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I maintain a hold rating on the VanEck Vietnam ETF due to its low valuation but weak momentum and technicals.VNM has significant exposure to Real Estate and Financials, sectors sensitive to interest rate changes, and lacks Information Technology exposure.The ETF's concentrated portfolio and high historical volatility present elevated risks, despite a low price-to-earnings ratio and high long-term EPS growth rate.Technical analysis shows VNM struggling near multi-year lows with potential support between $11 and $12, but overall weak technical indicators. Khoa Nguyen/E+ via Getty Images Global stocks are broadly higher in the past year. The S&P 500 is up about 30% total return over the last 12 months, while the all-country world ex-US index has returned more than 18%. But there have been a handful of big losers, many of which are small emerging-market country stock markets. I’m revisiting the VanEck Vietnam ETF . It is the second-worst country fund tracked by Seeking Alpha’s country ET