Vietnam’s Open-End Funds Deliver Strong Growth in 2024
By the end of 2024, Vietnam’s Open-End Funds (OEFs) continued to demonstrate their effectiveness as an attractive investment vehicle.
Market Performance
The VN-Index closed the year at 1,266.78 points, up 12.1% compared to the beginning of the year. However, equity-based Open-End Funds significantly outperformed the benchmark index, with several funds delivering returns nearly three times higher.
VinaCapital Modern Economy Equity Investment Fund (VMEEF): +34.03%
SSI Sustainable Competitive Advantage Fund (SSISCA): +33.49%
SSI Equity Leaders Growth Fund (SSI-VLGF): +29.66%
This performance highlights the role of professional fund management in capturing market opportunities and generating alpha beyond index returns.
The VinaCapital Modern Economy Equity Investment Fund topped the list with a growth rate of 34.03% in 2024.
Capital Flows
In 2024, total net inflows into the Open-End Fund market reached VND 22,673 billion. Among these:
Bond funds attracted VND 12,875 billion
Equity funds received VND 9,160 billion
The strong inflow reflects growing investor confidence in both fixed income and equity strategies, even during periods of market volatility.
Investor Base
According to data from VNMfund, the number of investors holding OEF certificates has been steadily increasing since the market’s establishment. In 2024, the investor base grew by more than 53% year-on-year, reaching 353,998 investors. This expansion underscores the rising popularity of OEFs as a mainstream investment channel in Vietnam.
Portfolio Allocation
As of December 31, 2024, the total net asset value (NAV) of Open-End Funds stood at VND 54,392 billion. The portfolio composition was as follows:
Equities: VND 28,697 billion (51.87%)
Bonds: VND 12,784 billion (23.11%)
Cash & equivalents: VND 12,386 billion (22.39%)
Notably, the cash proportion in bond funds was relatively high, amounting to VND 9,839 billion, or 42.23% of their total portfolio. This suggests fund managers maintained a conservative stance, preserving liquidity to navigate interest rate changes and potential market shifts.
Mutual Equity funds Performance 2024
| # | code | fund_manager | fund_type | 2024 YTD growth |
| 1 | BMFF | MB Capital | Equity | 18.71 |
| 2 | BVFED | Baoviet Capital | Equity | 16.93 |
| 3 | BVPF | Baoviet Capital | Equity | 25.2 |
| 4 | DCDE | Dragon Capital | Equity | 12.37 |
| 5 | DCDS | Dragon Capital | Equity | 23.91 |
| 6 | DFVNCAF | Daiichilife FMC | Equity | 15.87 |
| 7 | FVEF | FIDES FMC | Equity | 12.83 |
| 8 | GFM-VIF | Genesis | Equity | 0 |
| 9 | MAFEQI | Manulife IM | Equity | 20.44 |
| 10 | MAFMDI | Manulife IM | Equity | 0 |
| 11 | MAGEF | MiraeAsset FMC | Equity | 22.92 |
| 12 | MBVF | MB Capital | Equity | 21.19 |
| 13 | PHVSF | Phuhung FMC | Equity | 15.35 |
| 14 | SSISCA | SSIAM | Equity | 33.49 |
| 15 | TBLF | SGI Capital | Equity | 18.25 |
| 16 | TCEF | Techcom Capital | Equity | 3.98 |
| 17 | TCFIN | Techcom Capital | Equity | 7.96 |
| 18 | TCRES | Techcom Capital | Equity | -2.59 |
| 19 | TCSME | Techcom Capital | Equity | -1.11 |
| 20 | NTPPF | NTPAM | Equity | 3.49 |
| 21 | UVEEF | UOBAM | Equity | 20.87 |
| 22 | VCBFBCF | VCBF | Equity | 27.04 |
| 23 | VCBFMGF | VCBF | Equity | 26.36 |
| 24 | VEOF | Vinacapital | Equity | 24.39 |
| 25 | VESAF | Vinacapital | Equity | 22.09 |
| 26 | VLGF | SSIAM | Equity | 29.66 |
| 27 | VMEEF | Vinacapital | Equity | 34.03 |
| 28 | VNDAF | IPAAM | Equity | 14.16 |
| 29 | VFMVSF | Dragon Capital | Equity | 23.64 |
| 30 | TCGF | ThanhCong FMC | Equity | 0 |
| 31 | VDEF | Vinacapital | Equity | 0 |
| 32 | LHCDF | Lighthouse FMC | Equity | 0 |
*Kết quả 0 là Quỹ có thời gian hoạt động dưới 1 năm (chưa đủ dữ liệu)
