REG - VietNam Holding Ltd - Interim Report
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RNS Number : 5515Y VietNam Holding Limited 30 March 2026
VIETNAM HOLDING LIMITED
("VNH" or the "Company")
(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 2025 to 31 December
2025.
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 ("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)
LEI2138006MNA9HTDYDJ975
Investment Manager - Dynam Capital, Ltd.
Craig Martin Tel.: +84 28 3827 7590
Corporate Broker - Cavendish Capital Markets Limited
Trading: Johnny Hewitson Tel: +44 20 7220 0558
Sales: Pauline Tribe Tel: +44 20 3772 0517
Corporate Finance: Tunga Chigovanyika Tel: +44 20 7397 1915
Company secretary & Administrator
Apex Fund and Corporate Services (Guernsey) Limited
Michael Mabaso-Mlilo Tel: +44 20 3530 3158
Contents
Chairman's Statement 1
Investment Manager's Report 3
Interim Report of the Directors 6
Statement of Directors' Responsibilities 11
Condensed Interim Unaudited Statement of Financial Position 12
Condensed Interim Unaudited Statement of Comprehensive Income 13
Condensed Interim Unaudited Statement of Changes in Equity 14
Condensed Interim Unaudited Statement of Cash Flows 15
Notes to the Condensed Interim Unaudited Financial Statements 16
Director Profiles 22
Key Parties 23
Chairman's Statement
Dear Shareholders,
I am pleased to present the Chairman's Statement for VietNam Holding Limited
(the "Company", "VNH" or the "Fund") covering the six-month period from 1 July
2025 to 31 December 2025.
The second half of 2025 was characterised by a gradual stabilisation in global
markets following the volatility caused by the tariff turmoil ignited by Trump
in April. Investor sentiment towards Emerging Markets improved modestly as
expectations of a weaker US dollar and lower global interest rates began to
re-enter portfolio construction discussions. Nevertheless, risk appetite
remained selective, and capital flows into Emerging Markets were uneven.
Vietnam saw sustained outflows from foreign investors, despite receiving the
much-awaited notice of an upgrade to secondary emerging market status from
FTSE Russell, after being waitlisted for seven years.
For Vietnam, the period was one of continued adjustment to a more complex
global trade environment. Following the sharp escalation in trade tensions
earlier in the year, the Vietnamese authorities continued their proactive
engagement with trading partners, particularly the United States. While
headline tariff levels remain higher than at the start of the year, markets
have taken comfort from greater clarity and from Vietnam's demonstrated
ability to negotiate pragmatically and defend its position as a key
manufacturing and export hub.
Despite these external challenges, the domestic economy remained remarkably
resilient. Structural reforms announced over the past year are now being
implemented, with a renewed emphasis on infrastructure investment,
administrative efficiency, and a more prominent role for the private sector in
driving economic growth. These reforms, which the Investment Manager has
described as Doi Moi 2.0, are intended to lift Vietnam's medium-term growth
trajectory and support the development of deeper and more efficient capital
markets.
The fourteenth Party Congress in Vietnam concluded in mid-January with a focus
on stability and control, with stability slightly trumping reform speed, but
indicating continued reform of capital markets and state-owned enterprises, as
well as the acceleration of infrastructure financing. As Vietnam heads into
its new Lunar New Year in mid-February (the year of the Horse), its economic
pace will likely start off at a canter, to test the going of the global
environment, before lengthening its stride into a gallop.
Fund Performance and Discount Management
During the period under review, the Company's Net Asset Value ("NAV") per
share rose by 10.8%, while the share price rose by 12.6%. The discount to NAV
narrowed slightly from 7.4% to 5.9% at 31 December 2025.
As shareholders will be aware, controlling the discount to NAV remains a key
priority for the Board. Following the volatility experienced earlier in the
year, the discount widened modestly across much of the UK investment trust
sector. I am pleased to report that the Fund continues to trade at one of the
narrowest discounts among its peers, reflecting both the Company's long-term
performance and the ongoing engagement with investors by the Investment
Manager.
During the period, the Board authorised selective share buybacks when
appropriate, while remaining mindful of the need to preserve flexibility ahead
of future growth opportunities. The Company's annual redemption mechanism
remains an important tool in providing liquidity and aligning shareholder
interests with long-term capital growth. During the period, the second annual
redemption window saw 18% of the Company's shares redeemed. Good liquidity in
the portfolio meant this was managed in a timely fashion and with little
distortion to the underlying portfolio.
Long-Term Track Record
Short-term performance fluctuations should be viewed in the context of the
Company's long-term track record. Over the past five years, the Investment
Manager has delivered strong compound annual growth in NAV, significantly
outperforming both the Vietnamese equity market and the Company's listed
peers. This consistency underpins our confidence in the Investment Manager's
disciplined, bottom-up approach. This performance was recognised by the UK
Investor Magazine, which named VNH as the best single-country fund in Emerging
Markets.
ESG and Stewardship
The Fund continues to be a leader in responsible investing in Vietnam. The
Company's long-standing commitment to ESG integration remains central to the
investment process and to our stewardship responsibilities. The Board is
encouraged by the continued recognition of these efforts and by the Investment
Manager's ongoing engagement with portfolio companies on governance,
sustainability, and social impact.
Outlook
The Investment Manager refers to the post-period conflict in Iran. This is a
reminder of the vulnerability of the global economy to geopolitical shocks.
The Board and the Manager remain vigilant regarding the impact that a
prolonged war could have on energy prices, and the transmission of these
increased prices into the economic growth picture for Vietnam.
Looking ahead, we remain constructive on Vietnam's long-term prospects.
Economic growth remains among the highest globally, and the government's
ambition to accelerate development through structural reform, infrastructure
investment, and capital-market modernisation is clear. The recent upgrade to
market infrastructure and the ongoing dialogue with international index
providers could prove to be important catalysts in the period ahead.
As the Company approaches its twentieth anniversary in June 2026, we believe
the Fund is well-positioned to benefit from the next phase of Vietnam's
economic development. On behalf of the Board, I would like to thank
shareholders for their continued support and confidence.
Yours sincerely,
Hiroshi Funaki
Chairman
Investment Manager's Report
As the Chairman notes, the second half of 2025 marked a period of
consolidation for Vietnam's equity market following the sharp volatility
experienced earlier in the year. While global trade tensions and higher tariff
regimes continued to weigh on sentiment, the domestic economic backdrop
remained resilient, supported by strong public investment and ongoing
structural reforms.
Macro Overview
Vietnam ended 2025 in the right direction. For a start, it achieved its 8% GDP
growth target for the year - the highest rate in Southeast Asia, well ahead of
estimations for Indonesia (4.9%), Thailand (2.4%), the Philippines (6.1%) and
indeed the US (2.5%) and China (5%). Vietnam's outperformance was particularly
notable given the trade-war uncertainties that emerged earlier in April, when
Trump threatened import duties across the world, including a 46% tariff on
Vietnamese goods in April. Vietnam's successful negotiation of this (down to
20% by July), combined with continued strong Foreign Direct Investment ("FDI")
inflows and manufacturing momentum (trade surplus of USD 20bn), demonstrated
the country's policy agility and economic resilience in today's volatile
global environment.
Now, Vietnam's government has set an ambitious 10% growth target for 2026. If
its macro stats for December say anything, Vietnam continues to move in that
direction: with its PMI at 53 - ahead of most developed and emerging markets
globally - exports up 17% for the year, and FDI reaching a five-year high of
USD 27.6bn. The country's administration reform - Doi Moi 2.0 - is setting a
solid foundation, with clear results in stronger public investment (hitting
USD 30.5bn, 83.7% of target) and accelerated infrastructure development.
FDI remained resilient despite global uncertainty. While some multinational
manufacturers delayed expansion decisions pending greater clarity on trade
conditions, Vietnam's position as a China-plus-one manufacturing hub remains
intact. Over the medium term, diversification of supply chains and Vietnam's
improving investment environment continue to support inbound capital.
Inflation remained contained, and monetary policy remained accommodative,
providing a supportive backdrop for corporate earnings and credit growth.
Equity Market Dynamics
As noted in previous reports, the Vietnamese equity market remains heavily
influenced by a large and active domestic investor base. The 12 million or so
domestic retail investors create a lively market that averages about USD 1.2
billion in daily trading volume, making it the most liquid stock market in
Southeast Asia. At times during the six-month reporting period, daily volumes
hit record levels of USD 2 billion. During this time, domestic flows remained
focused on a relatively narrow group of index constituents, while foreign
investors continued to be net sellers, particularly in more liquid blue-chip
stocks.
This bifurcation continued to affect relative performance. Several
high-quality companies held in the portfolio traded at historically
undemanding valuations despite sound fundamentals, reinforcing our conviction
in a disciplined, bottom-up approach.
The VN-Index ended the year near all-time highs, but returns were anything but
evenly distributed. A handful of mega-caps captured most of the gains while
many healthy, mid-sized companies saw their shares consolidate despite sound
business fundamentals.
Portfolio Positioning and Performance
During the period, portfolio performance was driven primarily by
stock-specific factors rather than macro trends. The Fund maintained a focus
on domestically oriented businesses with strong governance, pricing power, and
balance-sheet strength.
The banking sector remained a core allocation. Credit growth expectations
improved towards the end of the year, while asset quality remained stable. Our
selected bank holdings continued to outperform the broader sector, reflecting
their strong franchise quality and disciplined risk management.
In the consumer and retail sectors, we continued to position the portfolio to
benefit from rising incomes and the formalisation of consumption as Vietnam's
economy matures. While short-term sentiment remained volatile, we believe
these businesses are well placed to deliver sustainable earnings growth over
the medium term.
We continued to manage exposure to sectors and companies where valuation
discipline and governance considerations warrant caution, including highly
leveraged conglomerate structures.
Key contributors to the portfolios 16% NAV gain included Vinhomes ("VHM") with
a 20.9% gain, driven by announcements of major residential project launches
and its parent company Vingroup's expanding role in national infrastructure
initiatives. Our top-holding Mobile World Group ("MWG") gained 11%,
demonstrating the ongoing strength of Vietnam's consumer sector as retail
sales rebounded to 9.8% growth in December following weather-related
disruption in November.
Banking positions also contributed positively. MB Bank rose 9.1% and
VietinBank added 5.8%, showing the sector's strong performance following 19%
growth across the system in 2025. These gains illustrated the growing strength
of Vietnam's financial sector, as banks continued to benefit from robust
lending activity and improving asset-quality metrics.
However, performance in the real estate sector during the period also
highlighted the challenges of navigating a market where performance became
increasingly concentrated among the very largest names. Several mid-sized
property developers in the portfolio declined as investor attention and
liquidity gravitated toward mega-cap stocks. This wasn't a reflection of
deteriorating fundamentals in Vietnam's residential property market, which is
expected to broaden significantly in 2026 with increased supply in affordable
segments. Instead, it showed how market dynamics can temporarily disconnect
from underlying business performance when trading flows concentrate heavily.
The concentration effect extended to the broader index. Vingroup ("VIC") rose
254.8% in the period, and given its substantial index weight, this single
stock accounted for a disproportionate share of headline returns. VNH has
maintained a measured position in the Vincom group of companies, prioritising
companies with clearer earnings visibility and more attractive valuations.
While this positioning weighed on relative performance, it reflects the Fund's
discipline around sustainable, risk-adjusted returns rather than short-term
index tracking.
For the full year, VNH's NAV per share rose 5.9%. Banking was the strongest
contributor, with positions in MB Bank, VPBank, Sacombank, Techcombank, and
ACB all delivering positive returns. Consumer holdings, led by MWG, and
industrial positions like Hoa Phat Group ("HPG") also contributed
meaningfully. Property developers including NLG, KDH, and HDG were the main
detractors.
The Fund ended 2025 with 75.6% allocated to large-caps above USD 1bn,
reflecting adaptation to market realities while maintaining conviction in
Vietnam's structural story. Top holdings MWG (10.0%), MB Bank (8.5%), and HPG
(7.4%) offer scale, competitive advantages, and solid balance sheets. The
portfolio trades at 9.5x forward earnings with an estimated 18% earnings per
share growth forecast for 2026.
Portfolio Adjustments
There were no changes to the investment policy during the period. Portfolio
adjustments were incremental and focused on rebalancing positions where
valuation or risk-reward dynamics had shifted. The Fund remains concentrated
across 25 companies, with the top-ten accounting for around 64% of Net Asset
Value. The largest position - MWG - accounts for 10% of the portfolio.
ESG Integration
ESG considerations remain fully integrated into our investment process.
Engagement with portfolio companies continued throughout the period, with a
focus on governance standards, disclosure quality, and climate-transition
readiness. Vietnam remains highly exposed to climate-related risks, and we
continue to prioritise investments in companies that demonstrate awareness and
preparedness for these challenges. We are pleased to report year-by-year
improvements in the ESG ratings of our top holdings.
Outlook
Vietnam's macro picture for 2026 is already proving compelling. Manufacturing
remains in expansion mode, and inflation continues to be relatively under
control at 3.3%. These aren't cherry-picked numbers - they're the fundamentals
of an economy firing on multiple cylinders. Additionally, underlying market
earnings growth will continue to be a key driver of Vietnam's equity
performance, which is estimated to have grown by around 20% in 2025,
considering the strong bank profitability, manufacturing momentum, and
recovering consumption.
To meet the 10% growth target for 2026, Vietnam will need to shift gears from
cost-competitive manufacturing toward higher-value, innovation-driven sectors.
Credit growth is expected to moderate to 15% (still robust), the property
sector should broaden beyond mega-caps, and the FTSE reclassification on 21
September 2026 will bring fresh capital flows and better market
infrastructure. But what matters most is Vietnam's ongoing transformation:
deeper capital markets, enhanced governance, rising domestic consumption, and
a manufacturing base that's proven remarkably resilient considering the global
geopolitical uncertainties that have become the norm.
The recent escalation of the Iran conflict has introduced a renewed external
shock to global energy markets, with oil prices rising sharply and supply
routes through the Straits of Hormuz disrupted. This has transmitted into
Vietnam primarily via higher fuel costs, logistics expenses, and inflationary
pressures, with domestic gasoline prices and aviation fuel prices rising
materially since the onset of the conflict. While Vietnam remains relatively
resilient, supported by stable domestic supply (including a substantial amount
of energy demand met through hydropower and renewable energy sources) and
policy flexibility, the economy is nevertheless exposed as a net energy
importer, and elevated oil prices could modestly dampen GDP growth and
corporate margins. More broadly, the second and third order effects of weaker
global demand and higher transportation costs may weigh on export growth. That
said, we view these impacts as cyclical and temporary rather than structural
and permanent. Vietnam's underlying growth drivers: industrialisation,
domestic consumption, and supply chain diversification, remain firmly intact.
Vietnam's relatively narrow market concentration means its index can be driven
by a small number of large stocks. As active managers, we see both challenges
and opportunities. VNH remains positioned for Vietnam's structural growth
while maintaining discipline around valuations and liquidity - factors that
matter over full market cycles, not just single months.
The modernisation of market infrastructure and ongoing reforms aimed at
deepening capital markets are important steps towards improving liquidity,
transparency, and foreign investor participation. Against this backdrop, we
believe that periods of market volatility continue to create attractive
opportunities to invest in high-quality Vietnamese companies at compelling
valuations.
Our strategy remains unchanged: to invest with discipline in well-governed
businesses that can compound value over the long term. We believe this
approach positions the Company well as Vietnam enters the next phase of its
economic development. We thank investors and the Board for their support and
trust.
Dynam Capital, Ltd
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 2025 to 31 December 2025
(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.
Any material change to the investment policy will only be made with the
approval of Shareholders by ordinary resolution.
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
Despite receiving notice of an upgrade to secondary emerging market status
from FTSE Russell, which, subject to a review in March 2026 would see Vietnam
classified as a Secondary Emerging Market by FTSE Russell by October 2026,
Vietnam is still classified as a Frontier Market by MSCI, and the timetable
for any further 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.
Currency Risk
The Company is exposed to currency risk arising from its investments
denominated in Vietnamese Dong ("VND"), while its functional and reporting
currency is the US Dollar ("USD"). A potential devaluation of the VND by the
State Bank of Vietnam ("SBV") intended to enhance export competitiveness or
respond to depreciation pressures from regional currencies such as the Chinese
Yuan ("CNY") could negatively impact the value of the Company's portfolio.
Specifically, a weaker VND would reduce the USD-equivalent value of
investments held in local currency, resulting in unrealised foreign exchange
losses. Additionally, the cost of imports for portfolio companies may rise,
potentially affecting their profitability and valuation.
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 second Redemption Point
was on 30 September 2025 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.
The Company is required to make a report ("the Report") available to all
participants and this is currently being prepared. Once finalised, the Report
will be made available by electronic communication and be available on the
Company's website accessible to relevant participants and HMRC. An RNS
announcement will be made as soon as the Report has been posted.
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.
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 12 to 21.
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 2025 and 30 June 2025, the interests of the Directors in
shares of the Company were as follows:
Shares held Shares held
as at 31 December 2025 as at 30 June 2025
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
27 March
2026 27
March 2026
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
27 March 2026 27
March 2026
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
2025
Unaudited Audited
As at 31.12.25 As at 30.06.25
Notes USD USD
Assets
Non-current assets
Investments at fair value through profit or loss 7 99,831,612 113,668,414
Total non-current assets 99,831,612 113,668,414
Current assets
Cash and cash equivalents 5,749,567 4,524,725
Accrued dividends and interest - 71,944
Receivables on sale of investments 2,075,700 175,246
Total current assets 7,825,267 4,771,915
Total assets 107,656,879 118,440,329
Equity
Share capital 4 167,230,519 167,230,519
Reserve for own shares (217,313,887) (192,544,450)
Retained earnings 156,517,441 142,936,733
Total equity 106,434,073 117,622,802
Liabilities
Payables on purchase of investments 1,001,725 596,605
Accrued expenses 221,081 220,922
Total liabilities 1,222,806 817,527
Total equity and liabilities 107,656,879 118,440,329
The Condensed Interim Unaudited Financial Statements on pages 12 to 21 were
approved by the Board of Directors on 27 March 2026 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 16 to 21 form an integral part of these
financial statements.
Condensed Interim Unaudited Statement of Comprehensive Income
Notes Unaudited Unaudited
01.07.25 - 01.07.24 -
31.12.25 31.12.24
Dividend income from investments at fair value through profit or loss 925,708 887,696
Net gain from investments at fair value through profit or loss 5 14,683,816 3,908,936
Interest income 25,298 23,466
Net foreign exchange loss (37,304) (109,289)
Net investment income 15,597,518 4,710,809
Investment management fees 6 1,058,751 1,165,317
Directors' fees and expenses 6 167,493 150,099
Administrative and accounting fees 116,235 117,816
Custodian fees 54,444 63,519
Audit fees 47,770 42,631
Other expenses 572,117 493,280
Total operating expenses 2,016,810 2,032,662
Other comprehensive income - -
Total comprehensive income for the period 13,580,708 2,678,147
Basic and diluted earnings per share USD 0.62 USD 0.10
The accompanying notes on pages 16 to 21 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 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
Transactions in shares
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
Balance at 1 July 2025 167,230,519 (192,544,450) 142,936,733 117,622,802
Total comprehensive income for the period
Change in net assets attributable to shareholders - - 13,580,708 13,580,708
- - 13,580,708 13,580,708
Transactions in shares
Repurchase of own shares (note 4) - (523,749) - (523,749)
Redemption of ordinary shares (note 4) - (24,245,688) - (24,245,688)
- (24,769,437) - (24,769,437)
Balance at 31 December 2025 167,230,519 (217,313,887) 156,517,441 106,434,073
The accompanying notes on pages 16 to 21 form an integral part of these
financial statements.
Condensed Interim Unaudited Statement of Cash Flows
Unaudited Unaudited
01.07.25 - 01.07.24 -
31.12.25 31.12.24
USD USD
Cash flows from operating activities
Total comprehensive income for the period 13,580,708 2,678,147
Adjustments to reconcile total comprehensive income to net cash from operating
activities:
Dividend income (925,708) (887,696)
Net gain from investments at fair value through profit or loss (14,683,816) (3,908,936)
Purchase of investments (38,500,085) (21,766,183)
Proceeds from sale of investments 67,425,823 41,420,028
Net foreign exchange loss 37,304 109,289
(Increase)/ decrease in receivables on sale of investments (1,900,454) 2,451,845
(Increase) in other receivables - (155,236)
Increase/ (decrease) in accrued expenses 159 (61,201)
Dividends received 997,652 961,493
Net cash from operating activities 26,031,583 20,841,550
Cash flows used in financing activities
Issuance of ordinary shares - 521,566
Repurchase of own shares (523,749) (944,824)
Redemption of ordinary shares (24,245,688) (17,948,356)
Net cash used in financing activities (24,769,437) (18,371,614)
Net increase in cash and cash equivalents 1,262,146 2,469,936
Cash and cash equivalents at beginning of the period 4,524,725 2,894,425
Effect of exchange rate fluctuations on cash held (37,304) (109,289)
Cash and cash equivalents at end of the period 5,749,567 5,255,072
The accompanying notes on pages 16 to 21 form an integral part of these
financial statements.
Notes to the Condensed Interim Unaudited Financial Statements
For the six-month period from 1 July 2025 to 31 December 2025
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.
Apex Fund and Corporate Services (Guernsey) Limited is the Company's
administrator.
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 2025 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 2025.
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 2025 and 30 June 2025.
All of the Company's investment income can be attributed to Vietnam for the
periods ended 31 December 2025 and 31 December 2024.
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.
Holders of ordinary shares are entitled to attend, speak, and vote at general
meetings of the Company. Each ordinary share (excluding shares in treasury)
earns one vote.
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.
31.12.25 30.06.25
No. of shares No. of shares
Total shares issued and fully paid (after repurchases and cancellations) at 23,505,035 27,284,892
beginning of the period/year
Shares issued - 113,500
Shares cancellation - (246,505)
Shares held in the treasury (110,185) (235,104)
Shares redemption (4,198,773) (3,411,748)
19,196,077 23,505,035
Repurchased and reserved for own shares
At beginning of the period/year - -
During the period/year (4,308,958) (3,893,357)
Shares held in treasury 110,185 235,104
Shares cancellation 4,198,773 3,658,253
Total outstanding ordinary shares with voting rights 19,196,077 23,505,035
The Company operates two distinct share repurchase policies. Under the annual
redemption facility, qualifying shareholders may redeem their shares at NAV,
with redeemed shares subsequently cancelled. Separately, the Company also
conducts market buybacks under its Share Buyback Policy.
As part of the introduction of the annual redemption facility, the final
number of ordinary shares validly tendered for redemption as at 31 December
2025 was 4,198,773 shares.
As a result, as at 31 December 2025 the Company has 19,196,077 (30 June 2025:
23,505,035) ordinary shares with voting rights in issue (excluding the shares
held in the treasury), and 110,185 (30 June 2025: 235,104) 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
31.12.25 31.12.24
USD USD
Realised gain on disposal of investments at fair value through profit or loss 18,119,834 2,574,896
Unrealised gain on investments at fair value through profit or loss (3,436,018) 1,334,040
14,683,816 3,908,936
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 2025 was USD 1,058,751 (period ended 31 December 2024: USD
1,165,317). An amount of USD 153,160 (30 June 2025: USD 164,372) was
outstanding as at 31 December 2025.
.
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 (2024: 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 2025 for the Directors fees were USD 129,179 (period
ended 31 December 2024: USD 126,907) and expenses were USD 38,314 (period
ended 31 December 2024: USD 23,192).
As at 31 December 2025, USD 17,984 (30 June 2025: USD nil) of Directors' fees
were outstanding.
Directors' ownership of shares
As at 31 December 2025, Directors held 34,964 ordinary shares in the Company
(30 June 2025: 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 31.12.25
Financial assets classified at fair value upon initial recognition
Investments in securities 99,831,612 - - 99,831,612
As at 30.06.25
Financial assets classified at fair value upon initial recognition
Investments in securities 113,668,414 - - 113,668,414
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 2025
was based on the change in net assets attributable to ordinary shareholders of
USD 13,580,708 (period ended 31 December 2024: USD 2,678,147) and the weighted
average number of shares outstanding of 21,736,211 (period ended 31 December
2024: 25,970,915).
9. Subsequent Events
From 1 January 2026 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 and is Chairman of FIM Holdings Limited. He is
a Fellow of the Corporate Governance Institute (formerly the Institute of
Chartered Secretaries and Administrators) and holds directorships in 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 10 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 Co-founder and
Vice-Chair of the Vietnam International Safe Labour Alliance, a Vice-Chair of
the European Chamber of Commerce's Women in Business Committee, and Chair of
the Aquitara Philanthropic Fund, which empowers sustainable livelihoods for
Agent Orange victims and their families. She has a BA from the University of
Michigan and MPA from New York University.
Key Parties
Directors Auditor
Mr. Hiroshi Funaki KPMG Audit 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
St Peter Port One Bartholomew Close
Guernsey London
GY1 2HL EC1A 7BL
(Nominated Adviser (AIM) until transference to LSE Main Market)
Sub-Administrator, Registrar
Custodian and Principal Bankers Computershare Investor Services (Guernsey) Limited
Standard Chartered Bank (Singapore) Limited 1st Floor, Tudor House
7 Changi Business Park Crescent Le Bordage
Level 3, Securities Services St Peter Port
Singapore 486028 Guernsey
GY1 1DB
UK Legal Adviser
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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