REG - VietNam Holding Ltd - Monthly Investor Report

VietNam HoldingAnnouncement

Today 07:02

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260327:nRSa4251Ya&default-theme=true

RNS Number : 4251Y  VietNam Holding Limited  27 March 2026

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

Monthly Investor Report

A report detailing the activities of the Company for the month of February
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/scdphqhh/vnh-investor-report-february-2026.pdf)
and a summary of the report is included below.

Manager Commentary: Rough seas, resilient shores

February may be the shortest month of the year, but it packed in plenty of
movement across Vietnam's economy and equity markets. This time, however, the
backdrop mattered just as much as the data, as tensions escalated in the
Middle East toward month-end, pushing up energy prices and unsettling global
markets. Prior to the war in Iran, Vietnam's manufacturing activity remained
firmly in expansionary territory, with PMI at an impressive 54.3, outpacing
most major developed and regional peers. Electronics exports rose sharply,
reaching approximately US$18bn year-to-date and accounting for nearly a
quarter of total export value. Machinery, phones and industrial equipment all
posted double-digit growth, underscoring Vietnam's deepening integration into
global supply chains. Domestic demand continued to anchor growth. Retail sales
rose 8.5% YoY, supported by rising incomes and urbanisation. Inflation
remained contained, aided by a diversified energy mix and self-sufficiency in
key agricultural inputs, cushioning the impact of higher global oil prices.
Meanwhile, robust FDI inflows into manufacturing and technology sectors
highlighted sustained confidence in Vietnam as a supply chain alternative amid
geopolitical fragmentation. Progress toward FTSE emerging market
reclassification also continued, with a potential upgrade later this year
likely to drive liquidity and passive inflows.

The VN All-Share Index rose 2.4% during the month. For VNH, its NAV per share
increased by 0.4%. The modest underperformance versus the index was largely
attributable to our underweight position in Vingroup (VIC), reflecting our
continued preference for businesses with clearer earnings visibility and more
attractive valuation support. Within the portfolio, performance reflected this
emphasis on quality. Hoa Phat (HPG) rose 7.0%, supported by infrastructure
spending and construction demand. Our Banking holdings also delivered solid
gains: MB Bank advanced 4.3%, VPBank rose 2.9%, and Sacombank added 4.0%, as
the sector benefited from strong credit growth and improving asset quality.

Year-to-date, the Fund's NAV per share has risen 5.4%, comfortably ahead of
the broader market's 2.8% return. In addition to banking, contributions from
financial services - particularly brokerage positions such as Techcom
Securities and SSI Securities Corporation - and retail names including Mobile
World and Phu Nhuan Jewelry have supported performance. Our portfolio
positioning remains disciplined. We maintain an overweight in financial
services and retail, both leveraged to domestic consumption trends, while
remaining underweight in mega-cap conglomerates where valuations imply limited
margin for error. The portfolio currently trades at approximately 10x 2026
earnings, with a 17.9 percent earnings per share growth, providing a
meaningful valuation cushion.

Looking ahead, the global macro picture remains complex. Manufacturing
continues to expand, inflation is contained, and core growth drivers -
domestic consumption, foreign investment, and ongoing infrastructure
development - remain firmly in place. Credit growth is expected to moderate to
around 15% in 2026, still robust by most standards, while the property market
should gradually broaden beyond large-cap developers as affordable housing
supply improves. However, recent weeks have served a reminder that markets
rarely move in straight lines, particularly when geopolitical risks resonate.
Yet it also highlighted something more important: Vietnam has developed the
capacity to absorb external shocks with a level of stability that would have
been far less certain a decade ago. In a world where uncertainty is no longer
episodic but constant, that distinction matters. The ability to sustain growth
through disruption - rather than simply during calm periods - is what
ultimately defines long-term winners. For investors, this reinforces a simple
but often overlooked principle: resilience is not just a defensive trait, but
a compounding advantage. And in markets like Vietnam, where structural growth
remains intact, periods of volatility are less a reason to step back than an
opportunity to lean in.

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCAKOBKNBKKKNB



            Copyright 2019 Regulatory News Service, all rights reserved