Fund Flow Tracker April 2026 – Global capital flows recover but divergence persists

Global

• De-escalation in the Middle East conflict improved risk appetite, driving global ETF flows back into risk assets in April. Equity ETFs continued to lead with net inflows of USD165.5bn, up 62.3% MoM. Bond ETFs recorded net inflows of USD45.6bn, up 3.0% MoM, indicating sustained demand for defensive assets to rebalance portfolios.
• Equity ETF flows diverged further across regions. Developed market ETFs recorded strong net inflows of USD153.4bn, up 112.8% MoM, reflecting a marked improvement in flows into risk assets. In contrast, emerging market ETFs saw net outflows of USD25.6bn, rising sharply from USD1.2bn the previous month, reflecting persistent caution in more sensitive markets.

Vietnam

• Prolonged Middle East tensions continued to weigh on investor sentiment, constraining liquidity in Vietnam’s equity market in April. On the HoSE, average daily trading value and volume fell to VND20.4tn (USD784.6mn) and 734.8 million shares, respectively, down 25.2% and 22.3% MoM.
• Prolonged geopolitical risks also intensified capital outflow pressures across emerging markets, driving foreign net selling of over VND13.7tn (USD526.9mn) on the HoSE in April 2026. Although the figure fell from the previous month, it remained among the highest since the start of the year. Vietnam’s ETF flows recorded a slight net outflow of VND448.0bn (USD17.2mn) in April 2026, falling sharply from the previous month, indicating that outflow pressure on Vietnamese ETFs eased somewhat.

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