Vietnamese Stock Market Performance: The overall health and performance of the Vietnamese stock market, represented by indices like VN-Index, directly impacts VNM's NAV.

Underlying Holdings Performance: VNM's price is affected by the performance of the individual Vietnamese companies it holds in its portfolio. Strong earnings from these companies usually boost VNM.

Investor Sentiment: General investor feelings toward emerging markets and specifically Vietnam can drive demand and influence VNM's price.

Exchange Rate Fluctuations: Changes in the USD/VND exchange rate affect the value of VNM's holdings when converted back to USD.

Political and Economic Stability: Vietnam's political and economic stability can reassure investors, boosting VNM's price.

ETF Supply and Demand: Higher demand for VNM relative to its supply pushes the price up, and vice versa.

Management Fees and Expenses: The fund's operating costs can marginally impact its returns and therefore, its price.

Geopolitical Events: Global events affecting emerging markets also influence investors on VNM.

News about Vietnam: Economic data releases and news regarding Vietnamese companies.