At a glance
VNM charges 0.66% a year. It has $564.5M in assets; it paid 0.24% of its price in distributions over the past 12 months, annual. Over the past year it returned −4.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +14.2% a year. At its worst it fell 44.1% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 54.0% of the fund, out of 57 in all.
The short version
VanEck Vietnam ETF (VNM) tracks the MarketVector Vietnam Local Index, a basket of companies incorporated in Vietnam. As of June 30, 2026, its 57 holdings were almost all Vietnamese stocks, and the top 10, led by Vingroup and Vinhomes, made up about 54% of the fund. It charges 0.66% a year and swings hard: it lost 44% in 2022 and gained 62% in 2025.
Price history
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VNM -4.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VNM official prospectus, to Dec 31, 2025 | — | +62.42% | — | +2.85% | +3.75% | — |
| MSCI ACWI Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| VNM price data to Oct 27, 2026 | -11.0% | -4.1% | +14.2% | -2.0% | — | +4.2% |
- Over the year to Oct 27, 2026, VNM returned -4.1%.
- Its 5-year annualized return was -2.0%.
- Its worst full calendar year was 2022 (-43.7%); its best was 2025 (+66.6%).
- The deepest fall in its price history was 49.9% (Jan 4, 2022 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -11.0% | — |
| 2025 | +66.6% | +62.42% |
| 2024 | -11.2% | -10.19% |
| 2023 | +15.1% | +15.95% |
| 2022 | -43.7% | -44.47% |
| 2021 | +22.0% | +22.52% |
| 2020 | — | +9.72% |
| 2019 | — | +8.86% |
| 2018 | — | -14.14% |
| 2017 | — | +35.76% |
| 2016 | — | -9.78% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 42% over that stretch · deepest drop along the way 44.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0400 | -94.1% |
| 2023 | $0.6800 | +501.8% |
| 2022 | $0.1130 | +13.0% |
| 2021 | $0.1000 |
What's inside
As of Jun 30, 2026, the fund held 57 securities; the ten largest made up 53.97% of assets.
| Holding | Weight | |
|---|---|---|
| Vingroup JSC | 8.78% | |
| Vinhomes JSC | 8.09% | |
| Masan Group Corp | 5.76% | |
| Masan Consumer Corp | 5.14% | |
| Bank for Foreign Trade of Vietnam JSC | 4.95% | |
| Hoa Phat Group JSC | 4.68% | |
| Vietnam Dairy Products JSC | 4.57% | |
| SSI Securities Corp | 4.32% | |
| VPS Securities JSC | 4.06% | |
| VIX Securities JSC | 3.63% | |
| Vietjet Aviation JSC | 2.45% | |
| FPT Corp | 2.39% | |
| Saigon Treasure Commercial JSB | 2.38% | |
| Techcom Securities JSC | 2.34% | |
| Vincom Retail JSC | 2.28% |
By country
VN 99.34%By asset type
Stocks 99.34%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $12.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.76%, -0.88%, -0.72%.
How it works
VNM is a passive index fund. It tries to match the price and yield performance of the MarketVector Vietnam Local Index, before fees. It does not try to beat the index, and it does not move into cash or bonds when markets fall. The fund normally keeps at least 80% of its assets in the index's securities. The index holds Vietnamese companies, which generally means companies incorporated in Vietnam, and it can include small and mid-size firms. As of December 31, 2025, the index had 52 stocks. Their market values ranged from about $0.37 billion to $50.05 billion, with a weighted average of $9.32 billion.
The fund is "non-diversified." That means it can put more of its money into a single company than a diversified fund can. It also concentrates in the same industries as the index. As of December 31, 2025, real estate, financials, consumer staples and industrials made up a large share. As of June 30, 2026, the largest holdings were Vingroup (8.8%), Vinhomes (8.1%), Masan Group (5.8%) and Masan Consumer (5.1%).
The fund owns the shares directly and held no derivatives as of June 30, 2026. The holdings trade in foreign currency, so their value in dollars moves with exchange rates as well as stock prices. Portfolio turnover was 48%. Turnover measures how much of the portfolio was replaced during the year.
What it really costs
- VNM charges 0.66% a year.
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $67 in the first year and $822 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VNM | $67 | $211 | $368 | $822 |
In a retirement portfolio
VNM is a non-diversified fund that invests in one emerging market, and it has had deep, long drops, so it fits only as a small add-on to a broader portfolio.
VNM could add a small slice of single-country emerging-market exposure, but the ride has been rough. The fund lost 44.47% in 2022, its worst calendar year on record in the prospectus. Its worst quarter was a 34.24% drop in early 2020. From its peak on January 4, 2022, it fell about 50% to a low on April 8, 2025, and it had not returned to that peak as of October 27, 2026. Anyone forced to sell shares during that stretch would have locked in large losses. Income is small: the trailing yield was 0.24% as of October 27, 2026, paid once a year. The fund costs 0.66% a year, which comes to $822 over 10 years in the SEC's standard $10,000 example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want direct, index-based exposure to Vietnamese companies such as Vingroup, Vinhomes, Masan Group and Bank for Foreign Trade of Vietnam.
- Long-horizon investors who could hold through declines like the roughly 50% drop from January 2022 to April 2025 without needing to sell.
- Those who want a small satellite position next to broad funds and accept heavy weights in real estate, financials and consumer staples.
Look elsewhere if
- Retirees who need regular income: the trailing yield was 0.24% as of October 27, 2026, and the fund pays only once a year.
- Cost-focused investors: the 0.66% expense ratio adds up to $822 over 10 years in the SEC's standard $10,000 example.
- Anyone who wants broad diversification: through 2025, this single-country fund returned 3.75% a year over 10 years, versus 11.72% for the MSCI ACWI.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is VNM good for retirement?
VNM fits better as a small, higher-risk add-on than as a core retirement holding. It holds almost only Vietnamese stocks and lost 44.47% in 2022. From January 2022 to April 2025 it fell about 50%, and it had not returned to that peak as of October 27, 2026. Its yield is low, at 0.24% as of that date. Some long-term investors hold a fund like this as a small slice of a diversified portfolio rather than as a main source of growth or income.
Does VNM pay a dividend?
Yes, but the payments are small. VNM pays distributions once a year. Over the 12 months through October 27, 2026, it paid about $0.04 per share, a trailing yield of 0.24%. The money comes from dividends paid by its Vietnamese holdings, which may be paid in foreign currency. So the dollar amount can change with exchange rates as well as with how much the companies pay out. Investors who want steady income from their portfolio will get little of it here.
What stocks are in VNM?
As of June 30, 2026, VNM held 57 positions, almost all Vietnamese stocks. The largest were Vingroup (8.8%), Vinhomes (8.1%), Masan Group (5.8%), Masan Consumer (5.1%), Bank for Foreign Trade of Vietnam (4.9%), Hoa Phat Group (4.7%) and Vietnam Dairy Products (4.6%). Three brokerage firms, SSI Securities, VPS Securities and VIX Securities, each made up between 3.6% and 4.3%. Together, the top 10 holdings were about 54% of the fund, so a handful of companies drive much of its return.
What is the VNM expense ratio?
VNM's expense ratio is 0.66% a year, according to its prospectus filed April 29, 2026. That includes a 0.50% management fee, with no fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, total costs come to about $67 after one year, $211 after three, $368 after five and $822 after ten. Portfolio turnover was 48%, and trading can add costs that the expense ratio does not include.
How has VNM performed compared with global stocks?
VNM has trailed global stocks over five and ten years, despite some very strong single years. Through December 31, 2025, its average annual return was 2.85% over five years and 3.75% over ten. The MSCI ACWI Index, a broad global stock benchmark, returned 11.19% and 11.72% over the same periods. Over the one year to that date, VNM's 62.42% return beat the index's 22.34%. On a price basis, VNM was down about 11% for 2026 through October 27.