Vietnam ETFs See Net Inflow of VND 469B After 7 Weeks of Outflows

Overview

In the week of April 20-24, 2026, Vietnam-focused ETFs recorded a net inflow of over VND 469 billion (approximately USD 18.76 million), ending seven consecutive weeks of outflows. Domestic ETFs led the buying, with VFMVN Diamond ETF attracting VND 581 billion, while foreign ETFs saw slight net outflows. The reversal signals renewed foreign interest in Vietnamese equities, particularly in logistics, retail, energy, and technology stocks.

Key Facts

• Net inflow of VND 469 billion (USD 18.76 million) into Vietnam ETFs in the week of April 20-24, 2026.
• Domestic ETFs recorded a net inflow of VND 517 billion, led by VFMVN Diamond ETF (+VND 581 billion).
• VFM VN30 ETF saw a net outflow of VND 57 billion.
• Foreign ETFs recorded a net outflow of VND 48 billion, with Fubon FTSE Vietnam ETF contributing -VND 229 billion.
• Xtrackers Vietnam ETF attracted a net inflow of VND 196 billion.
• Top stocks bought by ETFs included GMD, MWG, PNJ, GAS, and FPT, primarily driven by VFMVN Diamond ETF.
• Top stocks sold by ETFs included HPG (-160,000 shares), VIX (-121,000 shares), SSI (-89,000 shares), SHB (-77,000 shares), and VCK (-63,000 shares).

What Happened

According to data compiled by the research desk, Vietnam-focused ETFs reversed a seven-week outflow streak in the week of April 20-24, 2026, with a net inflow of over VND 469 billion. The inflow was concentrated in domestic ETFs, which collectively attracted VND 517 billion. The VFMVN Diamond ETF alone drew VND 581 billion, while the VFM VN30 ETF experienced a net outflow of VND 57 billion. Among foreign ETFs, the Fubon FTSE Vietnam ETF saw a net outflow of VND 229 billion, while the Xtrackers Vietnam ETF recorded a net inflow of VND 196 billion.

The article also notes that Thai investors, through depositary receipts (DRs), were net sellers of VFM VN30 ETF (E1VFVN3001) by 730,000 DRs (equivalent to VND 26.3 billion outflow) and net buyers of VFM VnDiamond ETF (FUEVFVND01) by 140,000 DRs (VND 5.3 billion inflow).

Market Context

As of April 23, 2026, the total net asset value of Vietnam-allocated ETFs stood at over VND 62.6 trillion, down 5.4% from end-2025. The reversal in ETF flows comes amid a broader market correction, with the VN-Index under pressure from global trade tensions and domestic policy uncertainty. The top stocks bought by ETFs in the week included GMD (logistics), MWG (retail), PNJ (jewelry), GAS (energy), and FPT (technology), all of which are components of the VNDiamond index. GMD closed at VND 75 on April 15, up 0.4%, while MWG fell 1.1% to VND 81. The inflow into domestic ETFs suggests that local institutional investors are taking advantage of lower valuations.

Strategic Significance

The return of ETF inflows, particularly into the VFMVN Diamond ETF, signals a potential bottom-fishing by domestic funds after a prolonged period of foreign selling. The VNDiamond ETF focuses on high-dividend, large-cap stocks, which may appeal to yield-seeking investors in a low-interest-rate environment. The buying of GMD, MWG, PNJ, GAS, and FPT indicates that these sectors are perceived as undervalued. However, the continued outflow from foreign ETFs, especially Fubon FTSE Vietnam ETF, suggests that international investors remain cautious. The divergence between domestic and foreign ETF flows highlights the importance of monitoring local institutional sentiment as a leading indicator for market direction.

What to Watch

• Weekly ETF flow data for the coming weeks to confirm whether the reversal is sustained.
• The performance of VFMVN Diamond ETF’s top holdings (GMD, MWG, PNJ, GAS, FPT) relative to the broader market.
• Any changes in foreign ownership limits or regulatory policies affecting ETF inflows.
• The impact of global factors, such as Fed rate decisions and trade tensions, on foreign investor sentiment toward Vietnam.
• The next rebalancing of the VNDiamond index and its potential effect on ETF flows.