Vietnam's equity tape closed the 4 November 2026 session in a broad risk-on stance — VN-Index at 1,733.02 points (+1.97%, range 1,692.36–1,738.20) and VN30-Index at 1,862.07 points (+2.56%, range 1,810.95–1,864.63) — yet the two largest HOSE-listed ETFs delivered that move through very different internal wiring. E1VFVN30 closed at 33,720 VND (+3.09%) on 366,700 units; FUEVFVND closed at 31,500 VND (+2.61%) on 308,300 units. Behind those headline prints sit two structures of concentration: a VN30 basket where FPT is 12.4% and a bank block (TCB, ACB, VPB, MBB) totals 32.4%, and a VN Diamond basket where FPT reaches 15.1% and the top eight names absorb 84.5% of the index. That gap is the analytical core of the VN30 vs VN Diamond ETF comparison for November 2026.
Key Takeaways
- AUM is not evenly split: FUEVFVND (10,225B VND) and E1VFVN30 (5,861B VND) together hold 16,086B VND, or 70.9% of the 22.70T VND total HOSE ETF market, according to VCI order-book data on etf.com.vn.
- Foreign selling was a Diamond event: FUEVFVND recorded −18.63B VND of secondary-market foreign net trading value on 4 November, equal to 86.6% of the market-wide −21.51B VND (buys 8.41B / sells 29.92B), and −24.19B VND over five sessions.
- Concentration cuts both ways: VN Diamond's top four weights (FPT 15.1%, PNJ 12.8%, MWG 12.4%, GMD 10.6%) total 50.9% versus 38.6% for VN30's top four, and the YTD return dispersion between the two flagships already stands at 8.38 percentage points (−17.75% vs −9.37%).
Session Mechanics: What the 4 November Close Actually Priced
Breadth across the 24 HOSE-listed ETFs was decisively positive: 15 advancers, 3 decliners and 6 unchanged, with total ETF trading value of 26.23B VND against 22.70T VND of aggregate AUM — an implied turnover ratio of roughly 0.12% of assets in a single session. That is a structurally thin secondary market relative to the asset base, and it matters for execution quality on any reallocation between the two exposures.
Breadth, but with a closing-auction premium
The most instructive micro-structure signal is the gap between the closing price and the intraday VWAP. E1VFVN30 closed 2.37% above its VWAP of 32,939 VND; FUEVFVND closed 1.45% above its VWAP of 31,049 VND. The gap widens materially in the smaller VN30 vehicles: FUESSV30 closed at 24,170 VND against a VWAP of 23,116 VND (+4.56%) and FUESSV50 closed at 28,900 VND against a VWAP of 27,327 VND (+5.76%). In both cases the day's appreciation was concentrated in the closing auction on 18,800 and 6,900 units respectively — a liquidity signature, not a valuation signal.
Liquidity tiers remain the binding constraint
Only two VN30/Diamond vehicles traded at scale on the session: E1VFVN30 (366,700 units) and FUEVFVND (308,300 units). FUESSVFL turned over 60,300 units, FUEVN100 49,800 units, FUEMAVND 31,200 units and FUESSV30 18,800 units. At the tail, FUEKIVND printed 1,000 units and FUEKIVFS 100 units. For institutional sizing, the practical implementation set is therefore narrow regardless of which benchmark the mandate references.
The Concentration Map: FPT, Banks and Two Different Betas
The two benchmarks overlap meaningfully — FPT, MWG, ACB, TCB and MBB appear in both — but the marginal exposures diverge sharply. The VN30 basket is an FPT-plus-banks construct. The VN Diamond basket is an FPT-plus-consumer-plus-infrastructure construct, with a smaller bank allocation (ACB 9.8%, TCB 9.1%, MBB 7.9% = 26.8%).
VN30: FPT 12.4% and a 32.4% bank block
Within E1VFVN30, FUESSV30, FUEKIV30 and FUEMAV30, the referenced VN30 weights are FPT 12.4%, TCB 9.2%, ACB 8.6%, HPG 8.4%, VPB 7.5%, MBB 7.1% and MWG 6.2% — a top-seven total of 59.4%. The bank cluster (TCB + ACB + VPB + MBB) at 32.4% makes the VN30 complex a de facto levered expression of Vietnamese credit growth, rate policy and bank NIM trajectory. On 4 November the VN30-Index outperformed the VN-Index by 0.59 percentage points, consistent with that higher-beta construction.
VN Diamond: FPT 15.1% and an 84.5% top-eight
The VN Diamond weights inside FUEVFVND, FUEMAVND and FUEKIVND are 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%. The top four alone equal 50.9%. In practical risk terms, a 100B VND allocation to FUEVFVND carries roughly 15.1B VND of single-name FPT risk, and FPT is also the largest single name in the VN30 basket — meaning any portfolio holding both vehicles accumulates FPT exposure on both legs.
| ETF | Close (VND) | 1D | 1W | YTD | Close vs VWAP | Volume (units) | Foreign 1D (B VND) | Foreign 5D (B VND) | AUM (B VND) |
|---|---|---|---|---|---|---|---|---|---|
| E1VFVN30 | 33,720 | +3.09% | −3.79% | −9.37% | +2.37% | 366,700 | −1.40 | +0.79 | 5,861 |
| FUESSV30 | 24,170 | +4.18% | +0.71% | −4.47% | +4.56% | 18,800 | −0.31 | −1.37 | 259 |
| FUEKIV30 | 12,760 | +2.41% | −1.77% | −7.40% | +0.50% | 10,100 | +0.13 | −98.17 | 2,257 |
| FUEMAV30 | 23,100 | +2.76% | −1.07% | −6.55% | +2.65% | 14,300 | −0.01 | −0.09 | 515 |
| FUEVFVND | 31,500 | +2.61% | −3.08% | −17.75% | +1.45% | 308,300 | −18.63 | −24.19 | 10,225 |
| FUEMAVND | 13,390 | +3.00% | −2.90% | −16.83% | +1.92% | 31,200 | −0.24 | −0.19 | 181 |
| FUEKIVND | 11,680 | +3.82% | −1.18% | −17.22% | n/a | 1,000 | +0.03 | −0.70 | 69 |
Source: HOSE / VCI order-book data on etf.com.vn, session 04/11/2026. Foreign figures are secondary-market net trading value, not primary creation/redemption.
Foreign Flows: Order-Book Selling vs Primary-Market Creation
The market-wide foreign print on HOSE ETFs was buys of 8.41B VND against sells of 29.92B VND, a net −21.51B VND. That number belongs to the secondary market — it measures foreign investors' net order-book activity in the ETF certificates themselves. It is a distinct concept from primary-market creation and redemption, which is tracked through fund-level unit issuance and could move in the opposite direction on the same day.
FUEVFVND carried 86.6% of the market's net foreign sell
FUEVFVND alone accounted for −18.63B VND, or 86.6% of the market-wide net figure, extending to −24.19B VND over the trailing five sessions. Given AUM of 10,225B VND, the single-session outflow equals approximately 0.18% of the fund's asset base — large in the context of the day's ETF tape, but small against AUM. The contrast with E1VFVN30 is the more interesting signal: the VN30 flagship was net −1.40B VND on the day but net +0.79B VND over five sessions, i.e. foreign accounts were net buyers of VN30 beta across the week while selling the Diamond basket into the 4 November rally.
KIM Growth VN30: +0.13B on the day, −98.17B over five sessions
The largest five-day foreign figure in the dataset is not a Diamond fund at all: FUEKIV30 shows +0.13B VND for the session but −98.17B VND over five sessions, equivalent to roughly 4.3% of its 2,257B VND AUM. This is precisely the case where conflating order-book flow with redemption risk misleads — a five-day secondary-market foreign exit of that size inside a 26.23B VND daily market is only feasible because ETF units change hands between foreign and domestic counterparties, not because the fund's unit count collapsed.
Basket Concentration Risk and the Sizing Decision
Concentration in these two benchmarks is not a theoretical footnote. VN Diamond's top four at 50.9% and top eight at 84.5% mean idiosyncratic single-stock events dominate tracking. VN30's 32.4% bank block means macro events dominate. For a portfolio allocator using the comparison tool and constituent lookup, the practical question is how much of each exposure is genuinely incremental.
The overlap set and the tracking-error trade-off
The shared names — FPT, MWG, ACB, TCB, MBB — sit in both baskets. A combined E1VFVN30/FUEVFVND holding therefore double-counts FPT at 12.4% and 15.1% respectively, and aggregates the bank sleeve to 32.4% and 26.8%. The diversification benefit of pairing the two is lower than the headline index correlation suggests. The alternative expressions are narrower still: the VNFinLead basket (FUESSVFL, FUEKIVFS) carries TCB 14.8%, ACB 14.2%, MBB 13.6%, VPB 12.9% and STB 11.4% — top five at 66.9% and effectively a pure bank factor.
YTD dispersion: 8.38 points between the two flagships
Year-to-date, E1VFVN30 is −9.37% against FUEVFVND at −17.75%, a gap of 8.38 percentage points; on a one-week view the ordering narrows (−3.79% vs −3.08%) and on one month it is −3.94% vs −3.58%. The message is that the Diamond complex's de-rating is a year-scale phenomenon, not a November one, and that the 4 November risk-on session (+2.61% for FUEVFVND, +3.82% for FUEKIVND, +6.30% for FUEKIVFS) is a single-session rebound inside a wider drawdown. Context matters: open-end active equity funds have delivered 1-year returns of +26.4% (VESAF, 1.95% TER), +28.1% (VMEEF, 2.00% TER) and +23.8% (DCDS, 1.95% TER) against 0.50%–0.80% TER for low-cost passive ETFs and a 12-month deposit rate of ~5.10%. Passive ETF NAV industry-wide is 70.75T VND of the 278.0T VND, 139-fund universe (25.4%), of which 22.70T VND is HOSE-listed.
Frequently Asked Questions
1. Which is more concentrated, VN30 or VN Diamond?
VN Diamond. Its top four weights — FPT 15.1%, PNJ 12.8%, MWG 12.4% and GMD 10.6% — total 50.9%, and the top eight total 84.5%. The VN30 basket's top four (FPT 12.4%, TCB 9.2%, ACB 8.6%, HPG 8.4%) total 38.6%, with the top seven at 59.4%.
2. Why did FUEVFVND record −18.63B VND of foreign net selling on 4 November 2026?
That figure represents 86.6% of the total HOSE ETF foreign net of −21.51B VND (buys 8.41B / sells 29.92B) and extends to −24.19B VND over five sessions, according to HOSE / VCI order-book data on etf.com.vn. It is secondary-market trading value in the certificates, equal to roughly 0.18% of the fund's 10,225B VND AUM, and it is not equivalent to primary-market redemption.
3. What does the gap between closing price and intraday VWAP tell us?
It signals that gains were made in the closing auction on thin volume. E1VFVN30 closed 2.37% above its 32,939 VND VWAP and FUEVFVND 1.45% above its 31,049 VND VWAP, while FUESSV30 (+4.56%) and FUESSV50 (+5.76%) closed far above VWAP on just 18,800 and 6,900 units. For institutional orders, execution should be benchmarked to VWAP rather than the closing print.
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Disclaimer: This content is for informational purposes only and does not constitute personal investment advice.