ETF capital continues to "bleed" out.

Both domestic and foreign investors continue to show caution, accelerating capital withdrawals from ETFs in Vietnam, signaling a growing risk aversion.

According to VNDIRECT's February 2025 ETF report, the Vietnamese ETF market continues to face strong capital outflows, totaling over VND 1,137 billion in February alone. Notably, the cumulative net outflow from the beginning of 2025 has reached over VND 1,672 billion, clearly reflecting the cautious and risk-averse sentiment of investors during this period.

Leading the trend of capital outflows were large funds with significant market influence. Among them, the DCVFM VN30 ETF recorded the highest net outflow with over 432 billion VND. This was followed by the VanEck Vector Vietnam ETF with 263 billion VND, the Fubon FTSE Vietnam ETF with 254 billion VND, and the DCVFMVN Diamond ETF with a net outflow of 190 billion VND.

Conversely, capital inflows were quite modest into the two funds, KIM Growth VN30 ETF and Mirae Asset VN30 ETF, with values ​​reaching only 26 billion VND and 20 billion VND respectively.

One of the most notable developments in February was the continued strong net selling by foreign investors, totaling over VND 9,800 billion. For the first two months of 2025, the total net selling value by foreign investors nearly reached VND 17,000 billion, more than 62 times higher than the same period last year. Stocks under the strongest selling pressure included familiar names such asFPT , VCB, VIC, MSN, and MWG. Conversely, foreign investors prioritized investing in SHS, GVR, GEX, TCH, and EIB.

A key highlight in the Q2 2025 portfolio restructuring phase is the official addition of SIP shares to the FTSE Vietnam Index by FTSE Russell. According to VNDIRECT Research, this will create significant demand for SIP shares, with Xtrackers FTSE Vietnam ETF alone expected to purchase over 840,000 SIP shares, equivalent to approximately VND 77.4 billion. Conversely, HPG and VHM are expected to see the most significant reduction in their weightings during this restructuring process.

According to VNDIRECT Research, the current trend of capital withdrawal from ETFs reflects increased caution among investors, given that the global economy is still being affected by concerns related to prolonged trade tensions. These impacts are putting significant pressure on the Vietnamese stock market and may continue for some time.