FTSE Rebalancing to Bring VND 5.6 Trillion into Vietnamese Stocks; VIC, VHM, HPG Top Picks

Overview

ACBS estimates that about 5,588 billion VND (USD 216 million) could flow into Vietnamese stocks during the FTSE Russell September 2026 index rebalancing. The brokerage identifies VIC, VHM, and HPG as the top three tickers expected to attract the most capital, with combined inflows exceeding 3,000 billion VND. This event is significant for the affected listed companies on HOSE, as passive fund flows could provide a short-term liquidity boost.

Key Facts

• ACBS estimates total net buying of approximately 5,588 billion VND (USD 216 million) across 27 Vietnamese stocks during the FTSE September 2026 rebalancing.
• The new FTSE GEIS portfolio becomes effective on September 21, 2026, with the final list subject to changes until September 4.
• VIC is projected to attract the largest inflow: USD 80.67 million (about 2,092 billion VND).
• VHM follows with USD 25.43 million (about 659 billion VND), and HPG with USD 13.11 million (about 340 billion VND).
• The three tickers combined could absorb over 3,000 billion VND, representing more than half of the expected total net buying.
• The FTSE GEIS list includes 117 Vietnamese stocks: 3 large-cap, 3 mid-cap, 21 small-cap, and 90 micro-cap.
• ACBS tracks 17 passive funds, with Vanguard Total International Stock Index Fund (USD 646.2 billion AUM) and Vanguard FTSE Emerging Markets ETF (USD 162.3 billion AUM) being the largest.

What Happened

According to a report by ACBS Securities (Chứng khoán ACB), following FTSE Russell’s announcement of the FTSE Global Equity Index Series (FTSE GEIS) portfolio, an estimated 5,588 billion VND (USD 216 million) could be net purchased by passive funds during the September 2026 rebalancing. The rebalancing is scheduled to be completed before the new portfolio takes effect on September 21, with ACBS noting that Friday, September 18, could see positive net foreign flows, particularly during the ATC session.

The FTSE GEIS list, published on August 21, includes 117 Vietnamese stocks meeting the criteria, but the list can be adjusted until September 4. From September 7, the changes become official. ACBS highlights that the scale of passive funds tracking FTSE indices is substantial, meaning even small weights for Vietnam can generate significant capital flows. The brokerage specifically identifies VIC, VHM, and HPG as the top three beneficiaries, with combined expected inflows exceeding 3,000 billion VND.

Market Context

As of August 26, 2026, VIC closed at 230,000 VND on HOSE, VHM at 73,600 VND, and HPG at 22,050 VND. These tickers are among the largest by market capitalization in Vietnam, with VIC and VHM in the real estate sector and HPG in steel. The FTSE rebalancing is expected to provide a short-term boost to foreign flows and liquidity, particularly for these three stocks. The broader Vietnamese market has been influenced by global passive fund flows, and this rebalancing could reinforce positive sentiment.

Strategic Significance

For long-term investors, the FTSE rebalancing underscores the growing integration of Vietnamese equities into global indices. The significant inflows into VIC, VHM, and HPG reflect their strong liquidity and market cap, making them key targets for passive funds. This event highlights the importance of index inclusion for attracting foreign capital, which can support valuations and enhance market depth. For VIC, as a conglomerate with diverse interests, the inflow could provide additional support for its ongoing strategic initiatives.

What to Watch

• Final FTSE GEIS list confirmation by September 4, 2026.
• Actual net foreign buying on September 18, 2026, particularly during the ATC session.
• Changes in the Vietnam weight in FTSE indices and the resulting capital flow magnitude.
• Any adjustments to the portfolio by passive funds before the effective date.
• Subsequent price movements of VIC, VHM, and HPG following the rebalancing.