The 02/11/2026 HOSE session has closed, and Vietnam's listed ETF complex finished the day with a clear risk-off signature. The VN-Index settled at 1,710.72 points (-1.77%), trading a wide 1,693.75–1,744.35 range, while the large-cap VN30-Index fell harder to 1,813.41 points (-2.24%). Across the 24 HOSE-listed ETFs, breadth was heavily skewed at 3 advancers, 14 decliners and 7 unchanged, aggregate turnover reached 47.82B VND, and total ETF AUM stood at 22.23T VND, according to HOSE / VCI order-book data on etf.com.vn.
Key Takeaways
- AUM and breadth: 24 HOSE ETFs closed with 22.23T VND in total assets and 47.82B VND of turnover; only 3 funds advanced against 14 decliners as VN-Index lost 1.77% and VN30-Index lost 2.24%.
- Foreign net on the secondary market: foreign investors bought 17.84B VND and sold 16.19B VND of ETF certificates, a net +1.65B VND, with FUEVFVND absorbing +8.71B VND and offsetting E1VFVN30's -3.88B VND.
- VWAP dispersion: FUEKIV30 closed +3.49% above its 12,445 VND intraday VWAP while FUESSV50 closed -1.43% below its 27,695 VND VWAP — a 4.9-percentage-point spread in execution quality within the same session.
Benchmark Backdrop: A Risk-Off Close for HOSE
Index Range and ETF Breadth
The VN30-Index underperforming the VN-Index by 47 basis points is the single most important structural signal of the session. Because the four VN30-tracking ETFs (E1VFVN30, FUESSV30, FUEKIV30 and FUEMAV30) carry VN30 constituent weights dominated by FPT (12.4%), TCB (9.2%), ACB (8.6%), HPG (8.4%), VPB (7.5%), MBB (7.1%) and MWG (6.2%), the large-cap beta tilt was always going to amplify the drawdown. E1VFVN30, the largest VN30 replica by assets at 5,717B VND, closed at 32,950 VND (-1.93%), a full 240 basis points better than the -6.44% print on the much smaller FUESSV30 (23,250 VND, 249B VND AUM) — a textbook example of how thin secondary liquidity can distort a closing mark in a small fund.
Where the Assets Sit
Asset concentration remains extreme. FUEVFVND (9,982B VND) and E1VFVN30 (5,717B VND) together represent roughly 70% of the 22.23T VND HOSE ETF universe, with FUEKIV30 (2,278B VND) a distant third. Everything else — FUESSVFL at 579B VND, FUEVN100 at 676B VND, MAFM VN30 at 501B VND — trades in a liquidity tier where a single 60,000-unit order can move the tape.
Foreign Net Trading and VWAP: Where the Order Book Cleared
Secondary Market vs Primary Market — A Necessary Distinction
The +1.65B VND aggregate foreign net figure is secondary-market net trading value on HOSE: foreign investors transacting listed ETF certificates in the order book. It is not, and should not be read as, primary-market creation/redemption flow into the underlying funds. A net foreign buy in the order book can coexist with net redemptions at the fund level, and vice versa. Treat the HOSE figure as a positioning signal, not an AUM-flow signal.
| Ticker | Closing Price (VND) | 1D | Intraday VWAP | Close vs VWAP | Volume (units) | Foreign Net 1D | AUM |
|---|---|---|---|---|---|---|---|
| E1VFVN30 | 32,950 | -1.93% | 32,755 | +0.60% | 740,100 | -3.88B | 5,717B |
| FUEVFVND | 30,800 | -2.84% | 30,801 | -0.00% | 485,200 | +8.71B | 9,982B |
| FUEKIV30 | 12,880 | -2.35% | 12,445 | +3.49% | 42,900 | +0.37B | 2,278B |
| FUESSVFL | 27,300 | +0.59% | 27,405 | -0.38% | 59,900 | -0.12B | 579B |
| FUEVN100 | 23,980 | -2.80% | 23,983 | -0.01% | 105,500 | -2.14B | 676B |
| FUESSV30 | 23,250 | -6.44% | 23,283 | -0.14% | 29,300 | -0.62B | 249B |
| FUEDCMID | 11,250 | -1.66% | 11,072 | +1.61% | 74,100 | -0.68B | 268B |
| FUESSV50 | 27,300 | -5.18% | 27,695 | -1.43% | 3,400 | -0.07B | 191B |
VWAP Slippage and Order-Book Quality
Close-versus-VWAP is the cleanest read on intraday supply/demand imbalance. FUEVFVND printed 30,800 VND against a 30,801 VND VWAP — a statistically perfect close, consistent with 485,200 units of genuine two-way liquidity and a +8.71B VND foreign net buy. E1VFVN30's +0.60% premium to VWAP despite a -3.88B VND foreign net sell suggests domestic absorption of foreign supply into the close. FUEKIV30's +3.49% premium to a 12,445 VND VWAP on only 42,900 units is the caution flag: on thin volume, the closing print is a poor estimate of executable NAV.
Fund-Level Read-Through: Diamond, FinLead and VN30
FUEVFVND (Diamond) — Flow Resilience Without Price Support
FUEVFVND remains the most instructive divergence of the session: +8.71B VND net foreign buying alongside a -2.84% decline, and -5.52% over five sessions against a 5D foreign net of -0.86B VND. The VN-Diamond basket it tracks is heavily FPT (15.1%), PNJ (12.8%), MWG (12.4%), GMD (10.6%), ACB (9.8%), TCB (9.1%), MBB (7.9%) and REE (6.8%) — a mix that is far more sensitive to retail-consumption and mid-cap beta than pure VN30 exposure. Year-to-date, FUEVFVND is -19.58%, versus -8.70% for E1VFVN30 and -6.53% for FUEKIV30.
FUESSVFL (VNFIN LEAD) — The Lone Conviction Bid
FUESSVFL closed at 27,300 VND (+0.59%), the only material advancer in the HOSE ETF complex, on 59,900 units and a modest -0.12B VND foreign net. Its basket — TCB (14.8%), ACB (14.2%), MBB (13.6%), VPB (12.9%), STB (11.4%), SSI (7.8%) — is the most concentrated bank-expression available on HOSE, and the positive close against a -1.77% index day is a meaningful relative-strength datapoint even with a -10.08% YTD drag.
Industry Context
Vietnam's fund industry now spans 139 funds with total NAV of roughly 278.0T VND, of which passive ETFs represent 70.75T VND (25.4%), behind open-end funds at 140.37T VND (50.5%). With the 12-month bank deposit rate near 5.10%/yr and passive ETF TERs of 0.50%–0.80% against active equity TERs of 1.75%–2.00%, the cost argument for the passive sleeve remains structurally intact — the 02/11 drawdown is a beta event, not a product-design event.
Frequently Asked Questions
1. What was the total foreign net flow into Vietnamese ETFs on 02/11/2026?
Foreign investors recorded a net buy of +1.65B VND across the 24 HOSE-listed ETFs, comprising 17.84B VND of purchases against 16.19B VND of sales on the secondary order book, according to HOSE / VCI data on etf.com.vn.
2. Why did E1VFVN30 fall only 1.93% when FUESSV30 fell 6.44%?
Both track the VN30 basket, but E1VFVN30 traded 740,100 units on 5,717B VND of AUM versus 29,300 units on 249B VND for FUESSV30. The -6.44% print reflects thin order-book depth in a small fund rather than a different underlying portfolio; FUESSV30 closed only -0.14% away from its own 23,283 VND VWAP.
3. Does the +8.71B VND foreign net buy in FUEVFVND mean new money entered the fund?
No. That figure is secondary-market net trading value on HOSE. Primary-market creation and redemption are separate mechanics and are not captured by the order-book foreign net, so +8.71B VND of net foreign certificate buying does not imply a corresponding AUM inflow.
For live index and ETF tape coverage, see our market data hub. Compare fund-level metrics side by side in the ETF comparison tool, review the full product catalogue, or drill into individual fund pages for E1VFVN30, FUEVFVND and FUESSVFL. You can also model your own exposure using the portfolio builder and screen constituents via the stock lookup tool.
Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.