The amount of capital withdrawn by exchange traded funds (ETFs) from Southeast Asia in general and Vietnam in particular is growing, according to data from the KIS Vietnam Securities Corporation.

Withdrawals from Southeast Asia between November 8 and 12 reached $55 million, the highest for six months. Singapore posted the most, followed by Vietnam, Thailand, and Malaysia. $10 million was withdrawn from Vietnam.

On the country’s stock market, the VFMVN30 ETF net withdrew $2.8 million, MAFM VN30 ETF $3.5 million, SSIAM VN30 ETF $600,000, Fubon FTSE ETF $1.3 million, and X FTSE SWAP $3.2 million. Capital has begun to leave the leading group of stocks and cash flow in Vietnam’s stock market has become unstable.

The trend of ETFs withdrawing capital is expected to ease in Vietnam over the last two months of the year, as the country’s vaccination rate has reached a relatively high level and manufacturing has resumed, according to the SSI Securities Corporation. Many, however, disagree with such beliefs.

Vietnam’s macroeconomic foundation will be maintained in the long term and the expectation that its stock market will be upgraded sometime between 2023 and 2025 will see capital flows from ETFs return next year.