Vietnam ETFs See Net Outflows of VND 501B in Week; VIC, HPG, VHM Top Sold
This Aveluro analysis covers VIC (Tập đoàn Vingroup - Công ty Cổ phần) in the Real Estate sector. The classified event type is foreign flow, with negative sentiment and a deterministic market-impact score of 5.0/10. 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.
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Overview
In the week of May 11-15, 2026, exchange-traded funds (ETFs) investing in Vietnam recorded net outflows of over VND 501 billion (approximately USD 20 million). Domestic ETFs led the redemptions with VND 284 billion, while foreign ETFs contributed VND 217 billion. The most sold stocks included Vingroup (VIC), Hoa Phat Group (HPG), Vinhomes (VHM), Masan Group (MSN), and Sacombank (STB).
Key Facts
- Total net outflows from Vietnam ETFs in the week of May 11-15, 2026: VND 501 billion (approx. USD 20.04 million).
- Domestic ETFs saw net redemptions of VND 284 billion, led by MAFM VN30 ETF (VND 112.9 billion) and VFM VN30 ETF (VND 102.1 billion).
- Foreign ETFs recorded net outflows of VND 217 billion, with Fubon FTSE Vietnam ETF alone accounting for VND 277.9 billion in redemptions (partially offset by inflows into VanEck Vietnam ETF and CGS Fullgoal Vietnam 30 Sector Cap ETF).
- Thai investors sold net over 1.1 million DRs of VFMVN30 ETF (E1VFVN30) and 800,000 DRs of VFM VNDiamond ETF (FUEVFVND), equivalent to VND 42 billion and VND 29 billion, respectively.
- Cumulative net outflows from Vietnam ETFs in 2026 reached over VND 3.5 trillion as of May 15.
- Total net asset value of Vietnam-focused ETFs stood at over VND 63.7 trillion, down 3.9% from end-2025.
- On May 18, Fubon FTSE Vietnam ETF continued net selling, with top sold stocks including HPG, VIX, SSI, SHB, and VCK.
What Happened
According to data compiled from fund reports and exchange filings, the week of May 11-15 saw a broad-based withdrawal from Vietnam ETFs. Among domestic funds, the MAFM VN30 ETF and VFM VN30 ETF experienced the largest redemptions, while the VFMVN Diamond ETF and KIM Growth VNFinselect ETF also saw net outflows. On the foreign side, the Fubon FTSE Vietnam ETF was the primary driver of outflows, though inflows into the VanEck Vietnam ETF and CGS Fullgoal Vietnam 30 Sector Cap ETF partially offset the total.
Thai investors, a significant source of foreign capital into Vietnam ETFs via depositary receipts (DRs), also reduced exposure. They sold net over 1.1 million DRs of the VFMVN30 ETF and 800,000 DRs of the VFM VNDiamond ETF. The selling pressure continued into the following week, with Fubon FTSE Vietnam ETF reporting additional net redemptions on May 18, particularly in HPG, VIX, SSI, SHB, and VCK.
Market Context
As of May 19, 2026, VIC closed at VND 225,100 (+0.04%), HPG at VND 26,250 (-0.76%), VHM at VND 157,000 (+1.95%), and MSN at VND 76,500 (unchanged). The outflows come amid a global backdrop of rising US Treasury yields (10-year above 4.5%) and a slight pullback in US equity markets, which may have prompted risk-off sentiment among foreign investors. The persistent net selling in Vietnam ETFs, now totaling over VND 3.5 trillion year-to-date, reflects cautious positioning toward Vietnamese equities, particularly in large-cap names like VIC, HPG, and VHM.
Strategic Significance
The sustained ETF outflows highlight a divergence between domestic and foreign investor sentiment. While domestic ETFs have seen the bulk of redemptions, foreign ETF flows remain mixed, with some funds like VanEck Vietnam ETF still attracting capital. The concentration of selling in real estate (VIC, VHM) and cyclical stocks (HPG, MSN) suggests that foreign investors are reducing exposure to sectors sensitive to interest rates and global demand. For long-term investors, the continued outflows may present a contrarian opportunity if fundamentals remain intact, but the trend warrants monitoring for further deterioration in foreign confidence.
What to Watch
- Weekly ETF flow data for the remainder of May 2026 to see if outflows accelerate or stabilize.
- US Treasury yield movements and Federal Reserve policy signals, which influence global capital flows to emerging markets.
- Q2 2026 earnings reports from VIC, HPG, VHM, and MSN for signs of operational resilience.
- Any regulatory changes or market reforms that could improve foreign investor sentiment toward Vietnam.
- The performance of the VN-Index and foreign trading activity on the HOSE, particularly in the most sold stocks.