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

Monthly Investor Report

A report detailing the activities of the Company for the month of April 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 and a summary of the report is included below.

Manager Commentary: Riders on the storm 

For Vietnam, April 2025 was a month of contrast. Although its economy remained stable, it was not immune to the geopolitical uncertainty that was causing global stock markets to tremble. With exports and imports up 13% and 18.6% Year-on-Year (YoY) for the first four months of 2025 (4M2025), respectively, it managed to generate a trade surplus of USD 3.8 bn.

Due to its diverse export base, stable macroeconomic policy, and rebounding domestic consumption, Vietnam was able to withstand the tariff turbulence of April. Strong fundamentals were evident, including the ongoing global demand for textiles, electronics, and agricultural products as well as the rapid expansion of its services sector, which was supported by tourism and sustained retail sales. Additionally, registered foreign direct investment (FDI) increased 39.9% YoY to USD 13.8 bn for the 4M2025 period. This not only strengthened Vietnam's position as a top China+1 location for reshoring by multinational corporations, but it also demonstrated its resilience in comparison to its regional counterparts, many of which experienced more severe market corrections or slower downturns due to the same global headwinds.

Vietnam's stock market gradually rebounded in late April and early May after experiencing a sharp 17% decline immediately following Trump's tariff announcement. As more retail investors began bottom fishing, sentiment steadily improved, and liquidity recently increased to over USD 1bn per day. Strong banking earnings reports and encouraging signs from Vietnam's AGM season contributed to this.

VNH continues to ride the trade war storm as Vietnam's economic growth story carries on. As of 14 May, the Fund was up 8% despite significant declines in April. Additionally, its 5-year performance of ~16% in USD terms (after fees and forex) shows a ~6% compound outperformance against the Vietnam All Share Index (VNAS). VNH's agile approach and high conviction in structural growth themes like sustainability, logistics, and consumption continue to drive its acclaimed long-term performance record.

Despite today's global tensions, the Fund remains dedicated to these long-term themes. For instance, its positions in consumer goods, industrialisation, banking and technology are in line with Vietnam's urbanisation and growing middle class. Furthermore, its investment philosophy is still based on environmental, social, and governance (ESG) factors and a crucial differentiator in spotting strong, forward-thinking businesses, active engagement and shareholder value creation, especially in small and mid-cap companies that are understudied but have a lot of potential.

Vietnam Holding and Dynam have just supported the third annual Vietnam ESG Investor Conference, bringing international investors, international agencies and domestic companies together. A few of our portfolio companies attended the conference and took part in panels. As Vietnam diversifies its export markets, and in particularly strengthens its exports to the EU, it is increasingly important to track carbon footprints, and report on adherence to best practice. In previous years we have helped our portfolio companies in this regard and are working with MSCI this year to raise the bar once more.

In terms of our outlook for the rest of 2025, the country's mix of export dynamism, domestic consumption, and investor-friendly policies continues to help position it for weathering short-term volatility with long-term momentum. The fundamentals speak for themselves - Vietnam remains a standout in Southeast Asia - balancing near-term volatility with structural strength. April served as a reminder that fundamentals matter more than headlines, and resilience is often the most undervalued asset of all.

Our portfolio trades on a single-digit price/earnings ratio for 2025, yet with forecast earnings per share growth more than 20%. Despite the global uncertainties, and the sell-off in April, we are confident that Vietnam can surprise on the upside.

For more information please contact:

Dynam Capital Limited                  

Craig Martin                                                                                       Tel: +84 28 3827 7590

info@dynamcapital.com |www.dynamcapital.com

www.vietnamholding.com

Cavendish Capital Markets Limited

Corporate Broker and Financial Advisor                                            Tel: +44 20 7220 0500