Fubon ETF turns net buyer as Vietnam ETF outflows slow to VND 84.7B

Overview

In the week of July 20-24, 2026, Vietnam-focused ETFs recorded net outflows of VND 84.7 billion, a significant decline from the previous week’s VND 309.4 billion, driven by a turnaround in flows at Fubon FTSE Vietnam ETF. Despite the overall improvement, foreign investors continued to sell heavily in stocks such as MCH, VCB, VCK, VPL, and VNM. The data highlights a mixed picture for foreign capital flows into Vietnamese equities.

Key Facts

• Total ETF net outflows in the week July 20-24 were VND 84.7 billion, down from VND 309.4 billion the prior week.
• Fubon FTSE Vietnam ETF recorded net inflows of VND 35.7 billion, reversing from net outflows.
• VanEck Vietnam ETF remained the largest source of outflows at nearly VND 269 billion, little changed from VND 279 billion the week before.
• VFMVN Diamond ETF attracted VND 54.1 billion in net inflows, the highest among all funds.
• Foreign investors net sold stocks MCH, VCB, VCK, VPL, and VNM during the week.
• Cumulative ETF outflows in 2026 reached VND 5.4 trillion, down 65.4% from the same period in 2025.
• Total net asset value of Vietnam-allocated ETFs stood at approximately VND 53.9 trillion as of July 24, 2026, down 18.7% from end-2025.

What Happened

According to data compiled from fund reports, the pace of ETF outflows in Vietnam slowed sharply in the week of July 20-24, 2026, with net redemptions of VND 84.7 billion compared to VND 309.4 billion in the prior week. The improvement was largely attributed to a reversal at Fubon FTSE Vietnam ETF, which recorded net inflows of VND 35.7 billion after previous weeks of selling. Other funds also saw inflows: VFMVN Diamond ETF (+VND 54.1 billion), Xtrackers Vietnam Swap UCITS ETF (+VND 46.4 billion), and VFM VN30 ETF (+VND 39.3 billion).

On the selling side, VanEck Vietnam ETF continued to lead outflows with nearly VND 269 billion, while KIM GROWTH VNFINSELECT ETF (-VND 21.6 billion), SSIAM VNFIN Lead ETF (-VND 5.4 billion), and MAFM VNDIAMOND (-VND 5.4 billion) also saw net redemptions. Foreign investors were net sellers of individual stocks MCH, VCB, VCK, VPL, and VNM during the week. The article does not specify the exact value of foreign net selling in those names, but the overall foreign net flow for the week was negative USD 3.388 million.

Market Context

MCH (Masang Group, HOSE) closed at VND 137,500 on July 27, 2026. VCB (Vietcombank, HOSE) closed at VND 54,000, VCK (VICK, HNX) at VND 28,350, and VPL (VPL, UPCOM) at VND 74,000. The persistent foreign selling in these names reflects ongoing caution among international investors toward Vietnamese equities, despite the slowdown in ETF outflows. The broader market has been under pressure from global factors, including U.S. equity fund outflows and disappointing earnings from major tech firms.

Strategic Significance

The deceleration in ETF outflows, particularly the return of inflows at Fubon FTSE Vietnam ETF, suggests that foreign investor sentiment may be stabilizing after a prolonged period of selling. However, the continued net selling in specific large-cap stocks indicates that foreign investors remain selective, favoring certain sectors or names. The sharp year-on-year decline in cumulative outflows (down 65.4%) could signal that the worst of the foreign capital exodus is over, but the 18.7% drop in total ETF NAV from end-2025 underscores the significant impact on fund sizes.

What to Watch

• Weekly ETF flow data for the remainder of July and August to confirm whether the slowdown in outflows is sustained.
• Foreign net trading activity in MCH, VCB, VCK, VPL, and VNM in the coming weeks to gauge if selling pressure eases.
• Q2 2026 earnings reports from major Vietnamese companies, which could influence foreign investor sentiment.
• Global fund flow trends, particularly U.S. equity outflows, as they often correlate with emerging market flows.
• Any policy changes or announcements from the State Bank of Vietnam regarding foreign ownership limits or capital market reforms.