together hold 70.9% of the 22.95 trillion VND HOSE ETF AUM.
- Closing prices for E1VFVN30 (33,910 VND) and FUEVFVND (32,170 VND) settled +0.53% and +0.54% above their intraday VWAPs of 33,732 and 31,998 VND, whereas FUESSVFL closed 28,330 VND, -0.24% below its 28,397 VND VWAP — evidence of asymmetric liquidity absorption on the sell side.
The Aggregate Tape: Small Net Number, Very Large Composition Effect
A -2.75 billion VND net figure on a 22.95 trillion VND asset base looks immaterial in isolation — roughly 0.012% of AUM. That framing is misleading. The right denominator is turnover, and against 24.00 billion VND of value traded, the net outflow equals -11.5% of session value. Foreign investors were on both sides of 62.6% of all ETF value traded, which means the marginal price-setter on 29/10/2026 was an offshore account, not domestic retail.
Where the -2.75 billion VND actually came from
Decomposing the tape by fund reveals an almost one-for-one offset. The three largest negative contributors were FUEVFVND (-6.55 billion VND), FUEVN100 (-0.41 billion VND) and FUEDCMID (-0.11 billion VND). The positive side was carried by E1VFVN30 (+3.59 billion VND), FUEKIV30 (+0.37 billion VND), FUESSV30 (+0.23 billion VND) and FUESSVFL (+0.10 billion VND). In other words, one Diamond-basket fund sold more than the entire market's net outflow, and VN30 trackers supplied the offsetting bid. This is a rotation signature, not a broad de-risking signature.
Breadth versus value: the divergence to monitor
Thirteen decliners against four advancers is a weak tape, yet FUESSV50 (+0.73%), FUEKIVFS (+0.60%), FUEKIV30 (+0.08%) and FUEIP100 (0.00%) held or gained. Notably, FUESSV50 is the only fund in the reported HOSE set with positive year-to-date performance at +1.27%, and it also leads on the one-month horizon at +1.91% — its VNX50 mandate avoids both the FPT overweight and the pure-bank concentration that have dragged the two flagship baskets lower.
VN30 vs VN Diamond: Two Baskets, Two Different Foreign Clients
The core structural fact of October 2026 is the divergence in year-to-date returns between the VN30 tracker cluster (E1VFVN30 -5.82%, FUESSV30 -5.18%, FUEKIV30 -5.66%, FUEMAV30 -6.15%) and the VN Diamond cluster (FUEVFVND -16.01%, FUEMAVND -15.34%, FUEKIVND -16.94%). That is a 10.19 percentage point spread between the best VN30 fund and FUEVFVND, and it maps directly onto constituent weights.
| ETF | Close (VND) | 1D | 1M | YTD | Volume (units) | Foreign 1D (B VND) | Foreign 5D (B VND) | AUM (B VND) | Close vs VWAP |
|---|---|---|---|---|---|---|---|---|---|
| E1VFVN30 | 33,910 | -0.24% | -1.16% | -5.82% | 221,600 | +3.59 | +2.48 | 5,860 | +0.53% |
| FUESSV30 | 23,990 | -0.04% | -0.87% | -5.18% | 22,900 | +0.23 | -0.07 | 257 | +1.63% |
| FUEKIV30 | 13,000 | +0.08% | -0.61% | -5.66% | 30,800 | +0.37 | +0.55 | 2,300 | +1.09% |
| FUEMAV30 | 23,200 | -0.64% | -1.69% | -6.15% | 500 | -0.01 | +0.21 | 517 | +0.21% |
| FUEVFVND | 32,170 | -1.02% | -2.87% | -16.01% | 448,000 | -6.55 | -6.65 | 10,426 | +0.54% |
| FUEMAVND | 13,630 | -1.16% | -2.57% | -15.34% | 300 | -0.00 | -0.00 | 184 | +0.44% |
| FUEKIVND | 11,720 | -0.85% | -3.38% | -16.94% | 0 | +0.03 | +0.07 | 69 | — |
| FUESSVFL | 28,330 | -0.56% | -0.28% | -6.16% | 7,900 | +0.10 | +0.05 | 601 | -0.24% |
| FUEKIVFS | 16,710 | +0.60% | +3.02% | -2.05% | 100 | -0.00 | -0.00 | 167 | +0.00% |
| FUESSV50 | 28,990 | +0.73% | +1.91% | +1.27% | 2,700 | +0.01 | -0.07 | 203 | +1.19% |
| FUEVN100 | 24,670 | -0.68% | -0.92% | -3.63% | 24,400 | -0.41 | +0.59 | 696 | +0.18% |
| FUEDCMID | 11,450 | -2.88% | +2.52% | -20.39% | 13,700 | -0.11 | -0.15 | 273 | -0.35% |
E1VFVN30: a counter-trend foreign bid
E1VFVN30's +3.59 billion VND single-session inflow against a +2.48 billion VND five-session total implies the prior four sessions were a net -1.11 billion VND. So the fund did not simply track a steady bid — foreign money arrived specifically on a -0.62% index day, closing the ETF at 33,910 VND, 0.53% above a 33,732 VND VWAP on 221,600 units. For a 5,860 billion VND fund with a 12.4% FPT weight, that is a deliberate, benchmark-neutral top-up rather than a passive residue.
FUEVFVND: 98.5% of the five-day outflow in one session
FUEVFVND is the market's largest ETF at 10,426 billion VND, or 45.4% of all HOSE ETF AUM. Its -6.55 billion VND one-day net figure versus -6.65 billion VND over five days means the exit was concentrated, not chronic. Price action argues the same: FUEVFVND closed 32,170 VND, still 0.54% above its 31,998 VND VWAP, on 448,000 units — the heaviest volume in the reported set. Sellers paid up into the close rather than hitting a falling bid, which is characteristic of basket-level rebalancing rather than a liquidity-driven liquidation. Compare this to E1VFVN30 and FUEVFVND product pages for the live premium/discount mechanics.
Concentration Arithmetic: FPT, Banks and the Diamond Discount
The two flagship baskets overlap heavily in banks but diverge sharply in consumer and mid-cap industrials. VN30's top seven names sum to 59.4% (FPT 12.4%, TCB 9.2%, ACB 8.6%, HPG 8.4%, VPB 7.5%, MBB 7.1%, MWG 6.2%). VN Diamond's top eight sum to 84.5% (FPT 15.1%, PNJ 12.8%, MWG 12.4%, GMD 10.6%, ACB 9.8%, TCB 9.1%, MBB 7.9%, REE 6.8%). The Diamond basket therefore carries roughly 1.4x the single-name concentration and a materially higher FPT beta.
Why the VWAP lens matters more than the closing print
Across the reported set, the widest close-to-VWAP premiums were FUESSV30 (+1.63%), FUESSV50 (+1.19%) and FUEKIV30 (+1.09%) — all small or thin books where a handful of orders can skew the average. The only fund to close at a discount to VWAP was FUESSVFL at -0.24% (28,330 vs 28,397 VND) alongside FUEDCMID at -0.35%. For institutional execution, closing at a premium to VWAP while foreigners are net sellers (as with FUEVFVND) indicates domestic or market-maker absorption — a structurally healthier signal than the raw flow number suggests.
Banking beta: VNFinLead as the quiet value leg
The VNFinLead basket concentrates 74.7% in six names: TCB 14.8%, ACB 14.2%, MBB 13.6%, VPB 12.9%, STB 11.4%, SSI 7.8%. FUESSVFL posted +0.10 billion VND on the day and +0.05 billion VND over five sessions on 601 billion VND AUM, with a one-month return of -0.28% — the shallowest drawdown among the sector and Diamond trackers. Its sibling FUEKIVFS, at 167 billion VND AUM, is the only fund in the set with a positive three-month-style profile at +3.02% one-month, though its liquidity (100 units) is effectively indicative only.
| Basket family | Funds | Aggregate AUM (B VND) | Share of 22.95T VND HOSE ETF AUM | Concentration anchor |
|---|---|---|---|---|
| VN Diamond cluster | FUEVFVND, FUEMAVND, FUEKIVND | 10,679 | 46.5% | FPT 15.1%, PNJ 12.8%, MWG 12.4% |
| VN30 tracker cluster | E1VFVN30, FUESSV30, FUEKIV30, FUEMAV30 | 8,934 | 38.9% | FPT 12.4%, TCB 9.2%, ACB 8.6% |
| VNFinLead cluster | FUESSVFL, FUEKIVFS | 768 | 3.3% | TCB 14.8%, ACB 14.2%, MBB 13.6% |
| Other listed funds | FUEVN100, FUEDCMID, FUESSV50, FUEIP100 | 1,236 | 5.4% | Diversified / mid-cap tilt |
| Residual outside reported set | — | 1,333 | 5.8% | — |
Primary versus Secondary Flows, Offshore Reference Prices and the November Setup
Precision matters here for institutional reporting. The +3.59 billion and -6.55 billion VND figures above are secondary-market foreign net trading values on HOSE, derived from VCI order-book data and published on etf.com.vn. They are not creation/redemption totals. Primary-market ETF creations and redemptions are transacted in creation units against the fund issuer and settle separately; a fund can print a large secondary-market foreign net outflow while its unit count is unchanged, or vice versa. Treat the HOSE net-flow series as a price-discovery and positioning signal, and the creation/redemption series as the true AUM-migration signal.
Offshore vehicles as an independent cross-check
The two offshore-listed Vietnam vehicles in the dataset moved with, but not identically to, the onshore tape: VanEck Vietnam ETF (VNM) closed at $16.92, -0.41% on the day, -1.28% over one month and -11.46% year-to-date on 437,000 shares; Xtrackers FTSE Vietnam ETF (XFVT) closed at £29.00, -0.62%, -3.73% over one month and -6.74% year-to-date on zero reported volume. The -11.46% VNM YTD sits between FUEVFVND's -16.01% and E1VFVN30's -5.82%, consistent with a broader, less FPT-concentrated mandate. When onshore Diamond outflows (-6.55 billion VND) coincide with XFVT's steeper one-month decline (-3.73% versus FUEVFVND's -2.87%), the signal is basket-specific rather than a wholesale offshore retreat from Vietnam.
What to watch into November 2026
Three monitors matter: first, whether FUEVFVND's -6.55 billion VND is a one-off rebalance or the start of a series — a second consecutive session above -5 billion VND would flip the read from rotation to de-allocation; second, whether E1VFVN30's +3.59 billion VND bid persists now that its four-session prior net was -1.11 billion VND; third, whether the 10.19 percentage point YTD spread between FUESSV30 (-5.18%) and FUEVFVND (-16.01%) narrows through Diamond beta recovering or VN30 beta converging. Screen the full universe on our market dashboard, run relative metrics through the ETF comparison tool, and model basket-level exposure with the portfolio builder. A full product directory is available at /en/san-pham.
Frequently Asked Questions
1. How much did foreign investors net sell in Vietnam ETFs on 29/10/2026?
Across the 24 HOSE-listed ETFs, foreign investors bought 6.14 billion VND and sold 8.89 billion VND, producing a net -2.75 billion VND outflow on total ETF turnover of 24.00 billion VND — equivalent to -11.5% of session value traded, according to HOSE / VCI order-book data on etf.com.vn.
2. Why did FUEVFVND lose -6.55 billion VND while E1VFVN30 attracted +3.59 billion VND?
The divergence tracks basket construction and performance. FUEVFVND carries 15.1% FPT, 12.8% PNJ, 12.4% MWG and 10.6% GMD with a top-eight weight of 84.5%, and is down 16.01% year-to-date; E1VFVN30 holds 12.4% FPT with its top seven at 59.4% and is down 5.82%. Foreign money rotated out of the higher-concentration, weaker-performing Diamond basket into the broader VN30 basket, not out of Vietnam ETFs in aggregate.
3. What does closing above intraday VWAP mean for E1VFVN30 and FUEVFVND?
E1VFVN30 closed at 33,910 VND versus a 33,732 VND VWAP (+0.53%) and FUEVFVND at 32,170 VND versus 31,998 VND (+0.54%), indicating buyers absorbed supply into the close despite net foreign selling in FUEVFVND's case. By contrast, FUESSVFL closed at 28,330 VND, -0.24% below its 28,397 VND VWAP, and FUEDCMID closed -0.35% below VWAP — a weaker absorption profile on those two books.
Use the ETF asset-allocation tool and stock lookup to test the constituent weights cited above against your own mandates.
Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.