According to the February 2025 ETF report just published by VNDIRECT, the Vietnamese ETF market continues to face strong capital withdrawal pressure with a total value of more than VND 1,137 billion in February alone. Notably, the total cumulative net capital withdrawal since the beginning of 2025 has reached more than VND 1,672 billion, clearly reflecting the cautious and risk-averse psychology of investors during this period.
Leading the capital withdrawal trend are large funds with influence in the market. Of which, DCVFM VN30 ETF recorded the highest net withdrawal value of over VND432 billion. Next is VanEck Vector Vietnam ETF with VND263 billion, Fubon FTSE Vietnam ETF with VND254 billion and DCVFMVN Diamond ETF with a net withdrawal of VND190 billion.
On the contrary, capital inflows were quite modest at the two funds KIM Growth VN30 ETF and Mirae Asset VN30 ETF with values reaching only VND 26 billion and VND 20 billion, respectively.
One of the most notable developments in February was that foreign investors continued to sell heavily with a total value of more than VND9,800 billion. In the first two months of 2025, the total net selling value of foreign investors nearly reached VND17,000 billion, more than 62 times higher than the same period last year. The stocks under the strongest selling pressure included familiar names such as FPT , VCB, VIC, MSN and MWG. On the other hand, foreign investors prioritized disbursement into SHS, GVR, GEX, TCH and EIB.
An important highlight in the Q2/2025 portfolio restructuring phase is that FTSE Russell officially added SIP shares to the FTSE Vietnam Index basket. According to VNDIRECT Research, this will create a large demand for SIP shares, in which Xtrackers FTSE Vietnam ETF alone is expected to buy more than 840 thousand SIP shares, equivalent to a value of about VND 77.4 billion. In contrast, HPG and VHM codes are expected to have the most significant reduction in proportion during this restructuring process.
According to VNDIRECT Research, the withdrawal of capital from ETFs in the current context reflects the increasing caution of investors, in the context that the global economy is still affected by concerns related to prolonged trade tensions. These impacts are putting significant pressure on the Vietnamese stock market and may continue in the near future.
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