REG - VietNam Holding Ltd - Interim Report
24/03/2025 07:00
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RNS Number : 7456B VietNam Holding Limited 24 March 2025
VietNam Holding Limited
(a non-cellular company limited by shares registered in Guernsey under the
Companies (Guernsey) Law, 2008, on 25 February 2019 with registered number
66090)
Interim Report
VietNam Holding Limited is pleased to announce its Condensed Interim Unaudited
Financial Statements for the six-month period from 1 July 2024 to 31 December
2024
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain
More information on the Company is available at www.vietnamholding.com (http://www.vietnamholding.com)
LEI 2138006MNA9HTDYDJ975
Investment Manager
Dynam Capital Ltd. Tel.: +84 28 3827 7590
Craig Martin
Cavendish Capital Markets Limited
Corporate Broker
Trading: Johnny Hewitson Tel: +44 20 7220 0558
Sales: Pauline Tribe Tel: +44 20 7220 0517
Corporate Finance: Tunga Chigovanyika Tel: +44 20 7397 1915
Contents
Chairman's Statement 1
Investment Manager's Report 3
Interim Report of the Directors 6
Statement of Directors' Responsibilities 10
Condensed Interim Unaudited Statement of Financial Position 11
Condensed Interim Unaudited Statement of Comprehensive Income 12
Condensed Interim Unaudited Statement of Changes in Equity 13
Condensed Interim Unaudited Statement of Cash Flows 14
Notes to the Condensed Interim Unaudited Financial Statements 15
Director Profiles 21
Key Parties 22
Chairman's Statement
Dear Shareholders,
As we close the first half of the financial year, I am pleased to present this
interim report covering the period 1 July 2024 to 31 December 2024. This year
has been marked by significant strides both within Vietnam's macroeconomic
landscape and the performance of VietNam Holding Limited (the "Company" or the
"Fund"). The convergence of favourable policy measures, market sentiment, and
our sustained strategic focus has created a fertile environment for the growth
of your investment.
Fund NAV and Shareholder Returns
The share price and Net Asset Value ("NAV") hit historic highs during the
period under review and the discount to NAV narrowed. In the period under
review, the Fund's NAV per share rose by 1.9% to USD 5.234. This compares to
the Vietnam All Share Index ("VNAS") gain of 1.6%. During the period the
Fund's share price rose by 1.2%.
First Annual Redemption and Positive Impacts
This period also saw the successful implementation of the Fund's first annual
redemption feature, which allowed shareholders to redeem a portion of their
shares for cash during the period. Approximately 12% of the Company's shares
were redeemed. The positive results of this process demonstrated both investor
confidence and the Fund's proactive approach to providing liquidity to
shareholders. The orderly nature of the redemption, coupled with continued
strong performance, highlighted the stability of our underlying portfolio and
its appeal among long-term investors.
Reduction in Discount to NAV
Perhaps one of the most significant achievements this period has been the
significant reduction in the discount to NAV, a factor that continues to
plague most closed-end investment companies. The share price now closely
reflects the true value of the Fund's assets, and for the first time in over a
decade, during periods in which the Fund has traded at a premium to NAV, the
Fund has been able to issue new shares. This milestone is not only a
reflection of improved investor sentiment, in part driven by the Company's
strong performance but also underscores the effectiveness of our active
shareholder engagement strategy and disciplined portfolio management. We are
well-positioned to seize emerging opportunities in Vietnam's vibrant market,
particularly in sectors poised to benefit from structural growth drivers such
as urbanisation, industrialisation and the burgeoning middle class.
Award-Winning Performance
The Fund's achievements have not gone unnoticed. During the reporting period,
we were honoured to receive multiple awards that recognise our dedication to
delivering consistent returns, our Environmental, Social, and Governance
("ESG") commitment, and our investment excellence.
Specifically, we won the prestigious Citywire Investment Fund of the year
award under the category of single country emerging market fund. We also
received the Investment Week Investment Trust of the year award and the UK
Investor Magazine country fund of the year.
The Fund has been a signatory of the UN's Principles for Responsible
Investment ("PRI") since 2009, just three years after the UN established the
PRI framework. We were the first Vietnam-focused fund to be a signatory. In
the latest PRI Transparency report, the Fund scored three 5 stars, way above
the median in all reported categories with scores of 92% for Policy Governance
and Strategy, 93% under the listed equity (active) category, and 100% for
confidence building measures.
These accolades are a testament to the quality of our team, our disciplined
approach to value investing, and the long-term relationships we have built in
Vietnam's dynamic economy. We are proud of these accomplishments, and they
further motivate us to continue seeking out the best opportunities for our
shareholders.
Outlook for 2025
Looking ahead, we remain cautiously optimistic about Vietnam's economic
trajectory. The government's continued commitment to fiscal discipline,
coupled with measures to support private sector growth, provides a strong
foundation for growth in the year ahead. Inflation appears to be under
control, and the central bank's policies suggest a manageable interest rate
environment, which should be conducive to business expansion.
Furthermore, with the government prioritising foreign direct investment
("FDI") and infrastructure development, we expect to see substantial growth in
key industries, such as technology, manufacturing, and renewable energy. That
said, geopolitical and other external risks continue to loom on the horizon.
It is too early to say what the new US administration (Trump 2.0) will mean
for Vietnam. The board and the investment manager will keep a close eye on
developments and the different scenarios that they pose.
As always, we remain focused on building a resilient portfolio capable of
navigating both opportunities and challenges. We believe that Vietnam's
long-term growth story remains intact, and our approach will continue to focus
on identifying undervalued businesses that contribute meaningfully to this
narrative.
In conclusion, the first half of the financial year has been a time of
considerable achievement for the Company. I would like to extend my sincere
gratitude to all our shareholders for their continued support and confidence.
The progress we have made this period is a testament to our commitment to
enhancing shareholder value and seizing the opportunities that lie ahead in
one of the world's most exciting growth markets.
Yours sincerely,
Hiroshi Funaki
Chairman
VietNam Holding Limited
21 March 2025
Investment Manager's Report
The economic backdrop in Vietnam during the reporting period has been one of
resilience and adaptability, underscored by strong government support for
critical sectors and an emphasis on infrastructure efficiency. This
macroeconomic environment has set a positive stage for the Fund, allowing us
to capitalise on the opportunities presented across key industries.
Macro Overview and Key Economic Drivers
Vietnam's GDP growth during the period was solid, driven primarily by robust
domestic consumption and increased investment in infrastructure. Full year GDP
growth was 7.09%, ahead of the government's own target of 6.5%. This was
mainly due to the country's resilient manufacturing sector amid unprecedented
global challenges, from geopolitical uncertainties and extreme weather
disruptions to rapid digital transformations and fast-changing stakeholder
needs. 2024 also marked a notable improvement from the 5.05% growth recorded
in 2023. Indeed, the fourth quarter alone in 2024 saw a 7.55% increase, the
fastest quarterly expansion in over two years.
The impressive economic growth momentum helped Vietnam shine bright compared
with other nations in the region, and this is expected to continue in 2025
despite emerging external threats, such as the structured slowdown of China, a
likely trade war sparked by US president Trump's tariffs and interconnected
global interest rate and FX risks.
Vietnam's government is aiming for 8.0% GDP growth in 2025 with a strategic
focus on increasing productivity. We believe its various policy initiatives
coupled with renewed positive sentiment and investor demand will support
stronger domestic consumption fueled by disbursement of public investments.
The government's renewed focus on expediting infrastructure
projects-particularly in transportation, energy, and logistics-has already
provided a boost to public expenditure, which reached a record level of USD
26.5bn for the full year. Ho Chi Minh City's first metro-line opened in
December, with an encouraging mass adoption of over 1 million users in its
first few weeks of operating.
Vietnam continues to attract significant amounts of foreign direct investment
("FDI"), with several multinational corporations announcing expansion plans
and new investments in the country's manufacturing and technology sectors. The
full year registered FDI reached USD 38.2bn, and disbursed FDI reached USD
25.4bn.
Vietnam continues to position itself as a modern industrialised nation with,
for example, new criteria for high-tech investments having come into effect
late in the month and AI technology champions feted by the country's corporate
awards. We expect significant technological advancements in 2025 with
Vietnamese banks and retailers already digitalising more but also with even
greater foreign direct investment in related projects. For instance, Vietnam
is awaiting the potential investment of USD 1.5bn from Elon Musk's SpaceX -
for its Starlink satellite internet services. This will pave the way for more
digital developments across the country and underline its significance as a
key satellite internet market in Southeast Asia, offering Starlink access to
its increasingly tech-savvy population and expanding digital economy.
Sectoral Performance
The Fund's core focus sectors, including technology, retail, and banking, have
continued to show promise. Our concentrated portfolio is conviction led and
our top technology holding - FPT Corporation ("FPT") - delivered about 85%
growth in share price during the full year.
The consumer retail sector has benefited from returning consumer confidence
and a rising middle class that is seeking higher-quality goods and services.
Companies in our portfolio that are positioned to capture these consumption
trends have performed well, supported by improved retail activity and a more
favourable economic outlook. One company that has performed strongly is FPT
Digital Retail Joint Stock Company ("FRT"). It has a leading position in the
pharmaceutical retail space (with over 1900 stores, and close to 20% market
share). Its share price rose more than 70% during the year. Mobileworld
("MWG"), 8% NAV, saw its earnings strongly recovered in 2024 on the back of
better store-level economics.
The industrials sector, particularly logistics and infrastructure-related
companies, has also been a notable contributor to the Fund's performance.
These companies are poised to benefit from the government's emphasis on
infrastructure development, which is aimed at addressing longstanding
bottlenecks and improving national connectivity.
Our investments in construction materials and logistics services, for example,
have outperformed during the period, benefiting from increased project
activity and rising demand for infrastructure services.
Our selected portfolio of banks, which in total make up around 36% of the
Fund, were also strong performers. We believe the banking sector looks set to
benefit from renewed credit growth and return of confidence. Banks are overall
reasonably priced at 1x price to book, with 15% to 20% in earnings per share
growth achieved in the full year of 2024, and they have a similar level of
growth forecast for 2025.
Portfolio Adjustments and Investment Strategy
At the Annual General Meeting in November, shareholders approved a slight
adjustment to the investment restrictions in the Fund's investment policy,
which had been in place since the Fund's inception. These adjustments included
lifting investment restrictions on a single sector to 40% and raising the
restriction on a single stock to 20%. These changes provide greater
flexibility in portfolio construction, allowing us to take more advantage of
our nimble, on-the-ground investment research.
Performance Highlights
The Fund delivered a strong NAV per share return during the reporting period,
contributing to a full year market-beating NAV per share growth of 16.5%. This
was driven by strong performance across our technology, consumer, industrial,
and bank holdings and outperforms the Vietnam All Share Index 10.2% rise
despite a 4.8% devaluation in the Vietnamese Dong during the year.
The significant reduction of the discount to NAV in the period has been a
critical achievement in the even stronger growth of the share price, as it
reflects both improved market sentiment and the inherent value in our
portfolio. The successful issuance of new shares during the period is also a
testament to investor confidence in our strategy and the broader Vietnamese
growth story.
Additionally, our approach to ESG integration has continued to deliver
tangible results, with our focus on sustainability contributing to both the
resilience and attractiveness of our portfolio. We have seen increased
recognition of our ESG efforts, as evidenced by the awards received during the
period. These accolades are a clear endorsement of our commitment to
responsible investing, and we remain dedicated to embedding ESG principles
across all aspects of our investment process.
Outlook for 2025
Vietnam's Infrastructure Development and Government Efficiency
Vietnam has demonstrated its commitment to improving infrastructure, with a
clear focus on enhancing efficiency in development projects. The government's
recent initiatives to fast-track infrastructure projects, combined with plans
to streamline approval processes, are setting the stage for robust economic
growth. These measures are aimed at addressing logistical bottlenecks and
ensuring the timely delivery of key projects, which are essential for
maintaining the country's competitiveness in global markets. This emphasis on
infrastructure efficiency aligns perfectly with our long-term investment
thesis and gives us a positive outlook on sectors that will benefit from
enhanced connectivity, such as logistics, construction, and consumer goods.
Historically, in Vietnam, as with many countries, large infrastructure
projects face delays. We are pleased to note that in December the Ho Chi Minh
City Metro system finally opened to great excitement. The initial line
connects several districts of Ho Chi Minh City, offering a fast, clean and
reasonably priced transport alternative to cars and motorbikes. The government
also announced plans in December to start the preparatory work on a new
high-speed train to connect Hanoi and Ho Chi Minh City, with the prospect of
reducing the travel time along the 1559km train route from 36 to 5 hours when
this multi-year USD 60bn dollar project is completed. In addition, high-speed
train lines from the border with China to Haiphong are also planned.
Looking ahead, we see 2025 as a year of opportunity, underpinned by ongoing
infrastructure development, a favourable regulatory environment, and continued
FDI inflows. We also expect the consumer sector to remain buoyant, supported
by rising disposable incomes and improved consumer sentiment. The industrials
sector should continue to benefit from infrastructure spending, and we are
optimistic about the prospects for renewable energy as Vietnam advances
towards its green energy targets.
Our strategy will remain focused on identifying high-quality companies that
exhibit strong governance, solid fundamentals, and significant growth
potential. We believe that our active management approach, combined with our
deep understanding of the Vietnamese market, positions us well to navigate
both opportunities and challenges as they arise.
As the Chairman notes, we wait to see what impact the Trump Presidency will
have on Vietnam. So far, Vietnam has been able to take a pragmatic approach to
its trade and relations with the United States of America. That said, US
policies on trade, interest rates and the strength of the US dollar will have
an impact on emerging economies such as Vietnam.
In conclusion, we remain committed to delivering long-term value to our
shareholders through a balanced and diversified approach to investing in
Vietnam's most promising sectors. We appreciate your continued trust and look
forward to navigating the opportunities that lie ahead.
Thank you for your continued trust and support.
Dynam Capital, Ltd.
21 March 2025
Interim Report of the Directors
The Board of Directors (the "Directors") submits its report together with the
Condensed Interim Unaudited Financial Statements of VietNam Holding Limited
(the "Company") for the six-month period from 1 July 2024 to 31 December 2024
(the "six-month period").
The Company is registered in Guernsey as a non-cellular company with limited
liability. The registered office of the Company is 1 Royal Plaza, Royal
Avenue, St Peter Port, Guernsey, GY1 2HL.
Investment Objective
The Company's investment objective is to achieve long-term capital
appreciation by investing in a diversified portfolio of companies that have
high growth potential at an attractive valuation.
Investment Policy
The Company attempts to achieve its investment objective by investing in the
securities of publicly traded companies in Vietnam, and in the securities of
foreign companies if a majority of their assets and/or operations are based in
Vietnam. The Company may invest in equity securities or securities that have
equity features, such as bonds that are convertible into equity.
The Company may invest in listed or unlisted securities, either on the
Vietnamese stock exchanges, through purchases on the OTC Market, or through
privately negotiated deals.
The Company may invest its available cash in the Vietnamese domestic bond
market as well as in international bonds issued by Vietnamese entities.
The Company may utilise derivatives contracts for hedging purposes and for
efficient portfolio management but will not utilise derivatives for investment
purposes.
The Company does not intend to take control of any company or entity in which
it has directly or indirectly invested (the "Investee Company") or to take an
active management role in any such company. However, Dynam Capital, Ltd.
("Dynam Capital"), (the "Investment Manager") may appoint one of its
directors, employees or other appointees to join the board of an Investee
Company and/or may provide certain forms of assistance to such company,
subject to prior approval by the Company's Board.
The Company integrates environmental, social and corporate governance ("ESG")
factors into its investment analysis and decision-making process. Through its
Investment Manager, the Company actively incorporates ESG considerations into
its ownership policies and practices and engages Investee Companies in pursuit
of appropriate disclosure and the improvement of material issues.
The Company may invest:
● up to 25% of its NAV (at the time of investment) in companies with
shares traded outside of Vietnam if a majority of their assets and/or
operations are based in Vietnam;
● up to 20% of its NAV (at the time of investment) in direct private
equity investments; and
● up to 20% of its NAV (at the time of investment) in other listed
investment funds and holding companies which have the majority of their assets
in Vietnam.
Borrowing Policy
The Company is permitted to borrow money and to grant security over its assets
provided that such borrowings do not exceed 25% of the latest available NAV of
the Company at the time of the borrowing unless the Shareholders in general
meeting otherwise determine by ordinary resolution.
Investment Restrictions and Diversification
The Company will adhere to the general principle of risk diversification in
respect of its investments and will observe the following investment
restrictions:
● the Company will not invest more than 20% of its NAV (at the time of
investment) in the shares of a single investee company;
● the Company will not invest more than 40% of its NAV (at the time of
investment) in any one sector;
● the Company will not invest directly in real estate or real estate
development projects, but may invest in companies which have a large real
estate component, if their shares are listed or are traded on the OTC Market;
and
● the Company will not invest in any closed-ended investment fund
unless the price of such investment fund is at a discount of at least 10% to
such investment fund's NAV (at the time of investment
Furthermore, based on the guidelines established by the United Nations
Principles for Responsible Investment, of which the Company is a signatory:
● the Company will not invest in companies known to be significantly
involved in the manufacturing or trading of distilled alcoholic beverages,
tobacco, armaments or in casino operations or other gambling businesses;
● the Company will not invest in companies known to be subject to
material violations of Vietnamese laws on labour and employment, including
child labour regulations or racial or gender discriminations; and
● the Company will not invest in companies that do not commit to
reducing in a measurable way pollution and environmental problems caused by
their business activities.
Principal Risks
Market Risk
Vietnam is an increasingly open trading nation, and the changes in terms of
international trade, disruption to supply chains and impositions of tariffs
could impact directly and indirectly the Vietnamese economy and the companies
in which the Company is invested. The Vietnamese economy can also be impacted
by the global-macro economic conditions, and also geopolitical tensions. The
Vietnamese capital markets are relatively young, and liquidity levels can
change abruptly responding to changes in behaviour of domestic and
international investors.
Parts of the portfolio may be prone to enhanced liquidity and price risk.
Investor Sentiment
Vietnam is currently classified as a Frontier Market by MSCI, and the
timetable for any inclusion as an Emerging Market is unsure. Investor
attitudes to Frontier and Emerging Markets can change, leading to reduced
demand for the Company's shares, and an increase in the discount to NAV per
share.
Investment Performance
The performance of the Company's investment portfolio could be poor, either
absolutely or in relation to the Company's peers, or to the market as a whole.
Fair Valuation
The risks associated with the fair valuation of the portfolio could result in
the NAV of the Company being misstated. The quoted companies in the portfolio
are valued at market price, but it may be difficult to liquidate, where large
positions are held, at these prices in an orderly fashion in the ordinary
course of market activity. The values of the Company's underlying investments
are denominated in Vietnamese Dong, whereas the Company's accounts are
prepared in US Dollars. The Company does not hedge its Vietnamese Dong
exposures so exchange rate fluctuations could have a material effect on the
NAV.
Investment Management Agreement
The fund management activities are outsourced to the Investment Manager. If
the Investment Manager became unable to carry out these activities or if the
Investment Management Agreement was terminated, there could be disruptions to
the management of the portfolio until a suitable replacement is found.
Operational
The Company has no employees and is dependent on a number of third parties for
the provision of services (including Investment Management, Fund
Administration and Custody). Any control failures or gaps in the services
provided could result in damage or loss to the Company.
Legal and Regulatory
Failure to comply with relevant regulation and legislation in relevant
jurisdictions may have an impact on the Company. Although there are compliance
policies (including anti-bribery policies) in place at the Company, the
Investment Manager and all service providers, the Company could be damaged or
suffer losses if any of these policies were breached.
Climate Risk
Climate change is happening faster than models earlier predicted, threatening
the safety of billions of people on the planet. Vietnam is one of the five
countries most vulnerable to climate change. The country's diverse geography
means it is hit by sea level rise, typhoons, landslides, flooding and
droughts, and weather events are expected to worsen in coming years. Two types
of climate-related risks have been identified.
(1) Physical risks: sea level rise, floods and typhoons that put
infrastructure or real estate companies with projects in coastal areas or
low-lying levels at higher risk from physical impacts of climate change.
(2) Transition risks: climate policy and rising carbon prices may cause higher
prices and impact the viability of companies that rely on fossil fuels or
those in high carbon intensity activities and may necessitate a significant,
and costly, technology shift.
Emerging Risks
New risks beyond those identified as Principal Risks can develop. These
Emerging Risks may have a detrimental or existential impact on the Company.
Life of the Company
The Company does not have a fixed life, but the Directors consider it
desirable that shareholders should have the opportunity to review the future
of the Company at appropriate intervals. Accordingly, the Directors intend
that every five years a special resolution will be proposed that the Company
shall continue in existence. If the resolution is not passed the Directors
will be required to formulate proposals to be put to shareholders to either
wind up the Company or implement a reconstruction, amalgamation or other
material alteration to the Company or its activities. The Directors last
tabled such a resolution at the Annual General Meeting of the Company on 21
December 2023. The resolution was passed, allowing the Company to continue as
currently constituted. The next such vote is expected to be tabled at the
Annual General Meeting in 2028.
Annual Redemption Facility
At the Extraordinary General Meeting of the Company held on 21 December 2023
shareholders voted in favour of a proposal that introduced an innovative
redemption structure that gives shareholders an annual opportunity to realise
their holding in the Company at fair market value. The first Redemption Point
was on 30 September 2024 and will occur every year thereafter.
As part of the introduction of the redemption facility the Company was
accepted into the Reporting Fund regime by HMRC with effect from 1 July 2024.
Further details on the tax consequences are detailed in the Circular dated 27
November 2023(1).
Shareholders are advised to consider their investment objectives and their own
individual financial and tax circumstances and should seek independent
professional tax advice and advice from their own independent financial
adviser authorised under the Financial Services and Markets Act 2000, as
appropriate.
(1) https://www.vietnamholding.com/circular-dated-27-november-2023.pdf
Results
The results of the Company for the six-month period and the state of its
financial affairs as at the reporting date are set out in the Condensed
Interim Unaudited Financial Statements on pages 11 to 20.
Performance
To ensure the Company meets its objectives the Directors evaluate the
performance of the Investment Manager at least at each quarterly Board meeting
and take into account the following performance indicators:
● NAV - reviews the performance of the portfolio;
● Discount to NAV - and reviews the average discount for the
Company's shares against its peer group.
Related Parties
Details of related party transactions that have taken place during the period
and any material changes, if any, are set out in note 6 of the Condensed
Interim Unaudited Financial Statements.
Share Repurchase Programme
Details of the Company's share repurchase programme are set out in note 4 of
the Condensed Interim Unaudited Financial Statements.
Board of Directors
The members of the Board during the six-month period and up to the date of
this report were:
Name Position
Hiroshi Funaki Non-Executive Chairman
Philip Scales Non-Executive Director; Audit and Risk Committee and Management and
Engagement Committee Chairman
Saiko Tajima Non-Executive Director; Remuneration and Nomination Committee Chairman
Connie Hoang Mi Vu Non-Executive Director; Environmental, Social and Governance Committee
Chairman
Directors' Interest in the Company
As at 31 December 2024 and 30 June 2024, the interests of the Directors in
shares of the Company were as follows:
Shares held Shares held
as at 31 December 2024 as at 30 June 2024
Hiroshi Funaki 19,887 19,887
Philip Scales 10,077 10,077
Saiko Tajima 5,000 5,000
Going Concern
The Board considered it appropriate to prepare the Condensed Interim Unaudited
Financial Statements on the going concern basis, as explained in the basis of
preparation paragraph in note 2 to the Condensed Interim Unaudited Financial
Statements. In making this statement, the Board has made enquiries of the
Investment Manager and reviewed the Principal Risks. The Board also considered
the levels of working capital available to the Company, the closed-ended
nature of the Company, the liquidity of the investment portfolio, forecasts of
future cash flows, and other geopolitical factors. There were no identified
material uncertainties to the Company's ability to continue.
On behalf of the Board:
Hiroshi Funaki Philip
Scales
Chairman
Director
VietNam Holding Limited VietNam Holding Limited
21 March 2025 21 March
2025
Statement of Directors' Responsibilities
The Directors are responsible for preparing this interim financial report in
accordance with applicable law and regulations. The Directors confirm that to
the best of their knowledge:
● the Condensed Interim Unaudited Financial Statements have been
prepared in accordance with IAS 34 Interim Financial Reporting; and
● the Chairman's Statement, the Investment Manager's Report and the
Interim Report of the Directors include a fair review of information required
by:
(i) DTR 4.2.7R of the UK Disclosure and Transparency Rules, being an
indication of important events, which have occurred during the first six
months and their impact on the Condensed Unaudited Interim Financial
Statements, and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(ii) DTR 4.2.8R of the UK Disclosure and Transparency Rules, being related
party transactions, which have taken place in the first six months, and which
have materially affected the financial position or performance of the Company
during that period, and any material changes in the related party transactions
disclosed in the last Annual Report.
On behalf of the Board
Hiroshi Funaki
Philip Scales
Chairman
Director
21 March 2025 21
March 2025
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website, and for
the preparation and dissemination of financial statements. Legislation in
Guernsey governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Condensed Interim Unaudited Statement of Financial Position as at 31 December
2024
Unaudited Audited
As at 31.12.24 As at 30.06.24
Notes USD USD
Assets
Non-current assets
Investments at fair value through profit or loss 7 119,226,222 134,971,131
Total non-current assets 119,226,222 134,971,131
Current assets
Cash and cash equivalents 5,255,072 2,894,425
Accrued dividends - 73,797
Receivables on sale of investments - 2,451,845
Receivables on subscriptions 155,236 -
Total current assets 5,410,308 5,420,067
Total assets 124,636,530 140,391,198
Equity
Share capital 4 167,166,607 166,645,041
Reserve for own shares (191,174,264) (172,281,084)
Retained earnings 148,465,575 145,787,428
Total equity 124,457,918 140,151,385
Liabilities
Accrued expenses 178,612 239,813
Total liabilities 178,612 239,813
Total equity and liabilities 124,636,530 140,391,198
The Condensed Interim Unaudited Financial Statements on pages 11 to 20 were
approved by the Board of Directors on 21 March 2025 and were signed on its
behalf by:
Hiroshi Funaki
Philip
Scales
Chairman of the Board of Directors Chairman of the Audit and
Risk Committee
The accompanying notes on pages 15 to 20 form an integral part of these
financial statements.
Condensed Interim Unaudited Statement of Comprehensive Income
Notes Unaudited Unaudited
01.07.24 - 01.07.23 -
31.12.24 31.12.23
Dividend income from investments at fair value through profit or loss 887,696 1,263,069
Net gain from investments at fair value through profit or loss 5 3,908,936 9,740,456
Interest income 23,466 -
Net foreign exchange loss (109,289) (104,425)
Net investment income 4,710,809 10,899,100
Investment management fees 6 1,165,317 1,045,166
Directors' fees and expenses 6 150,099 212,915
Administrative and accounting fees 117,816 106,560
Custodian fees 63,519 53,852
Audit fees 42,631 41,467
Other expenses 493,280 534,710
Total operating expenses 2,032,662 1,994,670
Other comprehensive income - -
Total comprehensive income for the period 2,678,147 8,904,430
Basic and diluted earnings per share USD 0.10 USD 0.32
The accompanying notes on pages 15 to 20 form an integral part of these
financial statements.
Condensed Interim Unaudited Statement of Changes in Equity
Share Reserve for Retained Total
capital own shares earnings
USD USD USD USD
Balance at 1 July 2023 166,645,041 (170,650,584) 119,264,820 115,259,277
Total comprehensive income for the period
Change in net assets attributable to shareholders - - 8,904,430 8,904,430
166,645,041 (170,650,584) 128,169,250 124,163,707
Contributions and distributions
Repurchase of own shares (note 4) - (1,630,500) - (1,630,500)
Balance at 31 December 2023 166,645,041 (172,281,084) 128,169,250 122,533,207
Balance at 1 July 2024 166,645,041 (172,281,084) 145,787,428 140,151,385
Total comprehensive income for the period
Change in net assets attributable to shareholders - - 2,678,147 2,678,147
- - 2,678,147 2,678,147
Contributions and distributions
Issuance of ordinary shares (note 4) 521,566 - - 521,566
Repurchase of own shares (note 4) - (944,824) - (944,824)
Redemption of ordinary shares (note 4) - (17,948,356) - (17,948,356)
521,566 (18,893,180) - (18,371,614)
Balance at 31 December 2024 167,166,607 (191,174,264) 148,465,575 124,457,918
The accompanying notes on pages 15 to 20 form an integral part of these
financial statements.
Condensed Interim Unaudited Statement of Cash Flows
Unaudited Unaudited
01.07.24 - 01.07.23 -
31.12.24 31.12.23
USD USD
Cash flows from operating activities
Total comprehensive income for the period 2,678,147 8,904,430
Adjustments to reconcile total comprehensive income to net cash
from operating activities:
Dividend income (887,696) (1,263,069)
Net gain from investments at fair value through profit or loss (3,908,936) (9,740,456)
Purchase of investments (21,766,183) (26,434,224)
Proceeds from sale of investments 41,420,028 29,190,902
Net foreign exchange loss 109,289 104,425
Decrease in receivables on sale of investments 2,451,845 338,591
Increase in other receivables (155,236) -
Decrease in accrued expenses (61,201) (59,764)
Decrease in repurchases of shares payable - (246,469)
Dividends received 961,493 2,140,444
Net cash from operating activities 20,841,550 2,934,810
Cash flows used in financing activities
Issuance of ordinary shares 521,566 -
Repurchase of own shares (944,824) (1,630,500)
Redemption of ordinary shares (17,948,356) -
Net cash used in financing activities (18,371,614) (1,630,500)
Net increase in cash and cash equivalents 2,469,936 1,304,310
Cash and cash equivalents at beginning of the period 2,894,425 1,750,069
Effect of exchange rate fluctuations on cash held (109,289) (104,425)
Cash and cash equivalents at end of the period 5,255,072 2,949,954
The accompanying notes on pages 15 to 20 form an integral part of these
financial statements.
Notes to the Condensed Interim Unaudited Financial Statements
For the six-month period from 1 July 2024 to 31 December 2024
1 The Company
VietNam Holding Limited (the "Company") is a closed-end investment company
that was incorporated in the Cayman Islands on 20 April 2006 as an exempted
company with limited liability under registration number 166182. On 25
February 2019, the Company, via a process of cross-border continuance,
transferred its legal domicile from the Cayman Islands to Guernsey and was
registered as a closed-ended company limited by shares incorporated in
Guernsey with registered number 66090.
On 8 March 2019, the Company's ordinary shares were cancelled from trading on
AIM and admitted to the Premium segment of the official list of the UK Listing
Authority ("Official List") and trading on the main market of the London Stock
Exchange ("Main Market"). On the same date the Company's shares were admitted
to listing and trading on the Official List of The International Stock
Exchange ("TISE").
The investment objective of the Company is to achieve long-term capital
appreciation by investing in a diversified portfolio of companies that have
high growth potential at an attractive valuation.
At the Annual General Meeting held on 21 December 2023 the Shareholders voted
in favour of the continuance resolution, authorising the Company to operate in
its current form through to the 2028 Annual General Meeting when a similar
resolution will be put forward for Shareholders' approval.
Dynam Capital, Ltd. has been appointed as the Company's Investment Manager and
is responsible for the day-to-day management of the Company's investment
portfolio in accordance with the Company's investment policies, objectives and
restrictions.
On 31 January 2025, the Company's appointed Administrator and Company
Secretary, Sanne Group (Guernsey) Limited completed an amalgamation of
corporate bodies pursuant to Part VI of the Companies (Guernsey) Law, 2008
with Apex Fund and Corporate Services (Guernsey) Limited (the "Amalgamation").
As a result of the Amalgamation, the name of the Administrator and Company
Secretary changed to Apex Fund and Corporate Services (Guernsey) Limited.
Standard Chartered Bank (Singapore) Limited and Standard Chartered Bank
(Vietnam) Limited are the custodian and the sub-custodian respectively.
Standard Chartered Bank (Singapore) Limited is also the sub-administrator.
The registered office of the Company is 1 Royal Plaza, Royal Avenue, St Peter
Port, Guernsey, GY1 2HL.
2 Principal Accounting Policies
(a) Statement of compliance
The Condensed Interim Unaudited Financial Statements (the "financial
statements") have been prepared in accordance with IAS 34 Interim Financial
Reporting, the Disclosure Guidance Transparency Rules of the UK's Financial
Conduct Authority and the Listing Rules.
The financial statements do not include all of the information required for
full financial statements and should be read in conjunction with the Company's
audited financial statements for the year ended 30 June 2024 which were
prepared in accordance with International Financial Reporting Standards as
adopted by the EU ("IFRSs"). The accounting policies used by the Company are
the same as those applied by the Company in its annual financial statements as
at and for the year ended 30 June 2024.
The Directors have assessed the impact, or potential impact, of all New
Accounting Requirements. In the opinion of the Directors, there are no
mandatory New Accounting Requirements applicable in the current period that
had any material effect on the reported performance, financial position, or
disclosures of the Company. Consequently, no mandatory New Accounting
Requirements are listed. The Company has not early adopted any New Accounting
Requirements that are not mandatory.
All non-mandatory New Accounting Requirements in issue are either not yet
permitted to be adopted or, in the Directors' opinion, would have no material
effect on the reported performance, financial position, or disclosures of the
Company and consequently have neither been adopted, nor listed.
(b) Basis of preparation
The financial statements are presented in United States Dollars ("USD"), which
is the Company's functional currency. The financial statements have been
prepared on a going concern basis, applying the historical cost convention,
except for the measurement of investments at fair value through profit or
loss.
Going concern
The Directors have reasonable expectations and are satisfied that the Company
has adequate resources to continue its operations and meet its commitments for
the foreseeable future and they continue to adopt the going concern basis for
the preparation of the financial statements. In making this statement, the
Directors confirm the Company's forecasts and projections have been stress
tested taking into account the potential for (i) asset value declines and (ii)
declines in cash dividends from equities held in the portfolio and (iii) share
buybacks and tender offers. The Company's liquidity position, taking into
account cash held and with the ability to sell underlying assets to meet share
buybacks, tender offers and to meet the operating costs of the Company, shows
that the Company is able to operate with appropriate liquidity and be able to
meet its liabilities as they fall due. The Directors therefore have a
reasonable expectation that the Company will have adequate resources to
continue its operations for the foreseeable future and continue to adopt the
going concern basis of accounting in preparing the financial statements.
Critical accounting estimates and judgements
The preparation of financial statements in accordance with IFRSs requires
management to make judgements, estimates and assumptions that affect the
application of policies and the reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making judgements about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates.
The estimated and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimates are revised if the revision affects only that period or in the
period of the revision and future periods if the revision affects both current
and future periods.
The estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within
the next financial year are discussed below.
Functional currency
The Company's shares were issued in USD and the listing of the shares on the
Main Market and TISE is in USD. The performance of the Company is measured and
reported to the investors in USD, although the primary activity of the Company
is to invest in the Vietnamese market. The Directors consider the USD as the
currency that most faithfully represents the economic effects of the
underlying transactions, events and conditions.
Fair value of financial instruments
The fair value of financial instruments that are not traded in an active
market is determined by using valuation techniques. The Company uses its
judgement to select a variety of methods and make assumptions that are mainly
based on market conditions existing at each reporting date.
3 Operating Segments
An operating segment is a component of the Company that engages in business
activities from which it may earn revenues and incur expenses, including
revenues and expenses that relate to transactions with any of the Company's
other components. The Company is engaged in a single segment of business,
being investment in Vietnam. The Board, as a whole, has been determined as
constituting the chief operating decision maker of the Company. The key
measure of performance used by the Directors to assess the Company's
performance and to allocate resources is the total return on the Company's NAV
calculated as per the prospectus.
Information on gains and losses derived from investments are disclosed in the
statement of comprehensive income.
The Company is domiciled in Guernsey, Channel Islands. Entity wide disclosures
are provided as the Company is engaged in a single segment of business,
investing in Vietnam. In presenting information on the basis of geographical
segments, segment investments and the corresponding segment net investment
income arising thereon are determined based on the country of domicile of the
respective investment entities.
All of the Company's investments in securities at fair value are in Vietnam as
at 31 December 2024 and 30 June 2024.
All of the Company's investment income can be attributed to Vietnam for the
periods ended 31 December 2024 and 31 December 2023.
4 Share Capital
Ordinary shares of USD 1.00 each
Pursuant to its redomiciliation to Guernsey, the Company re-registered with an
authorised share capital of USD 200,000,000 divided into 200,000,000 shares of
a nominal or par value of USD 1.00 each. In line with the Company's Articles
of Incorporation Amended and restated by special resolution on 21 December
2023, the Company may from time to time redeem all or any portion of the
shares held by the Shareholders on an annual basis upon giving notice of not
less than 30 calendar days.
On 8 March 2019, the Company's ordinary shares were cancelled from trading on
AIM and admitted to the Premium segment of the Official List and trading on
the Main Market. On the same date the Company's shares were admitted to
listing and trading on the TISE.
31.12.24 30.06.24
No. of shares No. of shares
Total shares issued and fully paid (after repurchases and cancellations) at 27,284,892 27,725,104
beginning of the period/year
Shares issued 101,000 -
Shares cancellation (196,505) (440,212)
Shares redemption (3,411,748) -
23,777,639 27,284,892
Repurchased and reserved for own shares
At beginning of the period/year - -
During the period/year (196,505) (440,212)
Shares cancellation 196,505 440,212
- -
Total outstanding ordinary shares with voting rights 23,777,639 27,284,892
As part of the introduction of the first annual redemption facility, the final
number of ordinary shares validly tendered for redemption for 2024, was
3,411,748 shares, with no shares held as treasury shares.
As a result, as at 31 December 2024, the Company has 23,777,639 (30 June 2024:
27,284,892) ordinary shares with voting rights in issue (excluding the reserve
for own shares), and nil (30 June 2024: nil) are held as reserve for own
shares.
The Company does not have any externally imposed capital requirements.
The Company's general intention is to reinvest the capital received on the
sale of investments. However, the Directors may from time to time and at their
discretion, either use the proceeds of sales of investments to meet the
Company's expenses or distribute them to shareholders. Alternatively, the
Company may repurchase its own ordinary shares with such proceeds from
shareholders pro rata to their shareholding upon giving notice of not less
than 30 calendar days to shareholders (subject always to applicable law) or
repurchase ordinary shares at a price not exceeding the last published net
asset value per share.
5 Net Gain from Investments at Fair Value through Profit or Loss
6 months to 6 months to
31.12.24 31.12.23
USD USD
Realised gain on disposal of investments at fair value through profit or loss 2,574,896 3,516,636
Unrealised gain on investments at fair value through profit or loss 1,334,040 6,223,820
3,908,936 9,740,456
6 Related Party Transactions
Investment management fees
The Company entered into a new investment management agreement with Dynam
Capital, Ltd. on 26 June 2018. The agreement was amended and restated on 8
October 2018 and further amended and restated on 1 October 2020. The Board and
the Investment Manager agreed to modify the management fee (previously on a
sliding scale of 1.5% per annum on NAV below USD 300 million, 1.25% per annum
on NAV between USD 300 - USD 600 million, and 1.0% per annum on NAV above USD
600 million) effectively from 1 November 2020.
Pursuant to the agreement the Investment Manager is entitled to receive a
monthly management fee, paid in the manner set out as below:
● On the amount of the Net Asset Value of the Company up to but
excluding USD 300 million, one-twelfth of 1.75%;
● On the amount of the Net Asset Value of the Company between and
including USD 300 million up to and including USD 600 million, one-twelfth of
1.5%; and
● On the amount of the Net Asset Value of the Company that exceeds
USD 600 million, one-twelfth of 1%.
The management fee accruing to the Investment Manager for the six-month period
to 31 December 2024 was USD 1,165,317 (period ended 31 December 2023: USD
1,045,166). An amount of USD 176,737 (30 June 2024: USD 203,206) was
outstanding as at 31 December 2024.
Directors' fees and expenses
The Board of Directors determines the fees payable to each Director, subject
to a maximum aggregate amount of USD 350,000 (2023: USD 350,000) per annum
being paid to the Board of Directors as a whole. The Company also pays
reasonable expenses incurred by the Directors in the conduct of the Company's
business including travel and other expenses. The Company pays for directors
and officers liability insurance coverage. The charges for the six-month
period to 31 December 2024 for the Directors fees were USD 126,907 (period
ended 31 December 2023: USD 163,052) and expenses were USD 23,192 (period
ended 31 December 2023: USD 49,863).
As at 31 December 2024, USD 23,959 (30 June 2024: USD nil) of Directors' fees
were outstanding.
Directors' ownership of shares
As at 31 December 2024, Directors held 34,964 ordinary shares in the Company
(30 June 2024: 34,964) as listed below.
Hiroshi Funaki 19,887 Shares
Philip Scales 10,077 Shares
Saiko Tajima 5,000 Shares
7 Fair Value Information
For certain of the Company's financial instruments not carried at fair value,
such as cash and cash equivalents, accrued dividends, other receivables,
receivables/payable upon sales/purchase of investments and accrued expenses,
the amounts approximate to fair value due to the immediate or short-term
nature of these financial instruments. Other financial instruments are
measured at fair value through profit or loss.
Fair value estimates are made at a specific point in time, based on market
conditions and information about the financial instrument. These estimates are
subjective in nature and involve uncertainties and matters of significant
judgement and therefore, cannot be determined with precision. Changes in
assumptions could significantly affect the estimates.
● Level 1: Inputs that are quoted market prices (unadjusted) in
active markets for identical instruments. This level includes listed equity
securities on exchanges (for example, Ho Chi Minh Stock Exchange).
● Level 2: Inputs other than quoted prices included within Level 1
that are observable either directly (i.e., as prices) or indirectly (i.e.,
derived from prices). This level includes instruments valued using: quoted
prices for identical or similar instruments in markets that are considered
less than active; quoted market prices in active markets for similar
instruments; or other valuation techniques in which all significant inputs are
directly or indirectly observable from market data.
● Level 3: Inputs that are not based on observable market data
(i.e., unobservable inputs). This level includes all instruments for which the
valuation technique includes inputs not based on observable data and the
unobservable inputs have a significant effect on the instrument's valuation.
The table below analyses financial instruments measured at fair value at the
reporting date by the level in the fair value hierarchy into which the fair
value measurement is categorised. The amounts are based on the values
recognised in the statement of financial position. All fair value measurements
below are recurring.
Level 1 Level 2 Level 3 Total
USD USD USD USD
As at 31.12.24
Financial assets classified at fair value upon initial recognition
Investments in securities 119,226,222 - - 119,226,222
As at 30.06.24
Financial assets classified at fair value upon initial recognition
Investments in securities 134,971,131 - - 134,971,131
There were no transfers between levels during the period.
The level in the fair value hierarchy within which the fair value measurement
is categorised in its entirety is determined based on the lowest level input
that is significant to the fair value measurement in its entirety. Assessing
whether an input is significant requires judgement including consideration of
factors specific to the asset or liability. Moreover, if a fair value
measurement uses observable inputs that require significant adjustment based
on unobservable inputs, that fair value measurement is a Level 3 measurement.
8 Basic and Diluted Earnings per Share
The calculation of basic and diluted earnings per share at 31 December 2024
was based on the change in net assets attributable to ordinary shareholders of
USD 2,678,147 (period ended 31 December 2023: USD 8,904,430) and the weighted
average number of shares outstanding of 25,970,915 (period ended 31 December
2023: 27,481,368).
9 Subsequent Events
On 31 January 2025, the Company's appointed Administrator and Company
Secretary, Sanne Group (Guernsey) Limited completed an amalgamation of
corporate bodies pursuant to Part VI of the Companies (Guernsey) Law, 2008
with Apex Fund and Corporate Services (Guernsey) Limited (the "Amalgamation").
As a result of the Amalgamation, the name of the Administrator and Company
Secretary changed to Apex Fund and Corporate Services (Guernsey) Limited.
On 21 February 2025, the Company announced that, in future, any shares bought
back under the Company's share buyback authority will be held in treasury and
not cancelled as has been the policy to date. It remains the Company's policy
that shares will only be issued from either treasury or under the Company's
allotment authority at a price equal to or greater than the Company's
prevailing NAV per share.
From 1 January 2025 to the date of signing these financial statements, there
were no other material events that require disclosure and/or adjustments in
these financial statements.
Director Profiles
Hiroshi Funaki (Chairman)
Mr Funaki has been actively involved in raising, researching and trading
Vietnam funds since 1995. He worked at Edmond de Rothschild Securities from
2000 to 2015 where he led the Investment Companies team, focusing on Emerging
Markets and Alternative Assets. Prior to that he was Head of Research at
Robert Fleming Securities, also specialising in closed-end funds. He currently
acts as an investment adviser to a Family Office. He has an MA in Mathematics
and Philosophy from Oxford University.
Philip Scales (Director; Audit and Risk Committee Chairman and Management
Engagement Committee Chairman)
Mr Scales has over 40 years' experience working in offshore corporate, trust,
and third-party fund administration. For 18 years, he was managing director of
Barings Isle of Man (subsequently to become Northern Trust) where he
specialised in establishing offshore fund structures, mainly in the
closed-ended arena (both listed and unlisted entities). Mr Scales subsequently
co-founded FIM Capital Limited where he is Group Chairman. He is a Fellow of
the Institute of Chartered Secretaries and Administrators and holds a number
of directorships of listed companies and collective investment schemes.
Saiko Tajima (Director; Remuneration and Nomination Committee Chairman)
Ms Tajima has over 20 years' experience in finance, of which 8 years have been
spent in Asian real estate asset management and structured finance. Working
for Aozora Bank and group companies of Lehman Brothers and Capmark, she
focused on financial analysis, monitoring and reporting to lenders, borrowers,
auditors, regulators and rating agencies. Over the last 8 years, she has
invested in and helped develop tech start-ups in Tokyo, Seoul and Sydney. She
is a Certified Public Accountant in the US.
Connie Hoang Mi Vu (Director; Environmental, Social and Governance Committee
Chairman)
Ms Vu is a partner at Raise Partners, a consultancy that advises clients on
ESG strategy and partnerships. She has over 20 years of experience in ESG and
international development and is one of Vietnam's leading experts on human
trafficking, modern slavery, and labour migration. Ms Vu is Vice-Chair of the
European Chamber of Commerce Vietnam's Women in Business Committee and
Co-Founder of the American Chamber of Commerce Vietnam's ESG Committee. She
has a BA from University of Michigan and MPA in International Nonprofit Policy
& Management from New York University.
Key Parties
Directors Auditor
Mr. Hiroshi Funaki KPMG Channel Islands Limited
Mr. Philip Scales Glategny Court
Ms. Saiko Tajima Glategny Esplanade
Ms. Connie Hoang Mi Vu St Peter Port
Guernsey
Investment Manager GY1 1WR
Dynam Capital, Ltd
1 Royal Plaza Market Researcher
Royal Avenue Dynam Consultancy and Services Company Limited
St Peter Port Floor 12, Deutsches Haus,
Guernsey 33 Le Duan,
GY1 2HL Ben Nghe Ward, District 1
Ho Chi Minh City,
Vietnam
Registered Office,
Company Secretary and Administrator
Apex Fund and Corporate Services (Guernsey) Limited) Corporate Broker and Financial Adviser
1 Royal Plaza Cavendish Securities plc
Royal Avenue One Bartholomew Close
St Peter Port London
Guernsey EC1A 7BL
GY1 2HL (Nominated Adviser (AIM) until transference to LSE Main Market)
Sub-Administrator, Registrar
Custodian and Principal Bankers
Standard Chartered Bank (Singapore) Limited Computershare Investor Services (Guernsey) Limited
7 Changi Business Park Crescent 1st Floor, Tudor House
Level 3, Securities Services Le Bordage
Singapore 486028 St Peter Port
Guernsey
UK Legal Adviser GY1 1DB
Stephenson Harwood LLP
1 Finsbury Circus
London
EC2M 7SH
Guernsey Legal Adviser
Carey Olsen (Guernsey) LLP
Carey House
Les Banques
St Peter Port
Guernsey
GY1 4BZ
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