{"id":14695,"date":"2025-11-13T11:21:26","date_gmt":"2025-11-13T04:21:26","guid":{"rendered":"https:\/\/www.phfm.vn\/?p=14695"},"modified":"2025-11-13T11:25:23","modified_gmt":"2025-11-13T04:25:23","slug":"phat-trien-thi-truong-etf-bai-hoc-tu-dai-loan-va-etf-vang","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/zh\/phat-trien-thi-truong-etf-bai-hoc-tu-dai-loan-va-etf-vang\/","title":{"rendered":"DEVELOPING VIETNAM\u2019S ETF MARKET: LESSONS FROM TAIWAN AND GOLD ETFS"},"content":{"rendered":"
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The conference \u201cThe Fund Industry in the Development of the Stock Market and Attracting Indirect Investment Flows into Vietnam\u201d was held on the morning of October 17, 2025.<\/figcaption><\/figure>\n

Developing Vietnam\u2019s ETF Market: Lessons from Taiwan and Gold ETFs<\/strong><\/p>\n

At the conference, Mr. Albert Kwang-Chin Ting<\/strong>, Chairman of the Board of Phu Hung Fund Management (PHFM)<\/strong>, presented a paper titled \u201cVietnam \u2013 The Golden Moment Has Arrived.\u201d<\/em> His presentation focused on applying international experience \u2014 particularly from Taiwan \u2014 to develop Exchange-Traded Funds (ETFs) and the broader fund management industry in Vietnam.<\/p>\n

Mr. Albert Kwang-Chin Ting emphasized that Vietnam is now in an excellent position to attract capital inflows shifting from lower-growth economies in the region.<\/p>\n

The PHFM Chairman highlighted the crucial role of ETFs in expanding the market capitalization of Vietnam\u2019s stock market and advancing the overall fund management industry. In just a decade, the total assets under management (AUM) of ETFs on the Taiwan Stock Exchange increased 32 times<\/strong>, from USD 6 billion in 2015<\/strong> to over USD 200 billion in 2024<\/strong>.<\/p>\n

This growth was accompanied by a 60-fold surge in the number of investors<\/strong>, from 240,000 in 2015<\/strong> to 14.3 million in 2024<\/strong>.<\/p>\n

Taiwan\u2019s ETF Market: Key Growth Drivers<\/h3>\n

Taiwan\u2019s remarkable ETF success was built on supportive policies and structural reforms.
To facilitate index development, the Taiwan Stock Exchange (TWSE)<\/strong> established a wholly owned subsidiary called Taiwan Index Plus (TIP)<\/strong>.<\/p>\n

Simultaneously, Taiwan implemented multiple initiatives to broaden its distribution channels<\/strong>. One of the key factors in attracting retail investors<\/strong> was leveraging the extensive branch networks of commercial banks<\/strong>, which are far more accessible than securities companies or fund management firms. Thanks to Taiwan\u2019s trust law<\/strong>, customers could open securities or fund investment accounts directly at a bank branch and start investing on the same day.<\/p>\n

Additionally, the ETF market was boosted through collaboration with the insurance industry<\/strong>. Life insurance companies utilized the fund management sector\u2019s expertise to design investment-linked insurance policies<\/strong>, which directly allocate capital into funds and ETFs \u2014 further channeling long-term savings into the fund industry.<\/p>\n

Another major driver of ETF growth among retail investors was financial education<\/strong>, particularly promoting the concept of Systematic Investment Plans (SIPs)<\/strong> \u2014 investing a fixed amount monthly. Investor education played a vital role in improving financial literacy, empowering individuals to manage their savings and investment portfolios more effectively.<\/p>\n

Developing Physical Gold ETFs<\/h3>\n
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Source: PHFM<\/figcaption><\/figure>\n

Speaking at the conference, Mr. Bui Hoang Hai<\/strong>, Vice Chairman of the State Securities Commission of Vietnam (SSC)<\/strong>, revealed that the regulator is currently amending Circular No. 98<\/strong> on fund operations. The revisions aim to diversify fund types<\/strong>, including ETFs and bond funds, while also strengthening and diversifying distribution channels<\/strong> and enhancing transparency<\/strong> in the online distribution of fund certificates.<\/p>\n

In parallel, the SSC is researching a new fund type \u2014 the Gold ETF<\/strong>. Developing gold derivatives<\/strong> and physical gold ETFs<\/strong> is expected to reduce the need for physical gold holdings<\/strong>, thereby helping stabilize the foreign exchange balance<\/strong> and enhance the efficiency of gold market management.<\/p>\n

(Sources: Funan Securities, PHFM Compilation)<\/em><\/p>","protected":false},"excerpt":{"rendered":"

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