As of the end of june, the total assets under management (AUM) by fund management companies reached 846 trillion dong (32,1 billion USD), according to statistics from financial data provider FiinGroup and Investment Consulting and Asset Management Joint Stock Company (FIDT). This figure marks an increase of approximately 2,6 times compared to 2019.
Currently, the market has 43 fund management companies licensed by the State Securities Commission to operate. The Ministry of Finance has also licensed seven voluntary supplementary retirement funds and 15 representative offices of foreign fund management companies.
The current AUM to gross domestic product (GDP) ratio stands at 6,2%, a slight decrease from the 6,5% average during the 2023-2025 period. According to FiinGroup, this indicates that while managed assets have grown with the economy's scale, the penetration of professional financial products has not improved.
Compared to other countries in the region, the scale of Vietnam's fund management industry remains modest. AUM in Malaysia and Thailand reached nearly 282 billion USD and 209 billion USD, respectively, equivalent to approximately 60% and over 36% of their GDP.
Assets within Vietnam's fund management industry are primarily driven by entrusted capital from institutional investors, accounting for approximately 753 trillion dong, or 89% of the total AUM. Nearly 77% of these entrusted portfolios are allocated to bonds and cash, reflecting the low-risk appetite, preference for liquidity, and capital preservation focus of institutional investors.
In contrast, the net assets of securities investment funds reached only about 93 trillion dong, representing 11% of the industry's total AUM. These funds are heavily concentrated in equities, accounting for approximately 72% of their net assets. Sector-wise, banking and real estate constituted about 47% of the total portfolio value in 2025.
The potential upgrade of the stock market is also expected to broaden the fund management industry's access to international capital. FiinGroup cited estimates from FTSE Russell, indicating that capital inflows into Vietnam could reach approximately six billion USD, with a portion potentially allocated through domestic fund managers, fund of funds (FoF), or feeder funds.
However, for foreign capital to truly transform into sustainable AUM, the market needs to improve investment efficiency, accessibility, liquidity, transparency, and governance standards. This, according to FiinGroup, could accelerate the professionalization and elevate the standards of Vietnam's fund management industry.
