Foreign ETFs net sell VND 477B from Vietnam, top stocks VHM, VIC, HPG, FPT, MSN
This Aveluro analysis covers VHM (Vinhomes) in the Real Estate sector. The classified event type is foreign flow, with negative sentiment and a deterministic market-impact score of 3.5/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from VnEconomy - Chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Follow this event and trade Vietnam stocks
Use the broker guide to compare Vietnam market access before acting on this news.
Aveluro may earn a commission from broker partners. Market data and broker availability can change; confirm access before opening an account.
Overview
Foreign ETFs net sold over VND 477 billion from Vietnamese equities during the trading week of May 18-22, 2026, with the heaviest selling concentrated in blue-chip stocks VHM, VIC, HPG, FPT, and MSN. The outflow extends a year-to-date net withdrawal that has now exceeded VND 4 trillion, underscoring sustained foreign risk-off positioning.
Key Facts
- Foreign ETFs net withdrew VND 477 billion from Vietnam in the week of May 18-22, 2026.
- Total net withdrawal from ETFs since the start of 2026 has reached over VND 4 trillion.
- Foreign ETFs accounted for VND 269 billion of the outflow, led by Fubon FTSE Vietnam ETF (-VND 169.7 billion) and Xtrackers Vietnam Swap UCITS ETF (-VND 97 billion).
- Domestic ETFs saw net redemptions of VND 208 billion, led by MAFM VN30 ETF (-VND 71.7 billion), VFMVN Diamond ETF (-VND 65 billion), and VFM VN30 ETF (-VND 61 billion).
- Thai investors net sold over 800,000 DRs of VFM VN30 ETF (E1VFVN3001) and 1.6 million DRs of VFM VNDiamond ETF (FUEVFVND01), equivalent to VND 29 billion and VND 61 billion, respectively.
- Top stocks sold by ETFs in the week were VHM, VIC, HPG, FPT, and MSN.
- As of May 22, total net asset value of ETFs allocated to Vietnam stood at over VND 60.4 trillion, down 8.8% from end-2025.
What Happened
According to data compiled from fund reports, foreign and domestic ETFs collectively recorded net redemptions of VND 477 billion in the week of May 18-22, 2026. The selling was broad-based across 18 of the 26 tracked ETFs, with foreign-domiciled funds accounting for the majority of outflows. The Fubon FTSE Vietnam ETF alone saw VND 169.7 billion in net redemptions, while the Xtrackers Vietnam Swap UCITS ETF lost VND 97 billion.
On the domestic side, the MAFM VN30 ETF, VFMVN Diamond ETF, and VFM VN30 ETF were the largest contributors to the outflow. Thai investors also reduced exposure via depositary receipts, selling down holdings in both the VFM VN30 ETF and VFM VNDiamond ETF. The article cites Dr. Tran Thang Long, Deputy CEO of BIDV Securities, who attributes the trend to a global “risk-off” shift amid rising US inflation and higher long-term borrowing costs.
Market Context
On May 25, 2026, the affected stocks showed mixed price action: VHM closed at VND 158,700 (+3.19%), VIC at VND 218,800 (+1.06%), HPG at VND 24,100 (+0.63%), and FPT at VND 73,500 (-2.13%). Despite the weekly ETF selling, VHM and VIC posted gains on the day, suggesting some domestic buying may have absorbed foreign selling. The persistent ETF outflows, however, have weighed on sentiment, with the VN-Index remaining under pressure. VHM, VIC, HPG, FPT, and MSN are all large-cap names listed on HOSE, making them highly liquid and primary targets for ETF rebalancing.
Strategic Significance
The continued net redemptions from Vietnam-focused ETFs signal a sustained foreign capital retreat that began in early 2026. The concentration of selling in high-weight index constituents such as VHM and VIC indicates that the outflow is largely passive and index-driven rather than stock-specific. For long-term investors, the key question is whether this reflects a structural shift in foreign appetite for Vietnam or a temporary response to global monetary tightening. The fact that domestic ETFs are also seeing redemptions suggests local investors are not stepping in to offset the foreign selling, amplifying the pressure on valuations.
What to Watch
- Weekly ETF flow data for the remainder of May and June to see if the pace of outflows accelerates or stabilizes.
- Any announcements from major foreign ETFs (e.g., Fubon FTSE Vietnam ETF) regarding index rebalancing or fund restructuring.
- The VN-Index’s ability to hold key support levels, particularly if foreign selling continues.
- Global risk sentiment indicators, especially US inflation data and Federal Reserve policy signals, which are driving the “risk-off” environment.
- Q2 2026 earnings reports from VHM, VIC, HPG, FPT, and MSN to assess whether fundamentals can offset foreign selling pressure.