REG - VietNam Holding Ltd - Monthly Investor Report

VietNam HoldingAnnouncement

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RNS Number : 0994M  VietNam Holding Limited  18 December 2025

VietNam Holding Limited ("VNH" or the "Company")

Monthly Investor Report

A report detailing the activities of the Company for the month of November
2025 has been issued by Dynam Capital Limited, the investment manager of the
Company. Electronic copies of the report have been made available to
shareholders on the Company's website
(https://www.vietnamholding.com/media/3awn5fav/vnh-investor-report-november-2025.pdf)
 and a summary of the report is included below.

Manager Commentary: IPO Bells, are you listening?

November was less about festive fanfare or disruption than it was about
confirmation that Vietnam's capital market reforms are gaining traction, that
economic fundamentals continue to evolve on the right note, and most
importantly that the IPO market is experiencing a meaningful revival.  The
clearest evidence was two blockbuster securities offerings that together
raised roughly US$1bn - among the largest listings in Southeast Asia this
year. Techcom Securities raised US$410m (oversubscribed 2.5 times), followed
by VPBank Securities with US$482m. According to a recent report by Deloitte,
these offerings helped drive a more than 50% increase in regional IPO
proceeds. This fresh capital not only provides essential infrastructure for a
market transitioning to emerging market status - the sound of bells ringing
across Vietnam's exchanges reflects growing confidence among issuers,
regulators and investors alike, and suggests that its institutional market
framework is becoming robust enough to support larger, more complex capital
raisings.  Such progression undeniably places Vietnam on the radar of a
broader pool of global capital in 2026. In time, this could unlock noteworthy
passive and active inflows, while also serving as a noteworthy stepping stone
toward MSCI Emerging Market consideration. During the recent Dynam investor
conference, various speakers presented on structural changes driving Vietnam's
transformation - infrastructure modernisation, digital economy acceleration,
demographic advantages, and supply chain repositioning. These transformations
represent generational shifts in Vietnam's economic model, moving from
low-cost manufacturing towards higher value-added services, technology
integration, and deeper financial market sophistication. Others analysed the
equity market opportunities following Vietnam's FTSE upgrade, highlighting how
reclassification will fundamentally alter Vietnam's investor base, bringing
index-tracking funds, enhancing liquidity, and potentially triggering
valuation re-ratings. The upgrade represents more than technical
reclassification; it shows how global capital allocators now view Vietnam as
mainstream emerging rather than frontier market. That perceptual shift,
combined a with ongoing strong fundamentals, creates powerful tailwinds for
the next phase of market development.

Q3 GDP growth hit 8.2%, Southeast Asia's fastest, in line with the
government's 8% target.  Manufacturing momentum continued with total trade
through November exceeding US$839bn - exports were up 16.1%, resulting in a
trade surplus of US$20.5bn. Disbursed FDI  reached US$23.6bn (up 8.9%) -a
five-year high. Equity markets, however, took a bit of a breather. November
saw sentiment consolidate - liquidity normalised and investors reassessed
valuations. Vietnam continues to trade at an attractive valuation discount
relative to other emerging markets, particularly when viewed against its
growth profile and reform trajectory. Against this backdrop, VNH's portfolio
declined modestly during the month. After a strong year-to-date run, several
previously leading positions - particularly in banks and financial services -
experienced a period of consolidation, weighing on relative performance.
Despite the month's pullback, year-to-date performance remains positive.
Banking continues to be a key driver of returns, benefiting from structural
growth, improving asset quality and ongoing digitalisation. Consumer and
industrial exposures have also contributed meaningfully, reflecting Vietnam's
expanding middle class and sustained investment cycle. Relative
underperformance versus the broader index largely reflects our more selective
exposure to large-cap real estate names, where valuation discipline has
prevailed. Beyond performance, governance and transparency remain central to
VNH's investment approach. The portfolio's alignment with international
standards, including ongoing engagement around disclosure and sustainability,
continues to differentiate it within the Vietnam market and positions it well
as global investor scrutiny increases alongside the country's market upgrade.
As a PRI signatory, we achieved three 5-star scores in the latest Transparency
Report for Policy Governance & Strategy, Listed Equity, and
Confidence-Building. Vietnam enters the second half of the 2020s with a strong
hand - resilient growth, improving market infrastructure, and rising
credibility on the international stage. With liquidity recalibrating and
reforms making more of a difference, the environment increasingly favours
active management, selectivity and a long-term perspective. Season's greetings
to our investors!

For more information please contact:

Dynam Capital Limited

Craig
Martin
Tel: +84 28 3827 7590

 

info@dynamcapital.com (mailto:info@dynamcapital.com) |www.dynamcapital.com
(http://www.dynamcapital.com)

 

www.vietnamholding.com (http://www.vietnamholding.com/)

Cavendish Capital Markets Limited

Corporate Broker and Financial Advisor
                                 Tel: +44 20
7220 0500

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