Title: URL Source: https://is.gd/vHdNmI Published Time: Thu, 08 May 2025 14:04:43 GMT Markdown Content: 31 March 202 5 Vietnam Holding NAV -2.7% -3.6% -1.4% 21.5% 9.7% 8.7% Vietnam All Share Index (VNAS) -0.4% 1.4% -7.4% 15.1% 7.6% 4.8% Shares Price NAV Discount / Premium Total Net Assets Shares in Issue Portfolio Managers Investment Manager Ticker Website 368.0 pence 390 .1 pence $5.048 -5.7% $1 18 .8m 24m Vu Quang Thinh Nguyen Hoang Thanh Craig Martin Dynam Capital VNH www.vietnamholding.com Number of Investments Median Portfolio Market Cap Foreign Ownership Limit Stocks* Thematic Exposure Industrialisation Domestic Consumption Urbanisation EPS Growth P/E Ratio Fund Overview Portfolio VietNam Hol di ng L td (V NH) is a cl os ed -e nd f und li s ted on the L ondon S tock Exc ha nge. V NH aim s to ac hiev e l ong -term ca pital appr eciati on by inves ti ng in hig h -gr owth com pa nie s in Vie tnam. I t ha s an ac tivel y manag ed, high c onvic ti on portf oli o wi th integrate d ESG. C ore i nv es tme nt theme s are dom es tic c ons umpti on, indus trialisa ti on a nd ur bani za tion. > Source: Bloomberg, Dynam Capital Ltd. Data for VNAS Total Return (including dividends) is available after 24 July 2015. For consistency, figures refle ct the respective simple index and not total return. Total return adds 2 -3% to > annual index performance reflecting the index divid end yield. Manager Commentary : Trump’s tariff remix The dogs of war Fewer snakes, more ladders S’s Manager – Dynam Capital | + 84 28 38277 590 | info@dynamcapital.com | www.dynamcapital.com Corporate Broker – Cavendish Capital Markets Limited | + 44 207 220 0500 | ptribe@cavendish.com Investor Engagement – RMS Partners | + 44 203 735 6551 | simon.courtenay@rmspartners.co.uk 23 $1, 287 m 16.0 % 29 % 17% 6% 202 5F 20 .0% 9.6 202 4 25.9% 11.7 > *Percentage of portfolio in stocks at their Foreign Ownership Limits Performance USD (%) 1 Month Year -to -date 3 Year (CAGR) 5 Year (CAGR) 10 Year (CAGR) 15 Year (CAGR) As Vietnam prepares to mark its own Liberation Day on April 30th, commemorating 50 years since the reunification of North and South, it won’t just be honouring its past; it will also be celebrating its place in a changing world order. It is Vietnam's most significant national holiday, symbolising its resilience, independence, and transformation into the emerging economic force it is today. Indeed, even as Trump was setting another volatile tempo for global markets with his American "Liberation Day" speech, Vietnam's GDP growth rate managed to reach 6.93% in the first quarter of 2025, marking the highest growth rate for a first quarter during the 2020 –2025 period. With its manufacturing PMI rising to 50.5 in March, Vietnam’s economy is staying on track for meeting the government’s ambitious 8% GDP growth target for 2025, despite tariff -gate. While the reciprocal tariff announcement weighed heavily on markets in Asia, especially for exporters to the US, like Vietnam, the Vietnamese government had been preparing for different scenarios and responded diplomatically by sending trade envoys to Wash ington to seek a stronger bilateral trade agreement. Apart from reinforcing its strategic partnership with the US —US$36 bn in trade agreements on agriculture, aircraft, and automobiles are being negotiated and expected to be signed —it also carried on with policies to incentivise the onshoring of high -value manufacturing and enhance cooperation with other key trading partners, old and new. Prime Minister Pham Minh Chinh recently issued a directive to focus on free trade negotiations with India, the Middle East, Latin America, Central Asia and Eastern Europe. Vietnam is committed to its growth targets for the next decade, given its proactive measures for reducing bureaucracy, diversifying its economy, and encouraging private sector development. Additionally, as the trade war rhetoric between the US and China amplifies uncertainties, tech suppliers still consider Vietnam as a promising China -plus -one alternative as they accelerate supplier realignment strategies. Vietnam ha s a tech -savvy population and a government that support s digital transformation. In this regard, Trump’s daily remarks didn’t stop sustained foreign direct investment (FDI) flows into Vietnam in March — the government had already been making strides to progress its legal framework for FDIs, including streamlining licensing procedures and promoting transparency. It As for Vietnam’s stock market, it made moderate gains in March, buoyed mainly by the country’s booming tourism sector. VNH finished March underweight in export -related sectors and has since rebalanced its portfolio to protect against tariff risks by increasing cash, investing more in certain retail, IT, and bank stocks, reducing some logistics stocks . The portfolio is currently strategically overweight domestically orientated companies, while our long -term conviction in opportunities for domestic consumptio n, digitalisation, urbanisation, and industrialisation remains intact. Vietnam’s equity markets have recovered strongly since Trump’s 90 -day pause announcement and are trading at attractive valuations not seen in two decades. The key approach for us will be to continue to invest in quality, long -term compounding stocks that c an benefit from Vietnam’s evolving economic growth story. Vietnam Holding has outperformed the Vietnam All Share Index (VNAS) for fifteen years. The monthly and year -to -date underperforma nce are function of a bifurcated market. Foreign investors have been net -selling Vietnam and other emerging market equities for more than 12 months, pulling down valuations in certain high conviction large -cap stocks to single -digit P/E ratios . The 9 million domestic retail investors have been allocating more to certain key index stocks which we are intentionally underweight in. In the mid and long -term we are confident of our stock picking and portfolio construction approach. The portfolio is on a single -digit P/E ratio , with forecast earnings per share growth of 20% . Once clarity on tariffs and greater certainty returns to markets, we expect to see our strategy perform robustly. We are grateful for the support of our shareholders and seek to keep people updated regularly. The interim results were published in March ( see link ), and we hosted a recent webinar on the LSE to provide an update to investors on tariff responses from both VNH and the Vietnam government (see link ). 31 March 202 5 FPT Corp Techcom Bank Mobile World Corp Asia Commercial Bank MB Bank Hoa Phat Group Sacom Bank Sai Gon VRG Investment FPT Digital Retail Phu Nhuan Jewelry Top 10 Investments This factsheet is prepared on behalf of Vietnam Holding Ltd. (the “Fund”) by Dynam Capital Limited, and is solely communicated to, and directed only at persons who are investment professionals, high net worth companies or others who are entitled to be given the factsheet under the law of the jurisdiction in which it i s given. Persons re ceiving this factsheet should note that past performance is no guide to the future and, in particular, that the past returns of the Vietnamese stock market, or of compani es listed on it, are no guarantee of the future returns of Vietnam Holding. This facts heet and the information contained herein must not be acted on or relied on for any purpose whatsoever. This factsheet is str ictly confidential and may not be copied or distributed or passed on by recipient. No understanding representation or warranty or o ther assurance, express or implied, is made or given by any person to the accuracy, fairness or completeness of the information or opinions contained in this factsheet and no responsibility or liability is accepted for an y such information or opinions. It is the responsibility of every person reading this document to satisfy themselves as to the full observance of the laws of any relevant country, including obtainin g any government or other consent which may be required or observing any other formality whic h needs to be observed in that country. Structure Listed Ticker ISIN BIC Code Launch NAV Frequency Redemption facility Management Fee (w.e.f 1 st Nov 2020) Administrator Custodian Closed -end Fund London Stock Exchange VNH GG00BJQZ9H10 SCBLSGSG 30 June 2006 Daily Annual facility (w.e.f Sep 2024) 1.75% on NAV below $300m 1.50% on NAV $300 -600m 1.00% on NAV above $600m Apex Group (Guernsey) Standard Chartered Bank Disclaimer 9.8 8.7 8.2 7. 3 7.3 6.1 5.6 4.6 4. 3 4. 0 -11.7% 5.5% 2.5% -0.3% 3.8% -3.1% -0.1% 0.5 % -7.7% -12.8 % Manager Comment NAV % % +/ - 65.6Total NAV Performance Sector Weights Fund Information 2M25 revenue USD 409mn (+16.4% YoY), PBT USD 74mn (+20.3% YoY). Strong growth in overseas IT services (+20.9% YoY). 2025PE of 19.2x TCB se t 2025 PBT target at USD 1 ,231mn, up 14 .4% YoY , driven by an assigned credit growth quota of 16.4% YoY. 2025 PB 1.2x 2M25 net sales were s trong at USD970m (up 14 % YoY). All chains in the group delivered double -digit growth. 2025 PE of 17x ACB set 2025 PBT target at USD 899mn, up 9 .5% YoY on the back of credit growth of 16 % -18% YoY. 2025 PB 1.2x MBB se t 2025 PBT target at USD 1 ,240mn, up 10% YoY, bolstered by credit growth of 23.7% YoY. 2025 PB 1.1x Strong volume growth suppor t s 2025’s revenue and net profit target of USD 6.65bn (+21% YoY) and USD 0.58bn (+24.7% YoY). 2025PE of 10 .4x STB se t 2025 PBT target at USD 569mn, an increas e of 15% YoY, driven by credit growth of 14% YoY. 2025 PB 1.1x The management set a modest business plan for 2025 with a ne t profit of USD32.5mn, up 5 % vs 2024’s plan. 2025PE of 14.4x Its pharmacy chain ( Long Chau ) has opened 79 new stores YTD, in line with growth expectations . 2025 PE of 38 .0 x PNJ se t disappointing and conservative targe ts of USD1 .2 bn in total sales ( -17% YoY ) and USD78m in net profit ( -7.3% YoY ). 2025 PE of 11x -40% 0% 40% 80% 120% 160% 200% Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 NAV per share (USD) Vietnam All Share Index (USD) 37% 17% 12% 11% 10% 8% 1% 1% 0% 3% Banks Retail Industrial Goods and Services Real Estate Telecommunications Financial Services Energy Construction and Materials Utilities Cash