Vietnam ETF Market — Session 04/11/2026 Overview & Fund Flows

The Vietnam ETF market closed the 04/11/2026 session with a split tape: the VN-INDEX finished at 1,702.68 points (+0.18%) after trading between 1,692.36 and 1,706.54, while the large-cap VN30-INDEX outperformed at 1,824.82 points (+0.51%), inside a 1,810.95–1,829.04 range. Across the 24 ETFs listed on HOSE, aggregate AUM stood at 22.16 trillion VND, but headline turnover was only 4.96 billion VND — an implied turnover ratio of roughly 0.02% of assets. Breadth was neutral-to-negative (3 advancers, 6 decliners, 15 unchanged), yet foreign investors were net buyers on the secondary market, with purchases of 3.60B VND against sales of 2.37B VND for a net +1.23B VND, according to HOSE / VCI order-book data on etf.com.vn.

Key Takeaways

• Index divergence, thin ETF tape: VN30 rose +0.51% while the broad VN-INDEX added only +0.18%, but HOSE ETF turnover of 4.96B VND against 22.16T VND of AUM implies a turnover ratio near 0.02% — one of the thinnest participation profiles an institutional desk can work with.
• Foreign flows concentrated in one line: Of the +1.23B VND aggregate foreign net buy, FUEVFVND alone accounted for +3.06B VND, offset by E1VFVN30 at -1.24B VND and FUESSVFL at -0.41B VND — a rotation pattern, not broad accumulation.
• Two funds hold 70.8% of HOSE ETF assets: FUEVFVND (10,014B VND, ~45.2% of AUM) and E1VFVN30 (5,683B VND, ~25.6%) dominate the segment, making concentration and execution slippage the primary structural risks for allocators.

Benchmark Tape: Large Caps Outpace the Broad Index

VN30's +0.51% Beat Versus a +0.18% VN-INDEX Gain

The 33-basis-point spread between VN30 and the VN-INDEX is the defining feature of the session. Capital was not distributed broadly; it concentrated in the largest, most liquid names. That matters for ETF users because the two dominant HOSE products track structurally different baskets: E1VFVN30, FUESSV30, FUEKIV30 and FUEMAV30 replicate the VN30 basket, where FPT (12.4%), TCB (9.2%), ACB (8.6%), HPG (8.4%), VPB (7.5%), MBB (7.1%) and MWG (6.2%) dominate. A session where those names lead should mechanically favour VN30-replicating funds — and the sector tilt confirms it.

Why a +0.51% Index Move Did Not Reach Every ETF

Despite the VN30 gain, only 3 of 24 HOSE ETFs advanced. FUESSVFL was the standout at 27,400 VND (+1.11%), and FUEVFVND added +0.49% to 30,850 VND, while E1VFVN30 printed 32,700 VND (-0.03%) — a visible tracking gap versus its own benchmark. On a tape this thin, that gap is a price-discovery artefact rather than a structural discount: E1VFVN30 still closed +0.27% above its intraday VWAP of 32,611 VND, meaning late-session buyers paid up rather than extracting a discount. FUEVN100 (-0.62%), FUEMAV30 (-0.80%), FUESSV30 (-0.91%) and FUEDCMID (-1.06%) absorbed the mid- and small-cap side of the rotation. Full product specifications are available on the ETF product page.

Session Scoreboard: Breadth, Turnover and VWAP Quality

24 Funds, 3 Advancers, 15 Unchanged

Fifteen funds closed exactly flat, and four of those (FUEKIVFS, FUEMAVND, FUEIP100, FUESSV50) recorded zero volume. FUEKIV30 printed a single lot of 100 units at 12,460 VND. In practical terms, roughly two-thirds of the HOSE ETF universe offered no executable liquidity on the session — a critical operational consideration for any mandate that relies on ETF secondary-market execution rather than primary-market creation.

VWAP as a Liquidity Quality Signal

The price-versus-VWAP column is more informative than the daily percentage change. FUESSVFL closed +0.52% above its VWAP of 27,258 VND and FUEVFVND +0.39% above 30,731 VND — both signs of persistent intraday demand. Only FUESSV30 finished below VWAP (-0.28% against 23,054 VND), the clearest signal of supply pressure among the liquid lines. Investors cross-checking execution quality across sessions can use the ETF comparison tool to pair VWAP behaviour with holdings overlap.

Foreign Flows: Secondary-Market Orders Versus Primary-Market Creation

FUEVFVND Absorbs +3.06B VND; E1VFVN30 Sees -1.24B VND

The aggregate foreign net buy of +1.23B VND is a story of one product. FUEVFVND — the VN-Diamond tracker with 10,014B VND of AUM — captured +3.06B VND of net foreign demand, more than offsetting E1VFVN30's -1.24B VND and FUESSVFL's -0.41B VND. The direction is consistent with the underlying basket: the Diamond basket carries FPT at 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 leans on retail-concentrated and logistics names alongside the banks. The financial-heavy VNFinLead basket, by contrast (TCB 14.8%, ACB 14.2%, MBB 13.6%, VPB 12.9%, STB 11.4%, SSI 7.8%), drove FUESSVFL's +1.11% price gain even as foreign accounts were small net sellers of that specific line.

What the HOSE Order Book Does and Does Not Capture

This is the distinction that matters most for institutional readers. The +1.23B VND figure is secondary-market foreign net trading value on HOSE — buy and sell orders matched in the ETF's own order book, sourced from HOSE / VCI data on etf.com.vn. It is not the same as primary-market creation and redemption activity. When an authorised participant creates new ETF units to meet institutional demand, or redeems units back into the underlying basket, that flow settles off-order-book and shows up in AUM and unit-count changes rather than in the daily foreign net trading print. A fund can therefore record positive AUM growth with zero secondary-market foreign net buying — and, as on 04/11/2026, record meaningful foreign net buying on a day when headline turnover is only 4.96B VND. Live market data is refreshed throughout the session on the market overview page.

Cost and Structure: Passive ETFs Inside a 278.0T VND Fund Industry

TER of 0.50%–0.80% vs 1.75%–2.00% for Active Peers

Vietnam's fund industry now spans 139 funds with total NAV of approximately 278.0T VND, split between open-end funds (140.37T VND, 50.5%), passive ETFs (70.75T VND, 25.4%) and closed-end funds (66.87T VND, 24.1%). HOSE's 22.16T VND of ETF assets sits inside that passive segment. The cost case remains the structural argument: low-cost passive ETFs carry TERs of 0.50%–0.80%, versus 1.75%–2.00% for active open-end equity funds such as SSI-SCA (1.75% TER, +24.9% 1Y), VESAF (1.95%, +26.4% 1Y), DCDS (1.95%, +23.8% 1Y) and VMEEF (2.00%, +28.1% 1Y) — against a 12-month bank deposit reference of roughly 5.10%. The fee differential of 95–150 basis points per annum is the hurdle active managers must clear on a repeatable basis.

Basket Concentration Matters as Much as the Fee

Two funds — FUEVFVND at 10,014B VND and E1VFVN30 at 5,683B VND — account for roughly 70.8% of HOSE ETF assets, with FUEKIV30 a distant third at 2,204B VND. That concentration has practical consequences: liquidity clusters in the largest lines, while funds such as FUEMAV30 (497B VND), FUEDCMID (265B VND), FUEKIVFS (160B VND) and FUEIP100 (63B VND) can print zero volume for entire sessions. For portfolio construction, the fee saving is only realisable if the execution cost of accessing a thin line does not consume it. Position sizing against the underlying basket is the natural control — see the portfolio builder and the ETF asset allocation tool.

Frequently Asked Questions

1. How large is the Vietnam ETF market on HOSE as of 04/11/2026?
Aggregate AUM across the 24 HOSE-listed ETFs stood at 22.16 trillion VND, with total session trading value of 4.96 billion VND. FUEVFVND (10,014B VND) and E1VFVN30 (5,683B VND) together represented roughly 70.8% of that total.

2. Did foreign investors buy or sell Vietnam ETFs on 04/11/2026?
Foreign investors were net buyers on the HOSE secondary market: purchases of 3.60B VND against sales of 2.37B VND, for a net +1.23B VND according to HOSE / VCI order-book data on etf.com.vn. FUEVFVND contributed +3.06B VND of net buying, offset by E1VFVN30 at -1.24B VND and FUESSVFL at -0.41B VND.

3. Why did E1VFVN30 fall -0.03% when the VN30-INDEX rose +0.51%?
On a low-turnover session of 84,000 units, closing-price discovery diverges from index arithmetic. E1VFVN30 still settled at 32,700 VND, which is +0.27% above its intraday VWAP of 32,611 VND — indicating intraday buyers paid a premium to the session average rather than receiving a discount to net asset value.

Screen every HOSE ETF side by side with holdings, weights and TER in the comparison tool, model allocations in the allocation tool, review the full product catalogue on the product page, track live index and flow data on the market page, and verify individual constituent fundamentals using the stock lookup tool.

Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.