Global Fund Flows

In the final week of November (24–28 November), U.S. equities advanced during the shortened Thanksgiving trading week, supported by expectations that the Federal Reserve will cut interest rates in December as economic data showed consumer demand cooling. Gains were also bolstered by strong third-quarter earnings, with retail stocks surging and Intel jumping on news of an AI-chip development partnership with Apple.

Meanwhile, several technology and AI names faced profit-taking pressure, and the healthcare sector saw mixed performance. By week’s end, the S&P 500 rose around 3.7%, the Nasdaq gained 4.9%, and the Dow Jones added 3.2%.

Although the stock market rallied, flows into U.S. ETFs cooled after a strong previous week, with total net inflows reaching USD 26.32 billion (–36.6% WoW). U.S. equity ETFs saw net inflows of USD 14.16 billion (–55.9% WoW) as investors turned more cautious following a week of “dip-buying” in large-cap stocks.

According to Yuanta Vietnam, U.S. bond ETFs attracted USD 8.26 billion (–15.4% WoW), as demand for defensive bond positions softened amid rising expectations of a rate cut. Capital flows into non-U.S. ETFs improved slightly, with non-U.S. equity ETFs attracting USD 5.42 billion (12.4% WoW) and non-U.S. bond ETFs bringing in USD 1.67 billion (73.2% WoW).

Commodity ETFs saw a strong reversal, recording net inflows of USD 1.43 billion after outflows the previous week, as gold and certain commodities regained their defensive role amid investor concerns over USD volatility in recent weeks.

Overall, selective risk-on sentiment in the U.S. continues to dominate. With a high probability of a Fed rate cut as expected, U.S. equity ETF inflows are likely to maintain upward momentum.

Fund Flows in Asia and Viet Nam

Across Asia, foreign outflows narrowed compared to the previous week. Volatility in the semiconductor group, along with concerns over slowing growth in South Korea, kept that market among the most heavily sold, with net outflows of –USD 1,004.4 million. Thailand (–USD 34.7 million) and Viet Nam (–USD 28 million) also continued to see outflows, though at significantly lower levels than the week prior. India and Indonesia, meanwhile, remained net inflow markets.

ETF flows into Southeast Asia strengthened compared to the previous week, attracting a net USD 10.8 million. Singapore led the region (USD 33.0 million), supported by the stability of REITs and long-term recovery prospects, followed by the Philippines (USD 6.25 million). Conversely, Viet Nam (–USD 6.25 million) and Indonesia (–USD 0.16 million) continued to experience mild outflows.

Among ETFs investing in Viet Nam, net outflows increased compared to the prior week, driven mainly by two large funds with outsized influence on overall flows: Fubon FTSE Vietnam (–USD 6.73 million) and VanEck Vietnam (–USD 3.60 million).

In contrast, E1VFVN30 recorded net inflows of USD 4.38 million, while other domestic ETFs such as FUEVFVND and FUESSVFL saw little movement.

On Viet Nam’s stock market, foreign net selling narrowed to –VND 739 billion, significantly lower than the –VND 2,205 billion recorded the week before. Net selling was concentrated in large-cap stocks including VCB (–VND 518 billion), VIC (–VND 413 billion), and VJC (–VND 384 billion). On the buying side, notable net inflows were seen in leading tickers: VNM (VND 588 billion), VPB (VND 404 billion), and POW (VND 365 billion).

The foreign-selling trend seen last week was also observed across the whole month of November.

In November, foreign investors net sold VND 6,881.1 billion; excluding block trades, net selling through order-matching reached VND 7,966.6 billion. The main net-buying sectors through order-matching were Food & Beverage and Basic Resources. Top net-buy tickers included HPG, VNM, FPT, PVD, VPB, MSN, TCX, DGW, SHB, and E1VFVN30.

By contrast, the main net-selling sector was Banking. Top net-sold tickers included STB, VCI, MBB, VRE, VIX, VND, HDB, VHM, and GEX.

“With exchange-rate pressures easing and global capital flows stabilising ahead of the December Fed meeting, we expect foreign net selling in Viet Nam to continue narrowing in the near term,” said Nguyễn Thế Minh, Head of Research at YSVN.

Foreign investors sold nearly USD 4 billion in 2024 and an additional approximately USD 5 billion so far in 2025. Experts note that although domestic investors have dominated the market over the past two years, foreign investors still play an important psychological role. As a result, even a partial return of foreign capital could give the market significant upward momentum.