HOSE's ETF complex closed the 28 October 2026 session with a narrow, bifurcated tape. The VN-Index settled at 1,766.65 points (+0.27%) while the VN30-Index added a thinner +0.10% to 1,890.22 points, and the 24 listed ETFs on the exchange finished with six advancers, eight decliners and ten unchanged across a combined 12.64B VND of trading value. Against 23.10T VND of aggregate HOSE ETF AUM, that turnover is small — a liquidity profile that matters as much as the price action itself when comparing VN30 vs VN Diamond ETF exposure in October 2026. All prices below are closing prints from 28 October, captured before the 29 October open.
Key Takeaways
- Flow asymmetry in a single session: E1VFVN30 absorbed +1.54B VND of foreign net buying on 28 October — more than double the entire 24-fund HOSE ETF complex's net figure of +0.72B VND (buys 5.39B VND, sells 4.68B VND) — while FUEVFVND printed -1.32B VND of net foreign selling despite closing +0.68% at 32,500 VND.
- The 5-day column rewrites the story: FUEVFVND's 5-day foreign net stands at +14.49B VND against a -0.34B VND 5-day figure for E1VFVN30, while FUEVFVND's year-to-date return of -15.14% trails E1VFVN30's -5.79% by 9.35 percentage points.
- VWAP confirms late-session bids: Both flagships closed above their intraday VWAP — E1VFVN30 at 33,990 VND versus a 33,844 VND VWAP (+0.43%), FUEVFVND at 32,500 VND versus 32,313 VND (+0.58%) — even though the two funds' YTD paths have diverged sharply on concentration.
October 2026 Tape: Two Benchmarks, Two Different Signals
The headline index move understates the dispersion underneath it. Mid- and broad-market vehicles outperformed the large-cap complex on the day: FUESSV50 closed +3.01%, FUEVN100 +1.39% and FUESSVFL +1.03%, while E1VFVN30 slipped -0.03% and FUEMAV30 -0.21%. FUESSV50's +3.01% print came on just 700 units, however — a reminder that thin prints on sub-300B VND funds should not be read as a market-wide signal.
Closing Prints, VWAP Deltas and Volume
The VWAP column is where the intraday battle becomes visible. On the DCVFMVN30 ETF (E1VFVN30) page, the fund closed at 33,990 VND against an intraday VWAP of 33,844 VND, a +0.43% premium, on 198,000 units — the heaviest volume in the complex. On the DCVFMVN Diamond ETF (FUEVFVND), the close of 32,500 VND sat +0.58% above a 32,313 VND VWAP on 127,200 units. In both cases, the marginal buyer paid above the session's average traded price, which is the signature of demand arriving into the close rather than fading into it. Our VWAP methodology note explains how these intraday benchmarks are computed from VCI tick data.
| Ticker | Basket | Close (VND) | 1D | Intraday VWAP (VND) | Close vs VWAP | 1M | YTD | Volume (units) | Foreign 1D (B VND) | Foreign 5D (B VND) | AUM (B VND) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| E1VFVN30 | VN30 | 33,990 | -0.03% | 33,844 | +0.43% | -1.39% | -5.79% | 198,000 | +1.54 | -0.34 | 5,880 |
| FUESSV30 | VN30 | 24,000 | 0.00% | 23,655 | +1.46% | -0.46% | -5.14% | 23,700 | +0.33 | -0.38 | 257 |
| FUEKIV30 | VN30 | 12,990 | 0.00% | 12,872 | +0.91% | -0.99% | -5.73% | 10,300 | +0.13 | +0.43 | 2,298 |
| FUEMAV30 | VN30 | 23,350 | -0.21% | 23,307 | +0.18% | -1.77% | -5.54% | 1,000 | +0.08 | +0.17 | 521 |
| FUEVFVND | VN Diamond | 32,500 | +0.68% | 32,313 | +0.58% | -1.63% | -15.14% | 127,200 | -1.32 | +14.49 | 10,527 |
| FUEMAVND | VN Diamond | 13,790 | +0.29% | 13,790 | 0.00% | -2.27% | -14.35% | 100 | +0.00 | -0.00 | 186 |
| FUEKIVND | VN Diamond | 11,820 | -0.51% | n/a | n/a | -2.56% | -16.23% | 0 | -0.00 | +0.07 | 70 |
Performance Dispersion Is the Real Headline
Over one week the gap is already 3.04 percentage points in favour of the VN30 sleeve: E1VFVN30 +2.16% versus FUEVFVND -0.88%. Over the year to date it widens to 9.35 percentage points (-5.79% versus -15.14%), and the three Diamond-trackers cluster tightly together — FUEMAVND -14.35%, FUEVFVND -15.14%, FUEKIVND -16.23% — confirming the dispersion is a basket effect, not a fund-specific execution problem. The VN30 group also clusters (-5.14% to -5.79%), so October 2026 is a story about two different baskets, not four different managers.
Foreign Flows: Read the Order Book Before You Read the Narrative
Secondary-Market Net Trading Value on HOSE
Every foreign flow figure in this article is secondary-market net trading value on HOSE, derived from the VCI order book and published on etf.com.vn — it is the difference between foreign buy and sell value matched on the exchange, not a subscription or redemption. On 28 October the entire 24-fund complex recorded foreign buys of 5.39B VND against sells of 4.68B VND, netting +0.72B VND. E1VFVN30's +1.54B VND alone exceeded that total, which arithmetically implies roughly -0.82B VND of net foreign selling across the remaining 23 funds. FUEVFVND contributed -1.32B VND of that offset; FUESSV30 (+0.33B VND), FUEKIV30 (+0.13B VND) and FUEMAV30 (+0.08B VND) partially cushioned it.
What the 5-Day Column Signals About Primary Activity
The divergence between FUEVFVND's -1.32B VND one-day figure and its +14.49B VND five-day figure is the single most instructive number in this dataset. A single session of foreign net selling inside a week of heavy net buying is consistent with rotation and profit-taking in the matching tape — but it is not evidence of redemption. Primary-market creation and redemption in ETF units settle outside the HOSE matching engine, and etf.com.vn tracks them separately from order-book flow. The same discipline applies to E1VFVN30: its -0.34B VND five-day net alongside +1.54B VND on the day describes a week of two-way order-book activity, not a directional verdict on the fund.
Index Concentration: FPT, the Diamond Roster and Weight Risk
Constituent Weights Side by Side
The disclosed top-seven weights explain most of the YTD gap. The VN30 basket (E1VFVN30, FUESSV30, FUEKIV30, FUEMAV30) runs FPT at 12.4%, TCB 9.2%, ACB 8.6%, HPG 8.4%, VPB 7.5%, MBB 7.1% and MWG 6.2% — a bank-and-steel-heavy core. The VN Diamond basket (FUEVFVND, FUEMAVND, FUEKIVND) runs 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%. FPT is 2.7 percentage points heavier in Diamond; PNJ (12.8%), GMD (10.6%) and REE (6.8%) do not appear among the seven largest VN30 weights at all. Diamond's construction — built around foreign-ownership-room-constrained names — therefore concentrates single-stock risk in a way a plain VN30 tracker does not.
Tracking and Liquidity Implications
For an allocator, the practical consequence is that FUEVFVND's 15.1% FPT weight and 12.8% PNJ weight amplify any idiosyncratic shock to those two names relative to E1VFVN30's 12.4% FPT exposure. It also explains why Diamond-heavy prints can diverge from the VN30-Index print of +0.10% on a day when the broad VN-Index rose +0.27%. Running the weights through our ETF comparison tool makes the overlap and the gaps explicit at the portfolio level.
Positioning Framework: Fragmented VN30 Versus a Single-Fund Diamond Market
AUM Structure and Capacity
VN30 exposure is fragmented across four issuers: E1VFVN30 at 5,880B VND, FUEKIV30 at 2,298B VND, FUEMAV30 at 521B VND and FUESSV30 at 257B VND, for roughly 8,956B VND combined — about 38.8% of the 23.10T VND HOSE ETF total. Diamond exposure is effectively a monopoly: FUEVFVND's 10,527B VND represents 45.6% of all HOSE ETF AUM and about 97.6% of the 10,783B VND held across the three Diamond-trackers, with FUEMAVND at 186B VND and FUEKIVND at 70B VND as marginal alternatives. Capacity, therefore, sits with FUEVFVND for Diamond and with E1VFVN30 for VN30.
Execution Quality Check
Liquidity confirms it. E1VFVN30's 198,000 units and FUEVFVND's 127,200 units together account for roughly 86% of the complex's 12.64B VND session value, while FUEKIVND traded zero units at 11,820 VND and FUEMAVND traded 100 units at 13,790 VND. A 0.00% close-versus-VWAP reading on FUEMAVND is a function of that illiquidity, not of smooth execution. Use the market dashboard for daily flow and VWAP updates before sizing any order in the smaller share classes.
Frequently Asked Questions
1. What were the foreign flows into VN30 and VN Diamond ETFs on 28 October 2026?
According to HOSE / VCI order-book data compiled on etf.com.vn, E1VFVN30 recorded +1.54B VND of foreign net buying and FUEVFVND recorded -1.32B VND of foreign net selling. Within the VN30 group, FUESSV30 added +0.33B VND, FUEKIV30 +0.13B VND and FUEMAV30 +0.08B VND; within the Diamond group, FUEKIVND was -0.00B VND and FUEMAVND +0.00B VND. The full 24-fund HOSE ETF complex netted +0.72B VND (buys 5.39B VND, sells 4.68B VND).
2. Why is FUEVFVND down 15.14% YTD while E1VFVN30 is down 5.79%?
The gap is 9.35 percentage points and traces to basket construction. FUEVFVND's disclosed weights carry FPT at 15.1%, PNJ at 12.8%, MWG at 12.4% and GMD at 10.6%, versus E1VFVN30's FPT 12.4%, TCB 9.2%, ACB 8.6% and HPG 8.4%. The three Diamond-trackers all landed within a 1.88-point band YTD (-14.35% to -16.23%), confirming the outcome is driven by the underlying roster rather than fund-level execution.
3. What does the VWAP premium tell us about trading in these two ETFs?
FUEVFVND closed at 32,500 VND, +0.58% above its 32,313 VND intraday VWAP, on 127,200 units; E1VFVN30 closed at 33,990 VND, +0.43% above its 33,844 VND VWAP, on 198,000 units. In both cases the closing price exceeded the session's average traded price, indicating demand concentrated toward the close. Note that closing above VWAP is an intraday execution observation and does not itself imply primary-market creation.
Compare live pricing, VWAP and foreign flow side by side using our ETF comparison tool, screen the full universe on the Vietnam ETF market page, and model the concentration impact of the VN30 and VN Diamond baskets in the portfolio builder or the ETF asset accumulation tool.
Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.