The 23/10/2026 HOSE session closed with the VN-Index at 1,774.15 points (+0.77%, high 1,775.19 / low 1,750.83) and the VN30-Index at 1,907.09 points (+0.75%), yet the listed ETF complex traded unusually light: 24 HOSE ETFs generated a combined trading value of just 16.95B VND against aggregate estimated AUM of 23.31T VND, according to HOSE / VCI order-book data on etf.com.vn. Breadth was constructive — 12 advancers, 4 decliners and 8 unchanged — while foreign investors on the secondary market bought 10.02B VND of ETF units against 8.06B VND sold, a net +1.96B VND for the session.
Key Takeaways
- Aggregate HOSE ETF AUM closed at 23.31T VND, but session turnover of only 16.95B VND implies an exceptionally low turnover ratio of roughly 0.07% — price discovery on 23/10 was order-book-driven, not block-driven.
- E1VFVN30 closed at 34,410 VND (+1.27%), 1.25% above its intraday VWAP of 33,986 VND, while FUEVFVND slipped -0.12% to 32,900 VND even though it traded 0.64% above its 32,690 VND VWAP.
- Secondary-market foreign net flow on HOSE was +1.96B VND, but FUEVN100 alone contributed +1.61B VND (approximately 82% of the net), and the 5D window shows +24.84B VND into FUEVFVND against -6.25B VND out of E1VFVN30.
Index Backdrop and ETF Breadth: A Positive Tape on Thin Turnover
The VN-Index closed within 0.06% of its intraday high, and the VN30-Index closed 0.21% below its own high of 1,911.04, so the index-level picture was one of steady late-session accumulation. The ETF tape confirmed direction but not conviction: 12 of 24 funds advanced, yet the largest single-fund notional — E1VFVN30's 231,000 units at a 33,986 VND VWAP — works out to roughly 7.9B VND, or close to 46% of the entire ETF trading value for the session.
Where the turnover actually sat
Four funds absorbed the overwhelming majority of activity: E1VFVN30 (231,000 units), FUEVFVND (99,000 units), FUEVN100 (89,300 units) and FUESSVFL (78,300 units). At the other end, FUEKIV30 traded just 400 units, FUEMAVND 300 units and FUEKIVFS printed zero volume at 16,210 VND — a reminder that for sub-250B VND funds, NAV and price can diverge mechanically on a single order. The full fund list is available in our ETF product directory.
VWAP Dispersion: Who Closed Above Their Own Average Price?
Comparing the closing price to the intraday VWAP isolates whether the marginal buyer or seller controlled the close. On 23/10, ten of the eleven funds with a computable VWAP closed above it, a bullish microstructure signal consistent with the index highs.
Session price, VWAP and flow comparison
| ETF | Close (VND) | 1D | Intraday VWAP (VND) | Close vs VWAP | Volume (units) | Foreign 1D (B VND) | AUM (B VND) |
|---|---|---|---|---|---|---|---|
| E1VFVN30 | 34,410 | +1.27% | 33,986 | +1.25% | 231,000 | +0.51 | 5,956 |
| FUEVFVND | 32,900 | -0.12% | 32,690 | +0.64% | 99,000 | -0.42 | 10,640 |
| FUEVN100 | 25,200 | +2.44% | 24,823 | +1.52% | 89,300 | +1.61 | 711 |
| FUESSVFL | 28,990 | +1.83% | 28,734 | +0.89% | 78,300 | -0.04 | 615 |
| FUESSV30 | 24,130 | +1.17% | 23,789 | +1.44% | 50,300 | +0.12 | 258 |
| FUEKIV30 | 13,000 | +0.46% | 12,928 | +0.56% | 400 | +0.03 | 2,300 |
| FUEMAV30 | 23,550 | +0.56% | 23,400 | +0.64% | 2,100 | +0.11 | 525 |
| FUEDCMID | 11,800 | +0.08% | 11,720 | +0.68% | 1,900 | 0.00 | 281 |
| FUESSV50 | 28,670 | +1.02% | 28,680 | -0.03% | 500 | 0.00 | 201 |
| FUEMAVND | 14,030 | +0.50% | 13,920 | +0.79% | 300 | -0.00 | 189 |
| FUEKIVFS | 16,210 | 0.00% | 16,210 | 0.00% | 0 | 0.00 | 162 |
| FUEKIVND | 12,000 | -0.50% | n/a | n/a | 1,000 | +0.03 | 71 |
| FUEIP100 | 11,160 | -6.30% | 11,512 | -3.05% | 1,800 | 0.00 | 56 |
Reading the dispersion
The clearest divergence came from FUEIP100, which closed at 11,160 VND, -6.30% on the day and 3.05% below its 11,512 VND VWAP. With only 1,800 units changing hands in a 56B VND fund, that print reflects stale quotes rather than a fundamental repricing. By contrast, FUEVN100's +2.44% close, 1.52% above its VWAP, was backed by 89,300 units and the session's largest single foreign inflow — a materially higher-quality signal. Methodology for VWAP-based comparisons is documented in our calculation methodology.
Foreign Net Flows: Secondary-Market Order Book vs Primary Creation
It is essential to separate two distinct concepts. The +1.96B VND figure is secondary-market foreign net trading value on HOSE — the difference between foreign buy and sell orders matched on the exchange order book, per HOSE / VCI data on etf.com.vn. It is not a primary-market creation/redemption flow. ETF creation and redemption happen in the primary market between authorised participants and the fund issuer, and are reflected in outstanding-unit changes and AUM, not in the on-exchange print.
1D vs 5D: a rotation, not an allocation
| ETF | Foreign 1D (B VND) | Foreign 5D (B VND) | 1-Week Price Return |
|---|---|---|---|
| FUEVFVND | -0.42 | +24.84 | +0.92% |
| E1VFVN30 | +0.51 | -6.25 | +2.87% |
| FUEVN100 | +1.61 | +1.65 | +4.00% |
| FUEKIV30 | +0.03 | +1.09 | +1.25% |
| FUESSVFL | -0.04 | -3.35 | +3.06% |
| FUESSV30 | +0.12 | -0.27 | +1.81% |
| Total HOSE ETFs | +1.96 | — | — |
The primary-market caveat
The five-session pattern is instructive. FUEVFVND attracted +24.84B VND of foreign net buying over 5D while E1VFVN30 lost -6.25B VND, yet on 23/10 the direction reversed — E1VFVN30 +0.51B VND, FUEVFVND -0.42B VND. That intraday reversal, combined with E1VFVN30's +2.87% week against FUEVFVND's +0.92%, is consistent with tactical rebalancing inside the VN30/Diamond basket overlap rather than a change in structural allocation. Note the constituent overlap: FPT is 12.4% of the VN30 basket and 15.1% of the Diamond basket; TCB is 9.2% versus 9.1%; MWG 6.2% versus 12.4%.
AUM Concentration and Fund-Level Comparison
Two funds dominate the domestic ETF market. FUEVFVND at 10,640B VND represents roughly 45.6% of the 23.31T VND total, and E1VFVN30 at 5,956B VND another 25.5%; together they account for approximately 71% of HOSE ETF AUM. The three KIM Growth vehicles (FUEKIV30 2,300B, FUEKIVFS 162B, FUEKIVND 71B) round out the institutional shelf.
Thematic dispersion remains the key risk
Year-to-date dispersion across the shelf is wide: FUESSV50 is +0.88% YTD while FUEDCMID is -20.32% and FUEKIVND -14.95%, bracketing FUEVFVND at -14.10% and E1VFVN30 at -4.66%. For basket construction, the VNFinLead concentration — TCB 14.8%, ACB 14.2%, MBB 13.6%, VPB 12.9%, STB 11.4%, SSI 7.8% — explains why FUESSVFL's +1.83% session gain outpaced the VN-Index's +0.77%. Run the full relative comparison in our ETF comparison tool and track live index data on the market dashboard.
Frequently Asked Questions
1. What was the foreign net flow into Vietnam ETFs on 23/10/2026?
Foreign investors recorded a net buy of +1.96B VND across HOSE-listed ETFs, comprising 10.02B VND of buying against 8.06B VND of selling. This is secondary-market order-book trading value, not primary-market creation flow. FUEVN100 contributed +1.61B VND, approximately 82% of the total net.
2. Why did E1VFVN30 close 1.25% above its intraday VWAP?
E1VFVN30 closed at 34,410 VND against an intraday VWAP of 33,986 VND, implying buyers paid progressively higher prices through the session as the VN30-Index finished near its high of 1,911.04. The move was supported by 231,000 units traded — the highest volume on the HOSE ETF tape — and a foreign net buy of +0.51B VND.
3. How large is the Vietnam ETF market by AUM?
Total estimated AUM across 24 HOSE-listed ETFs was 23.31T VND at the 23/10/2026 close. FUEVFVND (10,640B VND) and E1VFVN30 (5,956B VND) together represent roughly 71% of the total, while session turnover of 16.95B VND equates to a turnover ratio of about 0.07%.
Explore the complete data set on the Vietnam market page, screen funds side by side with the comparison tool, review individual product pages in the ETF directory, read the calculation methodology, and model your own exposures with the portfolio builder.
Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.