Vietnam's ETF complex finished the 23 October 2026 session with an aggregate foreign net buy of +1.96B VND across the 24 HOSE-listed funds — 10.02B VND bought against 8.06B VND sold, according to HOSE / VCI order-book data on etf.com.vn — while total HOSE ETF AUM held at 23.31T VND. With VN-Index at 1,774.15 pts (+0.77%) and VN30-Index at 1,907.09 pts (+0.75%), headline breadth looked constructive at 12 advancers, 4 decliners and 8 unchanged. The internals were anything but uniform: E1VFVN30 closed +1.27% at 34,410 VND, FUEVFVND slipped -0.12% to 32,900 VND, and FUEIP100 printed -6.30% at 11,160 VND, a full 3.05% below its intraday VWAP. This report decomposes the foreign flow, the VWAP premium structure and the AUM concentration of the Vietnam ETF market, then quantifies the FPT–bank weight shift that separates the VN30 and VN Diamond baskets.
Key Takeaways
- Aggregate secondary-market foreign net flow across 24 HOSE ETFs was +1.96B VND on 23/10/2026, but the 5-day picture is deeply bifurcated: FUEVFVND absorbed +24.84B VND while E1VFVN30 bled -6.25B VND.
- VWAP dispersion was wide for a +0.77% index session: E1VFVN30 closed +1.25% above VWAP, FUESSV30 +1.44%, FUEVN100 +1.52%, against FUEIP100 at -3.05% below VWAP.
- FPT carries 15.1% in the VN Diamond basket versus 12.4% in VN30 (+2.7pp), while the three Diamond banks (ACB 9.8%, TCB 9.1%, MBB 7.9% = 26.8%) sit below VN30's four-bank block of 32.4% — consistent with a 944bp YTD performance gap (-14.10% vs -4.66%).
1. The 23 October Tape: A +1.96B VND Net Buy Hiding a Two-Speed Market
Breadth and turnover: 16.95B VND against 23.31T VND of AUM
Total ETF trading value on HOSE reached 16.95B VND for the session. Set against 23.31T VND of total market AUM, that implies a turnover ratio of roughly 0.073% — a structural detail that explains most of the VWAP anomalies in the table below. When secondary liquidity is this thin relative to assets, a single institutional order of a few billion VND can move the closing print several tens of basis points away from the session's volume-weighted average price.
The foreign leg is where the signal sits. Buying of 10.02B VND versus selling of 8.06B VND produced a net +1.96B VND, but that aggregate is the sum of very different behaviours at the fund level. FUEVN100 alone accounted for +1.61B VND of foreign net buying on the day — 82% of the entire market's net figure — while FUEVFVND, the largest fund by AUM, recorded -0.42B VND.
VWAP premium as a liquidity and demand signal
The gap between the closing price and the intraday VWAP is the cleanest single-session proxy for whether buyers were paying up into the close or being filled into weakness. E1VFVN30 closed at 34,410 VND against a VWAP of 33,986 VND, a +1.25% premium; FUESSV30 closed +1.43% above its 23,789 VND VWAP; FUEVN100 closed +1.52% above 24,823 VND. At the other extreme, FUESSV50 closed at 28,670 VND, marginally below its 28,680 VND VWAP, and FUEIP100 closed 3.05% under its 11,512 VND VWAP. The dispersion, not the average, is the story.
| Ticker | Price (VND) | 1D | VWAP (VND) | Prem/Disc vs VWAP | Volume (units) | Foreign 1D (B VND) | Foreign 5D (B VND) | AUM (B VND) | YTD |
|---|---|---|---|---|---|---|---|---|---|
| E1VFVN30 | 34,410 | +1.27% | 33,986 | +1.25% | 231,000 | +0.51 | -6.25 | 5,956 | -4.66% |
| FUEVFVND | 32,900 | -0.12% | 32,690 | +0.64% | 99,000 | -0.42 | +24.84 | 10,640 | -14.10% |
| FUESSVFL | 28,990 | +1.83% | 28,734 | +0.89% | 78,300 | -0.04 | -3.35 | 615 | -4.51% |
| FUEVN100 | 25,200 | +2.44% | 24,823 | +1.52% | 89,300 | +1.61 | +1.65 | 711 | -1.56% |
| FUESSV30 | 24,130 | +1.17% | 23,789 | +1.43% | 50,300 | +0.12 | -0.27 | 258 | -4.62% |
| FUEMAV30 | 23,550 | +0.56% | 23,400 | +0.64% | 2,100 | +0.11 | -0.10 | 525 | -4.73% |
| FUEKIV30 | 13,000 | +0.46% | 12,928 | +0.56% | 400 | +0.03 | +1.09 | 2,300 | -5.66% |
| FUEMAVND | 14,030 | +0.50% | 13,920 | +0.79% | 300 | -0.00 | -0.04 | 189 | -12.86% |
| FUESSV50 | 28,670 | +1.02% | 28,680 | -0.03% | 500 | +0.00 | -0.23 | 201 | +0.88% |
| FUEDCMID | 11,800 | +0.08% | 11,720 | +0.68% | 1,900 | +0.00 | +0.01 | 281 | -20.32% |
| FUEIP100 | 11,160 | -6.30% | 11,512 | -3.05% | 1,800 | +0.00 | n/a | 56 | n/a |
Read the table across rather than down. E1VFVN30 combines the highest cash turnover (231,000 units) with a positive foreign 1D print (+0.51B VND) but a negative 5-day reading (-6.25B VND). FUEVFVND does the exact reverse: a small negative 1D number and the largest 5-day foreign accumulation in the complex at +24.84B VND. For a live, continuously updated view of these flows see our Vietnam market dashboard.
2. VN30 vs VN Diamond: The FPT–Bank Weight Shift
FPT's 2.7 percentage-point overweight in the Diamond basket
The single largest structural difference between the two benchmark baskets is FPT: 15.1% in the VN Diamond basket versus 12.4% in VN30. On a 23.31T VND ETF market, that 2.7pp gap is the primary driver of tracking divergence between FUEVFVND (10,640B VND AUM) and E1VFVN30 (5,956B VND). Diamond also runs an additional 12.8% in PNJ, 12.4% in MWG, 10.6% in GMD and 6.8% in REE — four names that VN30 either does not hold or holds at materially lower weights (VN30 carries MWG at 6.2%, a 6.2pp shortfall against Diamond).
Banks: 32.4% in VN30 versus 26.8% in Diamond
The bank block tells the other half of the story. VN30 carries TCB 9.2%, ACB 8.6%, VPB 7.5% and MBB 7.1% for a combined 32.4%. Diamond carries TCB 9.1%, ACB 9.8% and MBB 7.9% for 26.8%, with no VPB exposure at all. VNFinLead, the sector-pure alternative held via FUESSVFL, concentrates this to an extreme: TCB 14.8%, ACB 14.2%, MBB 13.6%, VPB 12.9%, STB 11.4% and SSI 7.8%.
| Constituent | VN30 Basket (%) | VN Diamond Basket (%) | VNFinLead Basket (%) |
|---|---|---|---|
| FPT | 12.4 | 15.1 | — |
| TCB | 9.2 | 9.1 | 14.8 |
| ACB | 8.6 | 9.8 | 14.2 |
| HPG | 8.4 | — | — |
| VPB | 7.5 | — | 12.9 |
| MBB | 7.1 | 7.9 | 13.6 |
| MWG | 6.2 | 12.4 | — |
| PNJ | — | 12.8 | — |
| GMD | — | 10.6 | — |
| REE | — | 6.8 | — |
| STB | — | — | 11.4 |
| SSI | — | — | 7.8 |
The performance spread validates the weight structure rather than contradicting it. YTD, FUEVFVND is -14.10% against E1VFVN30 at -4.66%, a 944bp gap; over one month the gap is narrower at 113bp (-3.32% vs -2.19%). Within the Diamond complex the dispersion is even wider, with FUEMAVND at -12.86% YTD and FUEKIVND at -14.95%, while the bank-tilted FUESSVFL posted the strongest one-month return in the group at +0.83% and the best single-day gain at +1.83%. Full side-by-side metrics live in our ETF comparison tool.
3. AUM Concentration: Three Funds Hold 80% of HOSE ETF Assets
FUEVFVND alone accounts for 45.6% of market AUM
FUEVFVND's 10,640B VND equals 45.6% of the 23.31T VND market total. E1VFVN30 at 5,956B VND is 25.6%, and FUEKIV30 at 2,300B VND is 9.9% — the three together representing 81.1% of assets. The remaining tail is thin: FUEVN100 711B VND, FUESSVFL 615B VND, FUEMAV30 525B VND, FUEDCMID 281B VND, FUESSV30 258B VND, FUESSV50 201B VND, FUEMAVND 189B VND, FUEKIVFS 162B VND, FUEKIVND 71B VND and FUEIP100 56B VND.
The operational consequence is visible in the volume column. FUEKIV30 carries 2,300B VND of AUM but traded only 400 units on the session; FUESSV50 traded 500 units and FUEMAVND 300 units. AUM concentration without matching secondary liquidity means any ETF creation or redemption in the top three funds is the marginal price-setter for the whole complex.
Secondary-market foreign trading is not primary creation/redemption flow
This distinction matters for how the +1.96B VND figure should be read. It is secondary-market foreign net trading value on HOSE, derived from the order book (buy 10.02B VND / sell 8.06B VND) as reported through VCI and displayed on etf.com.vn. It measures foreign investors buying and selling ETF units on the exchange. It is not primary-market creation or redemption activity, which changes unit count and therefore AUM, and which is not disclosed in this dataset. A positive secondary-market foreign print alongside a stable AUM figure means units changed hands between foreign and domestic holders, not that new capital entered the fund.
4. What to Monitor Into November 2026
VWAP premium as the first warning indicator
With turnover at just 0.073% of AUM, execution quality dominates reported returns for any position above a few hundred million VND. A sustained premium above +1.00% versus VWAP on E1VFVN30, FUESSV30 or FUEVN100 is a signal that on-screen liquidity is insufficient for the demand present, and that buyers should work orders rather than cross the spread. Conversely, a -3.05% discount such as FUEIP100's on 23 October reflects an absence of bids, not a valuation opportunity.
Offshore listings as a cross-check on foreign appetite
The US- and UK-listed vehicles offer an independent read. VanEck Vietnam ETF (VNM) closed at $17.15 (+0.53% on the day, +4.26% over one week, -10.26% YTD) on 496K shares, while Xtrackers FTSE Vietnam ETF (XFVT) closed at £29.38 (+1.54%, +4.39% over one week, -5.53% YTD). The one-week gains of +4.26% and +4.39% are materially stronger than the domestic one-week prints on E1VFVN30 (+2.87%) and FUEVFVND (+0.92%), suggesting that offshore demand has been running ahead of onshore ETF flows — a lead-lag relationship worth tracking in our ETF asset monitor.
Frequently Asked Questions
1. How large were foreign flows into Vietnam ETFs on 23 October 2026?
Aggregate secondary-market foreign net flow across the 24 HOSE-listed ETFs was +1.96B VND, comprising 10.02B VND of buying against 8.06B VND of selling, per HOSE / VCI order-book data. The 5-day breakdown is far more revealing: FUEVFVND recorded +24.84B VND while E1VFVN30 recorded -6.25B VND, and FUESSVFL -3.35B VND.
2. What does E1VFVN30 trading at a +1.25% premium to VWAP mean?
E1VFVN30 closed at 34,410 VND against an intraday VWAP of 33,986 VND, meaning the closing print sat 1.25% above the session's volume-weighted average. In a market where total ETF turnover of 16.95B VND equals only 0.073% of 23.31T VND AUM, this premium indicates buyers paid up into a thin close rather than a change in net asset value. For contrast, FUEIP100 closed 3.05% below its 11,512 VND VWAP.
3. Why has FUEVFVND underperformed E1VFVN30 by 944bp YTD?
The weight structure explains it. FPT is 15.1% of the VN Diamond basket versus 12.4% of VN30, MWG is 12.4% versus 6.2%, and Diamond adds 12.8% PNJ, 10.6% GMD and 6.8% REE with no VPB exposure. VN30's four-bank block totals 32.4% against Diamond's three-bank 26.8%. That configuration produced a YTD return of -14.10% for FUEVFVND against -4.66% for E1VFVN30.
Compare every fund in the complex side by side using our ETF comparison tool, track live foreign order-book flow on the market dashboard, screen individual names in the stock lookup, or model basket weights directly in the portfolio builder.
Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.