REG - VietNam Holding Ltd - Monthly Investor Report

VietNam HoldingAnnouncement

24/11/2025 07:02

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RNS Number : 7006I  VietNam Holding Limited  24 November 2025

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

Monthly Investor Report

A report detailing the activities of the Company for the month of October 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/wxkklyrj/vnh-investor-report-october-2025.pdf)
 and a summary of the report is included below.

Manager Commentary: Stormy Weather

October brought severe weather to Vietnam, with floods persisting in early
November, sadly at the loss of 90 lives. While typhoons battered the country's
North and Central regions, easing retail sales growth down to 7.2% as
consumers stayed home, factories continued to operate. The country's
manufacturing sector delivered a strong performance. Vietnam's PMI surged to
54.4 - the highest reading among major economies and well ahead of China
(50.6), the EU (50), Japan (49.4), and Korea (48.2). The resilience of
Vietnam's industrial base, even in the face of natural disasters, underscores
the structural transformation taking hold across the economy. The export
engine continued to power Vietnam's growth story in October. Exports increased
18.2% Year-on-Year (YoY) for the first ten months of 2025 (10M2025), driving
the trade surplus to US$19.6bn for the same period. Computers and electronic
products led the charge with 47.9% growth, now representing 22.3% of total
exports and cementing Vietnam's position as a major centre in global tech
supply chains. Foreign Direct Investment (FDI) disbursements reached
US$21.3bn, up 8.8% YoY, while registered FDI of US$31.5bn (+15.6%) signals
undiminished confidence from multinationals in Vietnam's long-term trajectory.
Public investment disbursement hit approximately 70% of the annual target,
keeping infrastructure development firmly on track despite the challenging
conditions. These fundamentals underscore Vietnam's economic resilience amid
global trade. After months of strong gains, the VNIndex entered a
consolidation phase in late August that continued through October. VNH's NAV
per share declined 3.1% underperforming the VNAS Index's 0.7% dip. The banking
and financial sector, which comprises 38.1% of VNH's portfolio, was the main
driver of this lag, with key holdings MB Bank (MBB) falling 1.3% and Vietnam
Technological & Commercial Bank (TCB) down 6% for the month. Context
matters though, as these same banks have been instrumental in VNH's
year-to-date performance, with TCB up 41.6% and MBB up 39.5% through October.
Although market liquidity also fell, it still maintained a relatively high
level of US$1-1.2bn daily, well above historical averages and indicative of
sustained investor interest.

Valuation emerged as October's quiet theme. The VNIndex forward P/E of 15.9x
appears reasonable against an expected 24% earnings growth rate for 2025,
particularly when considered alongside the macro backdrop of 8% GDP growth, a
relatively stable currency (the VND depreciated just 3.2% in 10M2025 versus
steeper declines across emerging Asia), and a manufacturing sector operating
at full throttle. VNH trades at an undemanding 11.8x forward P/E with
double-digit earnings growth on the horizon, positioning the Fund attractively
for long-term investors.

VNH's portfolio positioning continues to reflect the key drivers of Vietnam's
development: banks (38.1%) financing industrialisation, real estate (18.1%)
capturing urbanisation, and retail (10.6%) positioned for domestic consumption
recovery as weather disruptions fade. High revenue and profit growth in Mobile
World Corp, the Fund's largest holding at 9.6%, demonstrates the resilience of
well-managed consumer franchises even during challenging periods, and yet at
attractive valuations of 13x PE and single-digit EV/Ebitda. The Fund's top ten
holdings represent 62.5% of NAV, reflecting high conviction in Vietnam's
structural growth themes.  Looking ahead, the Q3 earnings season and new
entrants to the main bourse through IPOs and re-listings will serve as
important milestones as 2025 draws to a close.

Vietnam's structural advantages - a young workforce, strategic geography,
business-friendly reforms, and sustained FDI inflows - remain intact. In the
end, while October's storms were both literal and metaphorical, they haven't
altered the fundamental investment case. VNH continues to hit high notes in
challenging conditions. Indeed, for 10M2025, the Fund has risen by 7.5% in
gross terms, demonstrating its ability to generate returns during periods of
market volatility without sacrificing investment discipline.

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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