REG - VietNam Holding Ltd - Monthly Investor Report

VietNam HoldingAnnouncement

24/02/2026 07:02

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RNS Number : 1291U  VietNam Holding Limited  24 February 2026

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

Monthly Investor Report

A report detailing the activities of the Company for the month of January 2026
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/banpcte2/vnh-investor-report-january-2026.pdf)
and a summary of the report is included below.

Manager Commentary: Full Stride Ahead

As Vietnam welcomed the lunar new year with fireworks and optimism, its
economy celebrated a familiar theme as it entered 2026. January's data showed
that the country's growth momentum is carrying forward - trade activity
accelerated, factory output expanded, and domestic consumption held up well
despite the usual seasonal distortions around Tết Nguyên Đán, which
translates to The Festival of the First Morning of the First Day. Rather than
marking a reset for the Year of the Horse, the start of 2026 felt like a
continuation, where the country's economic engines are increasingly
synchronised and gaining efficiency as they move into the next phase of
growth. Export growth reached 29.7% Year-on-Year (YoY) in January, while
imports surged 49.2%, reflecting robust industrial input demand and
pre-holiday stocking. Electronics, machinery and phones continued to lead
export growth, underscoring Vietnam's ability to adapt supply chains and
production processes in response to an evolving global trade environment.
Factory conditions reinforced this picture. Vietnam's PMI stood at 52.5 in
January, firmly in expansionary territory. Productivity continued to improve
as manufacturers adjusted their sourcing, logistics and pricing strategies to
protect margins and maintain competitiveness. The response to tariff
uncertainty has not been retrenchment but adaptation - with efficiency gains
increasingly visible on the factories' floors. Domestic demand also remained a
stabilising force. Retail sales rose 9.3% YoY, supported by festive spending
and a steadily expanding base of digitally enabled consumers. Rising incomes,
employment stability and a wider adoption of cashless payments continue to
underpin household spending beyond the holiday period. Currency conditions
added another layer of stability. The Vietnamese Dong appreciated
approximately 1.3% against the US dollar year-to-date, supported by capital
inflows and manageable external balances. While domestic interest rates have
edged higher in response to stronger credit demand, financial conditions
overall remain orderly. As for the equity markets, they entered 2026 digesting
last year's extremes. Liquidity averaged approximately US$1.1bn per day in
January, healthy by regional standards, but the index narrative shifted
materially. Vingroup (VIC), which had risen roughly 700% during 2025,
corrected during the month.

VNH does not hold VIC on fundamental valuation grounds. That said, Vingroup's
electric vehicle subsidiary continues to expand aggressively, targeting
300,000 vehicle sales this year, while battery swap stations for electric
motorbikes are becoming increasingly visible across Ho Chi Minh City - a
tangible sign that companies and consumers are taking the energy transition
seriously. January also saw renewed interest in select state-owned enterprise
stocks following the government's issuance of Resolution 79/NQ-CP, which
heightened expectations of reform momentum and capital market development.
This shift contributed to sector rotation within the index.  Against this
backdrop, VNH delivered a powerful start to 2026. The Fund's NAV per share
rose 4.9% during January, materially outperforming both the VNAS and VNASTR
indices, which gained approximately 0.4%. Performance was driven by our
structural tilt toward domestic consumption and financial intermediation.
Retail holdings, now around 18% of the portfolio, contributed meaningfully:
MWG advanced 6.5%, while PNJ surged 34%, reflecting both robust festive demand
and company-specific operational strength. Banking positions also performed
well, with MB Bank rising 9.0% and VietinBank nearly 10%. Our exposure to
banks with strong consumer franchises and digital capabilities continues to
reflect our conviction in Vietnam's deepening financial services sector. MB
Bank's ambition to reach 35 million digital banking accounts illustrates the
scale of the domestic opportunity.  Valuations remain compelling. VNH trades
at forward price-to-earnings multiples below broader market indices, while
earnings growth is expected to remain robust. We have modestly increased
exposure to larger-cap, higher-liquidity names where valuation discipline
aligns with structural growth.

The symbolism around this year's Tết feels ever so appropriate. In
Vietnamese culture, the horse represents endurance, discipline and sustained
progress - strength applied with direction. January's data reflects much the
same: growth continues, productivity is improving, domestic demand is
broadening, and capital inflows remain steady. Vietnam begins the new lunar
year not at a gallop, but in stride, and that is precisely what we as
long-term investors want to see.

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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