The Vietnam ETF market closed the 03/11/2026 session with total HOSE ETF assets under management of 22.09T VND across 24 listed funds, while aggregate session turnover printed at only 21.51B VND. The VN-Index closed at 1,699.62 points (-0.65%), having traded between 1,696.23 and 1,713.02, while the VN30-Index closed at 1,815.60 points (+0.12%) — a large-cap versus broad-market divergence that directly shapes relative ETF performance. Foreign investors bought 7.11B VND and sold 109.22B VND on HOSE ETF order books, according to HOSE / VCI order-book data on etf.com.vn, producing a net -102.10B VND figure for the session.
Key Takeaways
- Total HOSE ETF AUM held at 22.09T VND with breadth of 8 advancers, 9 decliners and 7 unchanged across 24 funds; aggregate turnover was just 21.51B VND.
- Foreign net selling of -102.10B VND was heavily concentrated: FUEKIV30 alone accounted for -99.04B VND, roughly 97% of the market-wide total.
- E1VFVN30 closed at 32,710 VND (-0.73%) on 384,200 units — the deepest tape of the session — with the widest price-to-VWAP premium on liquid names going to FUESSV30 at +1.06%.
Session Breadth: 24 Funds, a Split Tape and Thin Turnover
8 advancers, 9 decliners, 7 unchanged
Breadth was genuinely mixed rather than uniformly risk-off. Gains were recorded in the smaller, thinner wrappers: FUEKIVFS +2.76% (7,200 units), FUESSV50 +2.45% (5,000 units), FUEVN100 +0.25% (52,200 units), FUEDCMID +0.18% (19,800 units) and FUEMAV30 +0.09% (4,100 units). On the downside, FUEKIV30 fell -3.26%, E1VFVN30 -0.73%, FUESSVFL -0.73%, FUEMAVND -0.69%, FUEIP100 -0.39% and FUEVFVND -0.32%.
Why VN30 and VN-Index diverged by 0.77 percentage points
The VN-Index lost 0.65% to 1,699.62 points while the VN30-Index added 0.12% to 1,815.60 points. Given a VN30 basket led by FPT (12.4%), TCB (9.2%), ACB (8.6%), HPG (8.4%) and VPB (7.5%), VN30-tracking vehicles entered the session with a relative benchmark tailwind — yet E1VFVN30 still printed -0.73%. That gap illustrates how fund-level supply/demand and residual tracking error can dominate benchmark beta on any single session. Offshore proxies were constructive by contrast: VanEck Vietnam ETF (VNM) closed at $16.46 (+0.37%) and Xtrackers FTSE Vietnam ETF (XFVT) at £28.16 (+0.34%).
Price, Intraday VWAP and Execution Quality Across Key HOSE ETFs
Where the price-to-VWAP dispersion was widest
VWAP dispersion is the cleanest read on intraday liquidity quality. FUEKIVFS closed at 16,030 VND against an intraday VWAP of 15,122 VND (+6.01%) on only 7,200 units — a classic thin-tape distortion rather than a genuine repricing signal. FUEDCMID (+1.60%, 11,270 vs 11,093 VWAP), FUESSV30 (+1.06%, 23,200 vs 22,958), FUEVN100 (+0.91%, 24,040 vs 23,823) and FUESSV50 (+0.70%, 27,970 vs 27,775) all closed above VWAP, indicating late-session bid support. Only FUESSVFL closed meaningfully below its VWAP (-0.65%, 27,100 vs 27,279), signalling persistent offer-side pressure in the VNFinLead basket (TCB 14.8%, ACB 14.2%, MBB 13.6%, VPB 12.9%, STB 11.4%).
| Ticker | Close (VND) | 1D | Intraday VWAP | Close vs VWAP | Volume (units) | Foreign Net 1D | AUM (B VND) |
|---|---|---|---|---|---|---|---|
| E1VFVN30 | 32,710 | -0.73% | 32,605 | +0.32% | 384,200 | +0.04B | 5,678 |
| FUEVFVND | 30,700 | -0.32% | 30,626 | +0.24% | 146,100 | -0.32B | 9,950 |
| FUEKIV30 | 12,460 | -3.26% | 12,466 | -0.05% | 13,700 | -99.04B | 2,204 |
| FUESSV30 | 23,200 | -0.22% | 22,958 | +1.06% | 27,800 | -0.58B | 248 |
| FUESSVFL | 27,100 | -0.73% | 27,279 | -0.65% | 20,300 | -0.26B | 575 |
| FUEKIVFS | 16,030 | +2.76% | 15,122 | +6.01% | 7,200 | -0.01B | 160 |
| FUEVN100 | 24,040 | +0.25% | 23,823 | +0.91% | 52,200 | -0.88B | 678 |
| FUEDCMID | 11,270 | +0.18% | 11,093 | +1.60% | 19,800 | -0.21B | 268 |
| FUESSV50 | 27,970 | +2.45% | 27,775 | +0.70% | 5,000 | -0.08B | 196 |
| FUEMAVND | 13,000 | -0.69% | 12,985 | +0.12% | 800 | -0.01B | 176 |
Foreign Net Flows: Secondary Market Versus Primary Creation
FUEKIV30 supplied -99.04B VND, approximately 97% of the market total
FUEKIV30's foreign net of -99.04B VND (5D: -98.16B VND) is the defining flow of the session. Critically, that figure cannot be read as ordinary continuous-session matching: the fund traded only 13,700 units, equivalent to roughly 170.8M VND at its 12,466 VND VWAP, and it exceeds total 24-fund HOSE ETF turnover of 21.51B VND. Investors should therefore treat it as block / put-through activity or primary-market creation-redemption related, and not as secondary-market net trading value. The two must be tracked separately — the secondary-market measure is the -102.10B VND printed across HOSE order books, while the residual (FUEKIV30's 5D -5.30% and YTD -20.27% price trajectory) reflects persistent redemption-side pressure. Outside FUEKIV30, foreign flow was marginal: FUEVN100 -0.88B, FUESSV30 -0.58B, FUEVFVND -0.32B, FUESSVFL -0.26B, while E1VFVN30 was the only meaningful net buyer at +0.04B VND (5D: +3.73B VND).
AUM Concentration and the Passive-versus-Active Cost Debate
FUEVFVND anchors 45% of HOSE ETF assets
FUEVFVND closed at 30,700 VND (-0.32%) with 9,950B VND of AUM — the largest single block in a 22.09T VND market — against a VN-Diamond basket concentrated in FPT (15.1%), PNJ (12.8%), MWG (12.4%) and GMD (10.6%). E1VFVN30 follows at 5,678B VND, with FUEKIV30 at 2,204B VND. The tail remains fragmented: FUESSV50 (196B), FUEMAVND (176B), FUEKIVFS (160B) and FUEIP100 (63B) each hold under 1% of market AUM, which explains the wide VWAP dispersion observed in those wrappers.
Positioning within a 278.0T VND fund industry
Across Vietnam's 139 funds and roughly 278.0T VND of NAV, passive ETFs represent 70.75T VND (25.4%), alongside open-end funds at 140.37T VND (50.5%) and closed-end funds at 66.87T VND (24.1%). With a 12-month deposit rate near 5.10%/yr and passive ETF TERs of 0.50%–0.80% versus active equity TERs of 1.75%–2.00%, the 22.09T VND HOSE ETF base remains the cheapest beta expression in the market — a point that matters when single-session flow shocks like FUEKIV30's distort headline numbers.
Frequently Asked Questions
1. How large was the Vietnam ETF market on 03/11/2026?
Total HOSE ETF AUM stood at 22.09T VND across 24 listed funds, with aggregate session turnover of 21.51B VND, 8 advancers, 9 decliners and 7 unchanged, per HOSE / VCI data on etf.com.vn.
2. Why was foreign net flow -102.10B VND when total ETF turnover was only 21.51B VND?
Because FUEKIV30's -99.04B VND was not continuous-session matching — the fund traded only 13,700 units (~170.8M VND at its 12,466 VND VWAP). It should be classified as block/put-through or primary-market creation-redemption activity, distinct from secondary-market foreign net trading value on HOSE.
3. Which ETF showed the widest price-to-VWAP premium?
FUEKIVFS closed at 16,030 VND versus an intraday VWAP of 15,122 VND (+6.01%), but on only 7,200 units. On the deepest tape, E1VFVN30 closed at 32,710 VND, +0.32% above its 32,605 VND VWAP on 384,200 units.
Track live HOSE ETF order-book flows on the Vietnam market dashboard, compare 24 funds side by side with the ETF comparison tool, review the VWAP methodology in our calculation methodology, or drill into the largest VN30 wrapper on the E1VFVN30 product page. The full fund list is available under ETF products.
Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.