VNM ETF Adds SSB, Drops CEO in Q3 2026 Review; FTSE Adds MCH, TCX, VPL

Overview

MarketVector Indexes added SeABank (SSB, HOSE) as the sole new constituent of the MarketVector Vietnam Local Index, the benchmark for the roughly USD 520 million VanEck Vectors Vietnam ETF (VNM ETF), in its Q3 2026 review. CEO was removed from the same basket. FTSE Russell separately added MCH, TCX and VPL to the FTSE Vietnam Index and deleted 21 tickers, including SSI, VJC and VRE.

Key Facts

• VNM ETF portfolio size was approximately USD 520 million (about VND 13,500 billion) as of September 10.
• MarketVector added only SSB and removed CEO; the portfolio holds 55 stocks and one fund certificate after the review.
• The fund is estimated to buy 13.2 million SSB shares, plus additional large-volume purchases in HPG and VPL.
• Estimated VNM ETF selling includes VIC (USD 12 million, about 1.3 million shares) and SSI (USD 3.2 million, about 3.9 million shares), with CEO sold in full.
• FTSE Russell added MCH (Masan Consumer), TCX (TCBS) and VPL (Vinpearl) to the FTSE Vietnam Index.
• FTSE Russell removed 21 tickers: DXG, GEX, TCH, KDH, KBC, NVL, PVD, DPM, POW, PDR, SHB, SSI, VPI, VCI, VJC, VCG, EIB, VRE, VIX, VND and VCK.
• All changes take effect after the close on Friday, September 18, and trade from Monday, September 21.

What Happened

According to the Q3 2026 review results published by MarketVector Indexes, SeABank was the only addition to the MarketVector Vietnam Local Index, which serves as the reference index for the VanEck Vectors Vietnam ETF. CEO was the only deletion, leaving the portfolio at 55 equities and one fund certificate. The article cites estimated rebalancing flows showing the fund buying 13.2 million SSB shares and adding to HPG and VPL, while selling its entire CEO position and reducing VIC and SSI.

FTSE Russell’s review, announced the previous week, added Masan Consumer, TCBS and Vinpearl to the FTSE Vietnam Index and removed 21 constituents. The article attributes the unusually large deletion list to Vietnam’s reclassification from Frontier to Secondary Emerging market status rather than to companies failing index criteria. Both sets of changes are effective after the September 18 close and begin trading on September 21.

Market Context

SSB closed at 18,300 on September 11, with CEO at 11,900, HPG at 21,300 and VPL at 82,500. The rebalancing arrives as Vietnam’s equity market digests its FTSE Russell upgrade, which is expected to draw passive and active foreign capital over time but also produces sharp, mechanical flows around review dates. VNM ETF’s additions and deletions are concentrated in Banking, Steel, Real Estate and Securities names, sectors that have driven much of the index’s recent composition.

Strategic Significance

The SSB inclusion gives SeABank a new source of passive demand from a fund with roughly USD 520 million in assets, a modest but durable addition to its shareholder base. The larger signal is the FTSE Russell restructuring: the 21 deletions reflect a benchmark transition tied to the emerging-market upgrade, not deteriorating fundamentals, which may create temporary dislocations in names such as SSI, VJC and VRE as passive money exits ahead of active managers repositioning for the new index architecture. For long-term investors, the distinction matters when assessing whether post-rebalance weakness in deleted names is flow-driven or fundamental.

What to Watch

• Trading on Monday, September 21, the first session under the new index compositions.
• Foreign net buying or selling in SSB, HPG and VPL during the September 14-18 rebalancing window.
• Foreign-ownership and free-float filings for SSB following the estimated 13.2 million share purchase.
• Subsequent FTSE Russell and MarketVector commentary on Vietnam’s Secondary Emerging classification and future review schedules.
• Liquidity and price behavior in the 21 deleted FTSE names, particularly SSI, VJC and VRE, after passive outflows clear.