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There are total 7 active ETFs that have significant exposure to the Vietnamese stock market. These consist of 2 domestic ETFs, as well as 5 overseas ETFs which are listed in the US, Europe, South Korea, and Hong Kong.

Vietnam ETFs Update: Newcomers to the Market
Since the establishment of the first ETF in Vietnam in 2008, this type of passive investment has been gradually gaining ground. At the time of writing, there are total 7 active ETFs that have significant exposure to the Vietnamese stock market.
These consist of 2 domestic ETFs, as well as 5 overseas ETFs which are listed in the US, Europe, South Korea, and Hong Kong. Total assets that have been allocated to Vietnamese stocks stands at $1.12 billion US dollars as according to the most recent data from 16 Dec 2019.
Originally starting with the inception of the FTSE Vietnam Swap UCITS ETF followed by the VanEck Vectors Vietnam ETF, the Premia MSCI Vietnam ETF is the latest key addition to the group. Among others, we also count the iShares MSCI Frontier 100 ETF, as a significant part of its assets is allocated to Vietnam.
Among these ETFs we track, the FTSE Vietnam Swap UCITS ETF is the only synthetic ETF using swaps as its replication method, whereas the others are physical ETFs who aim to fully replicate their respective benchmark indexes. For foreign ETFs, they are subject to restrictions regarding the foreign ownership limit (FOL) per stock. Accordingly, their portfolios must not include stocks which have already reached their maximum FOL. Therefore, they take cues from international providers such as MSCI, FTSE, and MVIS.
VFMVN30 ETF and SSIAM VNX50 ETF are the first two local ETFs launched in Vietnam, both of which started in 2014. Their benchmark indexes are designed by the Ho Chi Minh City Stock Exchange for the use of domestic funds. However, foreign investors are dominant in the ownership structure of both funds. 
Local ETFs like these two enable foreign investors to have exposure in large portfolios of Vietnamese stocks, including tickers that already have full foreign ownership limits. Local ETFs are thus a workaround for the otherwise thorny FOL issue. Particularly, investors from South Korea and Thailand can have similar exposure with an easy access through the listing of the VFM VN30 ETF in these two countries.
It should be noted that per current Vietnamese regulations, investors are not allowed to transfer cash to local ETF funds and vice versa for creation or redemption of ETF shares. Instead, they are required to exchange a basket of constituents stocks for ETF shares. This is the case except for stocks that are not available, in which cash transferring would be allowed.
New developments in the market
New investment Indexes: Recently, the HOSE has just introduced a new series of investment indices. The Vietnam Diamond Index, Vietnam Leading Financial Index, and Vietnam Financial Select Sector Index are the first three indices launched last month, and have since been gaining huge interest from the market. Following these indices, the HOSE will continue to design and launch new indices suitable to its customers, which opens a lot more options for both ETF providers and investors vis a vis Vietnam.
The Vietnam Diamond Index is composed of 14 constituents, all of which are leading blue-chip companies in their sectors, representing 13% of total market capitalization and 16% of average trading value of all HOSE listings. The Vietnam Diamond Index has its appeal in the sense that foreign investors are generally not able to buy these stocks due to imposed FOL restrictions.
The Vietnam Leading Financial Index and Vietnam Financial Select Sector Index have both been selected from the mother ‘VNFIN Index’, with stricter requirements about size and liquidity. The Financial Sector is one of the two largest sectors in the VN-Index, with 27% of total market capitalization. However, despite its size this sector has been underperforming the VN-Index since the inception of the VNFIN Index in 2016.

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