Vietnam ETF Rebalance: HPG, BSR, EIB, NAB to See Inflows; SSI, VIX, VCI, DGC Face Outflows

Overview

Two major foreign ETFs—Xtrackers Vietnam Swap UCITS ETF and VanEck Vietnam ETF—with combined assets of nearly $1.2 billion (approximately VND 30,000 billion) are set to rebalance their portfolios in June 2026. According to MBS Securities, the rebalancing will drive significant inflows into HPG, BSR, EIB, and NAB, while SSI, VIX, VCI, and DGC are expected to face selling pressure. The event is a key catalyst for affected tickers on HOSE and UPCOM.

Key Facts

• Combined assets of Xtrackers Vietnam ETF and VanEck Vietnam ETF: ~$1.2 billion (VND 30,000 billion).
• Xtrackers Vietnam ETF to announce new portfolio on June 5; VanEck Vietnam ETF on June 13.
• Rebalancing trades expected during the week of June 15-19.
• HPG projected to receive net buying of over 11.1 million shares, worth ~VND 284 billion.
• BSR expected to be added to VanEck Vietnam ETF, with net buying of ~3.3 million shares (~VND 102 billion).
• SSI likely to face net selling of over 9 million shares, worth ~VND 250 billion.
• DGC may be removed from VanEck Vietnam ETF due to being placed under control status in mid-May.
• Year-to-date (to mid-May 2026), Vietnam-focused ETFs recorded net outflows of over VND 3,500 billion (~$140 million).

What Happened

MBS Securities released a report detailing the upcoming semi-annual rebalancing of two major foreign ETFs tracking Vietnamese equities. Xtrackers Vietnam Swap UCITS ETF, which typically only adjusts weights, is not expected to change its constituent list. In contrast, VanEck Vietnam ETF is likely to remove DGC (Duc Giang Chemicals) due to its recent placement under control status, and add BSR (Binh Son Refining and Petrochemical) despite its low free-float, citing high liquidity and recent inclusion in the VN30 index.

MBS estimates that HPG will be the largest beneficiary, with both ETFs increasing its weight. BSR, EIB (Eximbank), and NAB (Nam A Bank) are also expected to see net buying. On the sell side, securities stocks SSI, VIX, and VCI are projected to face significant outflows as their weights are reduced. The rebalancing occurs amid a challenging environment for Vietnam ETFs, which have seen net redemptions of over VND 3,500 billion year-to-date.

Market Context

HPG closed at VND 24,250 on May 26, 2026, up 0.62% with volume of 20.7 million shares. BSR traded at VND 28,500 (+1.06%), EIB at VND 21,550 (+0.23%), and NAB at VND 12,350 (+0.82%). The broader market has been under pressure from persistent foreign selling, with ETF outflows contributing to the trend. The rebalancing is expected to create temporary price dislocations, particularly during the closing auction on the final rebalancing day.

Strategic Significance

The rebalancing underscores the influence of passive foreign flows on Vietnamese equities, particularly for stocks with high free-float and liquidity. HPG, as a steel sector leader, continues to attract foreign interest despite sector headwinds. The inclusion of BSR, a petrochemical stock with improving free-float, signals growing foreign appetite for energy names. Conversely, the potential removal of DGC highlights regulatory risks for stocks under control status. Securities firms face persistent selling pressure as ETFs reduce exposure to the sector.

What to Watch

• Official announcement of Xtrackers Vietnam ETF portfolio on June 5 and VanEck Vietnam ETF on June 13.
• Actual trading volumes and price movements during the rebalancing week (June 15-19), especially in the closing auction.
• DGC’s ability to exit control status and regain ETF eligibility in future reviews.
• BSR’s free-float improvement and potential for further index inclusion.
• Continued foreign net flow data for Vietnam ETFs in June and subsequent months.