Vietnam's ETF complex closed the 03/11/2026 session with a visibly split tape: the VN-Index fell 0.65% to 1,699.62 points, while the VN30-Index edged up 0.12% to 1,815.60. Across the 24 HOSE-listed ETFs, the session ended with 8 advancers, 9 decliners and 7 unchanged on total trading value of 21.51B VND, with aggregate ETF AUM at 22.09T VND. Foreign investors were net sellers of 102.10B VND across the ETF segment (buy 7.11B VND / sell 109.22B VND), according to HOSE / VCI order-book data on etf.com.vn.
Key Takeaways
- Foreign flow is unusually concentrated. FUEKIV30 alone recorded -99.04B VND of foreign net selling, equal to 97.0% of the -102.10B VND total ETF foreign net for the whole session.
- Liquidity is a single-fund story. E1VFVN30 traded 384,200 units at a 32,605 VND intraday VWAP, roughly 12.5B VND of notional and about 58% of the entire segment's 21.51B VND turnover, closing at 32,710 VND (+0.32% above VWAP).
- Close-vs-VWAP dispersion was wide. FUESSV50 (+2.45%), FUEKIVFS (+2.76%) and FUEVN100 (+0.25%) closed higher while the VN-Index lost 0.65%, with FUEKIVFS printing 6.01% above its VWAP on only 7,200 units — a thin-book signal, not an accumulation signal.
Benchmark Split and Intraday Price Discovery
VN30 Holds While the VN-Index Slips
The 0.77-percentage-point gap between the VN30-Index (+0.12%) and the VN-Index (-0.65%) framed the entire session. VN30-tracking vehicles behaved defensively: E1VFVN30 closed at 32,710 VND (-0.73%), FUESSV30 at 23,200 VND (-0.22%), FUEMAV30 at 22,480 VND (+0.09%), while FUEKIV30 was the clear laggard at 12,460 VND (-3.26%). On a 1-week view the same VN30 cohort remains negative — E1VFVN30 -3.79%, FUESSV30 -3.33%, FUEMAV30 -3.93% — so the session's stability is a pause, not a reversal. Full fund-level detail is available on the etf.com.vn product page and the live Vietnam ETF market dashboard.
Close vs. Intraday VWAP: Who Paid Up, Who Sold Down
VWAP is the cleanest available proxy for the average execution price of the day. E1VFVN30 and FUEVFVND both closed above VWAP (+0.32% and +0.24% respectively), indicating late-session bids absorbed supply. FUESSVFL was the mirror image: it closed at 27,100 VND against a 27,279 VND VWAP (-0.65%), i.e. sellers controlled the close on 20,300 units. FUEKIV30 closed at 12,460 VND versus a 12,466 VND VWAP (-0.05%), a near-perfect flat line that points to one-way, persistent offering rather than a two-sided auction. FUEDCMID (+1.60% vs VWAP) and FUEKIVFS (+6.01% vs VWAP) are statistical artefacts of 19,800 and 7,200 units of turnover respectively and should not be read as institutional conviction.
Foreign Net Trading: Secondary-Market Matching vs. Primary Flows
The FUEKIV30 Outlier Deserves Careful Reading
FUEKIV30's -99.04B VND foreign net is larger, by an order of magnitude, than its own continuous-matched turnover (13,700 units at a 12,466 VND VWAP, roughly 0.17B VND). That gap implies the flow was not generated by ordinary order-book matching and is more consistent with negotiated/block execution or ETF primary-market creation-redemption activity that settles alongside the secondary print. The same discipline applies to the other -98.16B VND reported on a 5-day basis for the fund. Importantly, secondary-market foreign net trading value on HOSE is not the same thing as primary-market ETF creation/redemption flow; the former is a matching statistic, the latter changes shares outstanding and AUM. Verify both lines on E1VFVN30 and peer pages before drawing a flow conclusion.
Session Table: Major HOSE ETFs, 03/11/2026
| Ticker | Fund | Close (VND) | 1D | VWAP (VND) | Close vs VWAP | Volume (units) | Foreign Net 1D (B VND) | AUM (B VND) |
|---|---|---|---|---|---|---|---|---|
| E1VFVN30 | DCVFMVN30 ETF | 32,710 | -0.73% | 32,605 | +0.32% | 384,200 | +0.04 | 5,678 |
| FUEVFVND | DCVFMVN Diamond ETF | 30,700 | -0.32% | 30,626 | +0.24% | 146,100 | -0.32 | 9,950 |
| FUEKIV30 | KIM Growth VN30 ETF | 12,460 | -3.26% | 12,466 | -0.05% | 13,700 | -99.04 | 2,204 |
| FUESSVFL | SSIAM VNFIN LEAD ETF | 27,100 | -0.73% | 27,279 | -0.65% | 20,300 | -0.26 | 575 |
| FUESSV30 | SSIAM VN30 ETF | 23,200 | -0.22% | 22,958 | +1.06% | 27,800 | -0.58 | 248 |
| FUEVN100 | VinaCapital VN100 ETF | 24,040 | +0.25% | 23,823 | +0.91% | 52,200 | -0.88 | 678 |
| FUESSV50 | SSIAM VNX50 ETF | 27,970 | +2.45% | 27,775 | +0.70% | 5,000 | -0.08 | 196 |
| FUEKIVFS | KIM Growth VNFINSELECT ETF | 16,030 | +2.76% | 15,122 | +6.01% | 7,200 | -0.01 | 160 |
AUM Concentration, Basket Exposure and Cost
Two Funds Hold 71% of Segment AUM
FUEVFVND (9,950B VND) and E1VFVN30 (5,678B VND) together hold roughly 71% of the 22.09T VND HOSE ETF AUM, followed by FUEKIV30 at 2,204B VND. Basket exposure differs materially: the VN30 basket is led by FPT (12.4%), TCB (9.2%), ACB (8.6%) and HPG (8.4%), whereas the VN-Diamond basket is far more concentrated — FPT (15.1%), PNJ (12.8%), MWG (12.4%), GMD (10.6%) — which explains why FUEVFVND is -19.84% YTD versus -9.37% for the VN30 tracker. The VNFinLead basket is concentrated in banks and brokers: TCB (14.8%), ACB (14.2%), MBB (13.6%), VPB (12.9%), STB (11.4%), SSI (7.8%).
Cost Discipline in a 5.10% Deposit-Rate World
With the 12-month bank deposit rate near 5.10% per year, the -6.09% YTD on FUEVN100 and -23.90% YTD on FUEDCMID set a high bar for passive vehicles. Passive ETFs carry TERs of 0.50%-0.80%, versus 1.75%-2.00% for active open-end equity funds that posted 1-year returns of +23.8% to +28.1% (VESAF, VMEEF, DCDS, SSI-SCA). Within the 278.0T VND, 139-fund industry, passive ETFs represent 70.75T VND (25.4%) against open-end funds at 140.37T VND (50.5%). Use the comparison tool and portfolio builder to weigh basket overlap against fee drag.
Frequently Asked Questions
1. How much did HOSE-listed ETFs trade on 03/11/2026?
Total trading value across the 24 HOSE ETFs was 21.51B VND, with 8 advancers, 9 decliners and 7 unchanged. E1VFVN30 contributed 384,200 units at a 32,605 VND VWAP, approximately 12.5B VND or about 58% of segment turnover.
2. Which ETF absorbed the largest foreign net selling?
FUEKIV30, at -99.04B VND on the day and -98.16B VND over five sessions, versus a segment-wide foreign net of -102.10B VND (buy 7.11B VND / sell 109.22B VND). That single fund accounts for 97.0% of the total, and the magnitude exceeds its continuous-matched turnover, implying block or primary-market activity.
3. Why did some ETFs close higher while the VN-Index fell 0.65%?
Basket composition, not broad demand. FUESSV50 (+2.45%), FUEKIVFS (+2.76%), FUEVN100 (+0.25%) and FUEMAV30 (+0.09%) track mid-cap and financial-select baskets that diverged from the large-cap drag on the VN-Index. FUESSV50 traded only 5,000 units and FUEMAVND just 800 units, so single-print price moves carry limited information.
Explore live pricing, foreign flow and AUM history on the Vietnam ETF market page, screen funds with the constituent lookup tool, and model allocations with the ETF savings planner.
Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.