Foreign ETFs Continue Net Outflows from Vietnam, Top Stocks Sold Include VHM, HPG, MSN

Overview

Foreign exchange-traded funds (ETFs) continued to withdraw capital from Vietnam in the week of May 4-8, 2026, with total net outflows exceeding 169 billion VND. The selling was concentrated in the Fubon FTSE Vietnam ETF, which alone saw net redemptions of 226.6 billion VND. Top stocks sold include VHM, HPG, MSN, VCB, and SSI, reflecting broad-based foreign selling across real estate, steel, consumer staples, and banking sectors.

Key Facts

• Total net outflow from ETFs investing in Vietnam was over 169 billion VND in the week of May 4-8, 2026.
• Foreign ETFs accounted for net outflows of over 121 billion VND, led by Fubon FTSE Vietnam ETF (-226.6 billion VND).
• The Global X MSCI Vietnam ETF and CGS Fullgoal Vietnam 30 Sector Cap ETF saw net inflows of 40 billion VND and 12 billion VND, respectively.
• Domestic ETFs also saw net outflows of over 47 billion VND, with VFM VN30 ETF (-25.7 billion VND) and VFMVN Diamond ETF (-22.3 billion VND) leading.
• Thai investors net sold over 1.4 million depository receipts of VFM VNDiamond ETF, equivalent to over 20 billion VND.
• Year-to-date net outflows from ETFs reached over 3,000 billion VND as of May 8, 2026.
• Total net asset value of Vietnam-focused ETFs stood at over 64.5 trillion VND, down 2.6% from end-2025.

What Happened

According to data compiled by the research desk, foreign ETFs continued to reduce exposure to Vietnamese equities in the first full week of May. The Fubon FTSE Vietnam ETF was the primary driver, with net redemptions of 226.6 billion VND. In contrast, two other foreign ETFs—Global X MSCI Vietnam ETF and CGS Fullgoal Vietnam 30 Sector Cap ETF—recorded net inflows of 40 billion VND and 12 billion VND, respectively, partially offsetting the outflows.

On the domestic side, VFM VN30 ETF and VFMVN Diamond ETF saw net outflows of 25.7 billion VND and 22.3 billion VND, respectively. The SSIAM VNFIN LEAD ETF was the only domestic ETF with net inflows, at 3 billion VND. Additionally, Thai investors net sold over 1.4 million depository receipts of VFM VNDiamond ETF, equivalent to over 20 billion VND.

Market Context

VHM (Vinhomes, HOSE) closed at 138 VND on April 15, 2026, up 6.83% on volume of 6.25 million shares. HPG (Hoa Phat Group, HOSE) closed at 28 VND, down 1.75%; MSN (Masan Group, HOSE) at 77 VND, down 0.64%; VCB (Vietcombank, HOSE) at 60 VND, up 1.01%. The persistent foreign selling, particularly in large-cap names, has weighed on market sentiment. The VN-Index has faced headwinds from global uncertainty and domestic macro concerns, with foreign investors net sellers for most of 2026.

Strategic Significance

The continued net outflows from foreign ETFs highlight a structural trend of foreign portfolio repositioning away from Vietnam, driven by global rate dynamics, geopolitical risks, and domestic regulatory uncertainties. The concentration of selling in Fubon FTSE Vietnam ETF suggests that Taiwan-based investors are reducing exposure, possibly due to fund-specific redemptions or broader regional allocation shifts. For long-term investors, the persistent foreign selling creates potential entry points if fundamentals remain intact, but also signals caution regarding near-term liquidity and sentiment.

What to Watch

• Weekly ETF flow data for signs of stabilization or reversal in foreign selling.
• Fubon FTSE Vietnam ETF’s net asset value and redemption trends in the coming weeks.
• Foreign ownership limits and any regulatory changes affecting foreign investor access.
• Q2 2026 earnings reports for VHM, HPG, MSN, VCB, and SSI to assess fundamental support.
• Global fund flow data, particularly for emerging market equity funds, as a leading indicator.