How is the BeQ Vietnam VNX Superstar Index Different from the VNIndex and VN30?

The VNIndex and VN30 are familiar benchmarks to most investors in Vietnam.
They appear daily on trading screens, in financial media, and across market reports.

Because of this familiarity, many investors implicitly assume that all equity indices are essentially the same—differing only in the number of constituent stocks.

In an environment where index-based investing and ETF flows increasingly dominate market liquidity, this assumption can lead investors to position themselves incorrectly.

The BeQ Superstar Index was not created to replicate the role of the VNIndex or the VN30.
It was designed for a fundamentally different purpose:

👉 to position ahead of index-driven capital flows, particularly around FTSE and MSCI rebalancing cycles.

Before making any comparison, it is important to understand the original role of Vietnam’s traditional equity indices.

VNIndex – A Measure of the Overall Market

• Represents all listed equities on the market
• Reflects broad market direction and volatility
• Answers the question: “Where is the market right now?”

The VNIndex was designed to measure market performance—not to optimize investment strategies or anticipate capital flows.

VN30 – A Large-Cap Benchmark

• Comprises 30 stocks with the largest market capitalization and liquidity
• Widely used as a performance benchmark
• Reduces noise relative to the VNIndex

The VN30 is a more concentrated representation of the market, but its core function remains the same: it reflects current conditions rather than forecasting future flows.

Both the VNIndex and VN30 help investors understand what is happening in the market today.
However, they do not address a more critical question:

Which stocks will index-tracking funds be forced to buy in the coming period?

Meanwhile, the structure of the Vietnamese equity market is evolving rapidly:

• ETF assets under management continue to grow year after year
• Index rebalancing events have an increasingly visible impact on stock prices
• FTSE and MSCI indices are becoming key drivers of medium-term supply and demand

As front-running ETF flows becomes a source of structural advantage, simply “following the market” is no longer sufficient.

Instead of asking:

“Is the market up or down today?”

The BeQ Superstar Index asks a different question:

“Which stocks will ETF and index funds be structurally required to buy in upcoming review cycles?”

From this premise, the index framework is redesigned entirely.

The BeQ Superstar Index focuses on:

• International criteria commonly used by FTSE and MSCI
  (liquidity, free-float–adjusted market capitalization, foreign investor accessibility, etc.)
• The probability of inclusion or weight increases in index baskets
• Mandatory capital flows that are independent of market sentiment

👉 Rather than waiting for official announcements, BeQ positions ahead of the logic that index funds are required to follow.

👉 The core difference is not the number of constituents, but the timing of capital flow action.

During FTSE and MSCI review periods in 2025, as Vietnam moved closer to market reclassification, historical data show:

• BeQ Superstar Index: +88.75%
• VNIndex: +40.87%
• VN30: +51.0%

Historical analysis indicates that:

• Stocks included in the BeQ Superstar Index exhibited a higher probability of receiving increased ETF allocations compared to the broader large-cap universe.
• This advantage is derived from filtering based on index methodology, rather than short-term market forecasts.

📊 Illustrative chart of the 2025 cumulative performance of the BeQ Superstar Index

📊 Illustrative chart of the 2025 cumulative performance of the VNIndex

📊 Illustrative chart of the 2025 cumulative performance of the VN30 Index

A common misconception is that:

“New indices are created to replace existing ones.”

In practice, the opposite is true:

• VNIndex → indicates overall market conditions
• VN30 → reflects the performance of core large-cap stocks
• BeQ Superstar Index → signals what index-driven capital is preparing to do

These indices are complementary.
However, only the BeQ Superstar Index is specifically designed to position ahead of index-related capital flows.

In an environment characterized by:

• Elevated market volatility
• Uncertain short-term returns
• Growing dominance of institutional and passive capital
  

Long-term investors increasingly require:

• Less reliance on emotion
• More structural frameworks
• Reduced dependence on short-term directional calls
  

The BeQ Superstar Index is designed as a strategic reference tool—helping investors engage with capital flow logic rather than reacting solely to price movements.

The VNIndex and VN30 remain essential benchmarks of the Vietnamese equity market.
However, they were not designed to help investors move ahead of ETF-driven capital flows.

The BeQ Superstar Index exists to:

• Decode index-based capital behavior
• Position ahead of portfolio rebalancing cycles
• Support the construction of structurally grounded investment strategies
  

If the VNIndex tells investors where the market is today, the BeQ Superstar Index indicates where index capital is preparing to move next.

In the era of index-based investing, this represents a structural distinction.

Contact BeQ Holdings for further information
Hotline: +84 941 753 139
Email: contact@beqholdings.com