Vietnam ETF Market Recap: Session 02/11/2026
Vietnam's listed ETF complex ended the 02/11/2026 HOSE session under broad pressure, with the VN-Index down 1.77% to 1,710.72 pts and the VN30-Index off 2.24% to 1,813.41 pts. Within that tape, E1VFVN30 closed at 32,950 VND (-1.93%), FUEVFVND at 30,800 VND (-2.84%) and FUESSVFL at 27,300 VND (+0.59%) — three distinct microstructures inside a single down session. Total turnover across 24 HOSE-listed ETFs reached 47.82B VND, with aggregate foreign net buying of +1.65B VND on the secondary market (buy 17.84B / sell 16.19B), according to HOSE / VCI order-book data on etf.com.vn. HOSE is pre-open on 03/11/2026; all prices below are the 02/11/2026 closing prints.
Key Takeaways
- E1VFVN30 closed +0.60% above its intraday VWAP of 32,755 VND at 32,950 VND, while FUEVFVND settled exactly at VWAP (30,800 vs 30,801 VND) — the tightest execution of the three.
- FUEVFVND drew +8.71B VND of foreign net buying 1D, the largest single-fund print on HOSE, flipping its 5D trend of -0.86B VND; E1VFVN30 was the mirror image at -3.88B VND 1D versus +3.09B VND 5D.
- FUESSVFL was the only green close (+0.59%) but traded -0.38% below its 27,405 VND VWAP on just 59,900 units — a thin-book outcome rather than a re-rating of the VNFinLead basket.
Price Action and VWAP: Three Different Execution Profiles
Where Each Fund Settled Relative to VWAP
VWAP is the cleanest available proxy for average execution quality on the exchange. E1VFVN30's 740,100-unit session closed 0.60% above VWAP, indicating late-session absorption of supply even as the VN30-Index lost 2.24%. FUEVFVND, with 485,200 units, closed within 0.01% of VWAP — a near-perfectly balanced order book. FUESSVFL's +0.59% gain masked a -0.38% VWAP shortfall, meaning the average buyer during the session transacted above the closing level.
Liquidity Was Not Uniform
Turnover dispersion was extreme across the complex: FUEKIVFS printed only 100 units, while E1VFVN30 and FUEVFVND alone accounted for the bulk of the 47.82B VND total. For institutional sizing, this concentration matters more than headline percentage moves.
Secondary-Market Foreign Flow vs Primary-Market Creation Activity
What the HOSE Order Book Actually Shows
The figures below are secondary-market foreign net trading value on HOSE, not primary-market ETF creation/redemption. Creation baskets settle with the issuer and do not appear in the exchange order book — a distinction that frequently distorts ETF flow narratives.
| Ticker | Close (VND) | 1D % | Intraday VWAP | Close vs VWAP | Volume | Foreign 1D / 5D | AUM |
|---|---|---|---|---|---|---|---|
| E1VFVN30 | 32,950 | -1.93% | 32,755 | +0.60% | 740,100 | -3.88B / +3.09B | 5,717B |
| FUEVFVND | 30,800 | -2.84% | 30,801 | -0.00% | 485,200 | +8.71B / -0.86B | 9,982B |
| FUESSVFL | 27,300 | +0.59% | 27,405 | -0.38% | 59,900 | -0.12B / -0.06B | 579B |
Basket Concentration Explains the Divergence
FUEVFVND carries the heaviest sector tilt: FPT 15.1%, PNJ 12.8%, MWG 12.4%, GMD 10.6%, ACB 9.8% and TCB 9.1% of the VN-Diamond basket. Its -19.58% YTD and -5.70% 1-month readings reflect that concentration, and its +8.71B VND 1D foreign buy suggests selective accumulation into weakness rather than a trend reversal. The VNFinLead basket (TCB 14.8%, ACB 14.2%, MBB 13.6%, VPB 12.9%, STB 11.4%) explains FUESSVFL's relative resilience at -2.57% 1M versus FUEVFVND's -5.70%.
NAV Premium/Discount: Reading the Signal Correctly
Why Exchange Data Cannot Confirm NAV
Indicative NAV per creation unit is published by the fund issuer (DCVFM for E1VFVN30 and FUEVFVND, SSIAM for FUESSVFL) after the close; HOSE order-book data alone cannot confirm an official premium or discount. What the tape does show is the price-to-VWAP spread, which is the tradable proxy: FUEVFVND at -0.00% implies negligible intraday drift risk, E1VFVN30 at +0.60% implies sellers exited below the close, and FUESSVFL at -0.38% implies buyers paid above it. With FUESSVFL's AUM at just 579B VND against FUEVFVND's 9,982B VND, thinner books widen the dispersion between traded price and fair value.
Compare Fund-Level Economics Directly
Passive ETFs carry TERs in the 0.50%–0.80% range versus 1.75%–2.00% for active open-end equity funds, but tracking dispersion and VWAP slippage can erase that gap at small AUM. Use the comparison tooling to test it fund by fund.
Frequently Asked Questions
1. What was E1VFVN30's closing price on 02/11/2026?
E1VFVN30 closed at 32,950 VND, down 1.93% on the day, which was 0.60% above its intraday VWAP of 32,755 VND, on volume of 740,100 units and estimated AUM of 5,717B VND.
2. Which of the three ETFs recorded the strongest foreign net buying?
FUEVFVND attracted +8.71B VND of secondary-market foreign net buying on 02/11/2026 despite falling 2.84% to 30,800 VND, reversing a -0.86B VND five-day trend. E1VFVN30 recorded -3.88B VND 1D but remained positive at +3.09B VND over five days.
3. Did FUESSVFL trade at a premium or discount to NAV?
FUESSVFL closed at 27,300 VND, +0.59% on the day, which was 0.38% below its 27,405 VND intraday VWAP. An official NAV premium/discount cannot be confirmed from HOSE data and must be read from SSIAM's published NAV per creation unit for the 579B VND fund.
Go deeper: review the full Vietnam ETF market dashboard, run a side-by-side ETF comparison, and open the individual fund pages for E1VFVN30, FUEVFVND and FUESSVFL.
Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.