As of the May 30, 2025, data cut-off, FTSE will announce its stock constituents on June 6, while VNM will announce its portfolio on June 13, with both ETFs completing their portfolio restructuring by June 20.
In the upcoming ETF updates, MBS Securities predicts no changes to the FTSE ETF portfolio, with VIC and VHM facing sell-offs, while SHB and EIB are expected to be bought heavily.
Specifically, as all the stocks meet the liquidity criteria in terms of average trading value and free-float ratio, there will be no exclusions, and no new stocks will be added to the FTSE Vietnam Index.
As of May 30, VIC’s weight in the index had reached 16.79%, surpassing the 15% cap, leading to a reduction in its weight alongside VHM. This creates an opportunity for other stocks to increase their weight. MBS predicts that VIC will face a sell-off of over 2 million shares, while VHM will see an outflow of more than 2.5 million shares. In contrast, SHB and EIB are expected to be bought, with 3.8 million and 1.4 million shares, respectively.
MBS also forecasts no changes to the VNM ETF portfolio, with VIC, VHM, VND, and VCI facing significant sell-offs, while EIB, HPG, and NAB are expected to be bought.
The stocks in the current VNM ETF portfolio continue to meet the evaluation criteria, including a market cap of over VND 3,600 billion, an average three-month trading value of over USD 1 million, and a minimum foreign ownership limit of 5%.
Given their recent strong performance, VIC and VHM have likely exceeded the 8% cap and will face reductions in their weights. With the reduction in VIC and VHM, the former leads the group in terms of sell-offs, with an expected outflow of 7.2 million shares for VIC and 5.1 million shares for VHM. VND and VCI will also see sell-offs of 6.3 million and 3.5 million shares, respectively, while EIB, HPG, and NAB are predicted to be bought, with 10.7 million, 9.3 million, and 9.2 million shares, respectively.
In terms of fund flows, there is a net withdrawal trend from ETFs operating in the Vietnamese market, with a combined net withdrawal of over USD 262 million from eight major funds since the beginning of the year. Specifically, the FTSE and VNM ETFs have seen net withdrawals of over USD 19 million and nearly USD 62 million, respectively, during this period.
Currently, the FTSE ETF, which tracks the FTSE Vietnam Index, has total assets of VND 7,100 billion. Since the beginning of 2025, the fund’s net asset value has increased by 6.5%, and the NAV per fund unit has grown by 15%. However, the number of fund certificates has decreased by 7% to 9.5 million units.
The V.N.M ETF, on the other hand, has a scale of VND 11,050 billion. Since the beginning of the year, its net asset value has decreased by 0.25%, while the NAV per fund unit has increased by 16.8%. The number of fund certificates has decreased by nearly 15% to 30.6 million units.
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