Foreign ETFs to Rebalance in September: MCH, TCX, VCK Added; VIC, SSI Sold

Overview

Foreign ETFs with nearly $1 billion in assets under management are set to rebalance their portfolios in September, according to a report from MB Securities (MBS). The review will see Xtrackers Vietnam ETF add MCH, TCX, and VCK, while VanEck Vietnam ETF is expected to add SSB and CII, replacing SBT and SIP. Conversely, VIC, SSI, VIX, SBT, and VCI are forecast to face selling pressure.

Key Facts

• Xtrackers Vietnam ETF and VanEck Vietnam ETF have combined AUM of nearly $1 billion.
• Portfolio rebalancing will occur from September 14 to September 18.
• Xtrackers will announce its new portfolio on September 4; VanEck on September 12.
• MBS forecasts Xtrackers will add MCH, TCX, and VCK, with no stocks removed.
• VanEck is expected to add SSB and CII, while removing SBT and SIP due to insufficient trading value.
• Notable buys include SSB (over 14 million shares), SHB (over 16 million), HPG (over 11.5 million), and MSB (11.2 million).
• VIC will be sold (over 16 million shares) due to its weight exceeding 15% in Xtrackers; SSI and VIX each see nearly 10 million shares sold.
• Foreign ETFs have seen net outflows of over VND 5.4 trillion year-to-date.

What Happened

MBS released a report detailing the expected portfolio changes for two major foreign ETFs tracking Vietnamese equities. Based on data as of July 31, Xtrackers Vietnam ETF is set to add three stocks meeting its criteria of market capitalization above $150 million, average trading value of $1 million, and free float of at least 5%: MCH, TCX, and VCK. No existing holdings are expected to be removed from Xtrackers.

For VanEck Vietnam ETF, MBS predicts that SBT and SIP will be dropped due to their three-month average trading value falling below the fund’s threshold. In their place, SSB and CII are expected to be added. The report also highlights significant buying in SSB, SHB, HPG, and MSB, while VIC, SSI, VIX, SBT, and VCI are likely to see selling. The rebalancing period runs from September 14 to September 18, with announcements scheduled for September 4 (Xtrackers) and September 12 (VanEck).

Market Context

These changes come amid persistent outflows from Vietnam-focused ETFs. Year-to-date, net redemptions exceed VND 5.4 trillion, with Fubon FTSE Vietnam ETF leading outflows at over VND 3.1 trillion. In the first two weeks of August, ETFs saw net outflows of over VND 728 billion, concentrated in Kindex VN30. However, the pace of outflows from VanEck and Xtrackers has slowed in July and August, with June seeing net inflows. The affected tickers trade on HOSE (MCH, SBT, TCX, VCK, SSB, CII, SHB, HPG, MSB, VIC, SSI, VIX, VCI). MCH closed at VND 136,600 on August 19, 2026.

Strategic Significance

For long-term investors, the September rebalancing highlights the influence of passive foreign flows on Vietnamese large-caps. Additions like MCH, TCX, and VCK signal improved liquidity and market-cap thresholds, potentially attracting further foreign interest. Conversely, selling in VIC and others may reflect index weight caps or liquidity concerns, which could pressure short-term prices. The continued outflows from ETFs overall suggest cautious foreign sentiment, but the slowing pace may indicate stabilization. Investors should monitor whether these forecast changes materialize and how they affect trading volumes and valuations.

What to Watch

• Official portfolio announcements from Xtrackers (September 4) and VanEck (September 12).
• Actual trading volumes during the rebalancing window (September 14-18) for added and removed stocks.
• Net foreign flow data for September to see if outflows persist or reverse.
• Q3 earnings reports from MCH, TCX, VCK, SSB, and CII to assess fundamentals.
• Any changes in index methodology or new ETF launches that could alter foreign demand.