Vietnam ETF Flows: Domestic Funds Turn Net Sellers, VIC and VHM Lead Outflows

Overview

Domestic exchange-traded funds in Vietnam turned to heavy net withdrawals in the week of September 15-18, 2026, with total ETF outflows of about VND 220.9 billion, according to Vietcap data cited in the report. The selling was concentrated in Vingroup’s VIC and VHM alongside securities names VIX, VCI and VND, even as foreign investors net bought VND 2,638.9 billion on the HOSE. The divergence matters for VIC because it sits at the centre of both the ETF selling and the broader foreign-capital exit from Vietnamese equities.

Key Facts

• Total ETF net withdrawals in the week of Sep 15-18, 2026 reached about VND 220.9 billion, versus VND 214.2 billion the prior week.
• VFM VN30 ETF led domestic outflows at VND 52.5 billion, followed by KIM GROWTH VNFINSELECT ETF at VND 43.0 billion and VFMVN Diamond ETF at VND 20.1 billion.
• Xtrackers Vietnam Swap UCITS ETF 1C saw VND 61.0 billion of net withdrawals; Fubon FTSE Vietnam ETF saw VND 30.4 billion.
• ETFs sold VIC, VHM, VIX, VCI and VND most heavily during the week.
• Foreign investors net bought VND 2,638.9 billion overall, of which VND 1,988.5 billion was matched-order buying.
• Cumulative foreign capital outflow from Vietnam since early 2026 is estimated at about USD 3.5 billion, versus roughly USD 5 billion for all of 2025.
• Total ETF net asset value allocated to Vietnam stood at about VND 57.0 trillion as of Sep 18, 2026, down 14.1% from end-2025.

What Happened

Vietcap’s weekly fund-flow note showed the ETF complex slipping deeper into net redemptions, with the domestic fund cohort doing most of the damage. VFM VN30 ETF recorded VND 52.5 billion of net withdrawals, KIM GROWTH VNFINSELECT ETF VND 43.0 billion, VFMVN Diamond ETF VND 20.1 billion and MAFM VN30 ETF VND 12.1 billion. On the foreign side, Xtrackers Vietnam Swap UCITS ETF 1C shed VND 61.0 billion and Fubon FTSE Vietnam ETF VND 30.4 billion, a milder pace than the domestic funds.

Thai investors also reduced exposure through depositary receipts. They sold a net 555,000 DRs linked to VFMVN Diamond ETF (FUEVFVND01), equivalent to VND 18.9 billion, and a net 465,000 DRs linked to VFM VN30 ETF (E1FVFN3001), worth VND 16.5 billion. On September 21, 2026, Fubon FTSE Vietnam ETF reported no net cash flow but bought VPB, FPT and MCH and sold VIC and VIX. Foreign investors were net buyers of VND 2,638.9 billion for the week, concentrated in Banking, Food and Beverage names such as FPT, HDB, BSR, MCH, SSB, MBB, VCB, SHB, NVL and BID, while selling Real Estate and Financial Services names including VIC, VHM, VIX, VND, VCI, VPI, KBC, TPB and DMX.

Market Context

VIC closed at VND 242 on September 22, 2026, up 3.11% on volume of 830,000 shares, while VHM closed at VND 69 (+1.47%) and VIX at VND 13 (+0.78%). VIC trades on HOSE as part of the Real Estate sector. The price resilience in VIC and VHM came against persistent ETF supply, suggesting domestic demand absorbed the redemptions. The broader picture is one of a Vietnamese equity market where foreign capital has withdrawn roughly USD 3.5 billion year-to-date in 2026, already a large share of 2025’s full-year USD 5 billion exit, yet ETF selling represents only about 7-8% of total net foreign selling, and foreign ETFs alone only 4-5%.

Strategic Significance

For long-term holders of VIC, the key signal is that the marginal ETF seller is domestic, not foreign. Domestic ETF redemptions are typically driven by local retail sentiment and portfolio rebalancing rather than a structural view on Vingroup’s assets, whereas the foreign outflow is broader and tied to index and country allocation. The fact that VIC and VHM still rose on September 22 despite being the most heavily sold ETF names implies domestic onshore buyers are stepping in. The strategic question is whether that absorption can persist if the USD 3.5 billion foreign exit continues to accelerate toward 2025’s USD 5 billion pace, which would pressure valuations across the Real Estate and Financial Services complex.

What to Watch

• Weekly Vietcap ETF flow data for the week of September 22-25, 2026, to see whether domestic redemptions persist or reverse.
• Fubon FTSE Vietnam ETF and Xtrackers Vietnam Swap UCITS ETF 1C creation/redemption notices for further foreign ETF selling.
• Foreign net buy/sell matched-order figures on HOSE, particularly in Banking and Real Estate, to confirm whether the VND 2,638.9 billion weekly net buy is sustained.
• VIC and VHM closing prices and volumes relative to ETF selling, to gauge whether domestic absorption continues.
• Any update to the USD 3.5 billion year-to-date foreign outflow estimate and its comparison to the full-year 2025 figure of about USD 5 billion.