REG - VietNam Holding Ltd - Monthly Investor Report

VietNam HoldingAnnouncement

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RNS Number : 5454E  VietNam Holding Limited  23 October 2025

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

Monthly Investor Report

A report detailing the activities of the Company for the month of September
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/c1vac32b/vnh-investor-report-september-2025.pdf)
and a summary of the report is included below.

Manager Commentary: 'We're going up, up, up, it's our moment.. gonna be, gonna
be Golden'

Like the singers in the Netflix hit 'KPop Demon Hunters', Vietnam has
officially struck a new chord on the global stage. On 7 October, FTSE Russell
confirmed the long-awaited upgrade of Vietnam's stock market from Frontier to
Secondary Emerging Market status - a milestone that cements years of steady
reform and growing investor confidence. The reclassification, which will take
effect in September 2026 and is subject to a final review in March, signals to
the world that Vietnam's markets are now ready to be part of the mainstream
global investment landscape. The Financial Times hailed the move as "a turning
point for Asia's newest growth engine", while Reuters described it as "a clear
sign that Vietnam's reforms are paying off". David Sol, FTSE Russell's Global
Head of Policy, said the decision "reflects the implementation of key market
infrastructure enhancements" - most notably, the removal of pre-funding
requirements for foreign investors and the launch of the KRX trading system.
These steps, long requested by global institutions, demonstrate Vietnam's
commitment to accessibility, liquidity, and governance. For policymakers, the
upgrade is also a vindication. Vietnam's Minister of Finance, Nguyen Van
Thang, called it "clear evidence of the country's sound development path and
its growing capacity to integrate deeply into the global financial system".

Analysts now estimate that the new status could attract US$4-10bn of portfolio
inflows over the next 12-18 months, with some projecting up to US$25bn in
cumulative capital by 2030. Beyond the numbers, it signals a structural shift,
as Vietnam is no longer merely a promising story but a recognised emerging
market. The macro picture continues to underpin this optimism. Vietnam remains
on track to meet its 8% GDP growth target for 2025, after expanding by 6.93%
in Q1, 7.96% in Q2, and an estimated 8.23% in Q3 2025, the fastest pace in
over a decade. Exports have remained robust, led by electronics and
agricultural goods, while FDI disbursements rose 8.5% year-on-year to US18.8bn
in the first nine months. The government's US$36bn public-investment programme
continues to anchor infrastructure growth, complemented by strong momentum in
the construction and industrial sectors, which have benefitted from both
fiscal support and policy continuity.

The new International Financial Centre (IFC) framework, launched in September
and focusing on Ho Chi Minh City and Danang, adds another layer to Vietnam's
ambition. Designed to attract international capital and enhance regulatory
alignment, the IFC initiative mirrors the government's drive to deepen
financial and accelerate integration with global standards - all part of the
roadmap toward eventual MSCI Emerging Market inclusion.

As of the end of September, the Fund's NAV per share had risen 10.9%
year-to-date, supported by continued strength in banks, financials and the
recovering real estate sector. The banking sector remains central to
performance, both for its earnings growth and its leadership in
digitalisation. MBB, for example, continues to set the pace in digital banking
adoption, efficiency and customer reach. The Fund has also taken a prudent
approach to profit-taking in FPT, balancing its long-term conviction with
near-term caution amid the ongoing reshaping of the IT sector: rising
AI-driven disruption, softer US outsourcing demand, and regulatory uncertainty
following changes in FPT Telecom's ownership structure.

Domestic liquidity has touched record highs, making Vietnam's stock market the
most liquid in Southeast Asia (this also enabled the fund to readily meet the
17.9% annual redemption request).  The retail domestic flows, often driven by
mood and momentum rather than fundamentals, lead to periods of volatility.
Yet even with bouts of volatility, the broader direction of travel is
unmistakably upward - supported by reform momentum, foreign interest, and
strong domestic participation. For long-term investors, this is a defining
moment. The FTSE Russell upgrade will broaden Vietnam's global investor base,
deepen liquidity and could trigger a re-rating of well-governed companies. The
fundamentals underpinning this shift are compelling: 8% GDP growth, US$18.8bn
in FDI disbursements, a US$36bn infrastructure programme, and now a formal
reclassification that signals Vietnam has moved from frontier promise to
emerging market reality. VNH's disciplined focus on earnings growth,
governance quality and market-leading franchises keeps it well positioned to
capture these structural gains as Vietnam's equity market shines forth into
the second half of the decade.

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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