Vietnam Fund Performance Report – September 2026: Bond funds outperform equity funds in 9M2026, net outflows persisted

Vietnam’s investment fund market continued to face redemption pressure in Q3 2026, alongside notable shifts in asset allocation strategies. In particular, after reducing cash holdings in August, open-ended equity funds increased cash holdings again in September, with this trend observed across several funds with large NAVs.

FiinGroup's Vietnam Fund Performance Report - September 2026highlights several key developments:

• Performance diverged significantly across fund types in 9M2026. Specifically, bond funds maintained positive returns, whereas equity and balanced funds moved into negative returns.

• Net fund flows: Investment funds recorded net outflows of VND8.6 trillion in Q3-2026, primarily concentrated in closed-end funds. This marked the seventh consecutive quarter of net outflows, totaling VND65.4 trillion. For 9M2026, net outflows reached nearly VND31.7 trillion (+34.2% YoY).

• Cash holdings: After reducing cash holdings in August, open-ended equity funds rebuilt cash positions in September, signaling a more cautious stance as the equity market remained under pressure.

• Top net buy/sell stocks were primarily driven by portfolio rebalancing activities of ETFs. Specifically, VPB led the list of most net-bought stocks, followed by MBB, ACB, and HDB. Conversely, Brokerage (VIX, VND, VCI) faced heavy net selling.

Figure: Investment funds recorded net outflows for the seventh consecutive quarter

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The report is built on data from the FiinPro-X platform, providing regular insights into capital flows, fund performance, and institutional asset allocation trends in Vietnam's capital market.

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