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

Monthly Investor Report

A report detailing the activities of the Company for the month of July 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: Keep on moving

Vietnam's equity market rallied in July, defying tariff headwinds and evolving global geopolitical uncertainties. The VN-Index rose around 9% during the month, peaking at an all-time high of 1,557 points. Record daily liquidity underpinned the momentum, with strong earnings and improved sentiment keeping valuations attractive. In the backdrop, Vietnam's economy expanded by 7.52% in the first half of 2025 (H12025), the fastest H1 pace in 15 years - keeping it firmly on track to meet the government's 8% growth target for the whole year. In addition, Vietnam saw its accumulated trade surplus increase further in July - reaching US$10.2 bn. That and a 27.3% increase in registered foreign direct investment to US$24.1 bn for the first seven months of 2025 (7M2025) reduced FX risk and provided confidence that Vietnam's position on the global stage remains secure.

Manufacturing sentiment also improved impressively in July, with the PMI rebounding into expansionary territory at 52.4, its first positive reading in four months. Policy remains supportive and Phạm Minh Chính, the prime minister, reaffirmed the government's US$36 bn public spending programme, a key component of its efforts to propel Vietnam beyond the middle-income trap. Combined with fiscal and monetary easing, these commitments have been building momentum for sustained domestic growth. The external environment is less straightforward. Trump's tariff policies continue to cast a shadow, though the recent agreement capping most export tariffs at 20% has eased the more pressing fears. While some sector-specific vulnerabilities remain, Vietnam's increasing reliance on domestic demand and infrastructure investment is cushioning the economy from external turbulence.

For investors, the conditions have created fertile ground. Earnings growth across sectors remains strong, keeping price-to-earnings multiples appealing. The prospect of locally listed ETFs and MSCI rebalancing, alongside the longer-term potential for an upgrade to emerging market status, offers additional catalysts for a market re-rating.

Against this setting, the Fund maintains a high-conviction, concentrated allocation, with over 60% of NAV in its top ten holdings, led by leading banks such as Sacombank, MB Bank, and Asia Commercial Bank, as well as consumer champions like Mobile World Corp and industrial leader Hoa Phat Group. EPS growth remains the portfolio's primary driver. At the same time, a slight increase in exposure to larger-cap and higher-liquidity stocks positions it to benefit from the index-tracking flows likely to follow ETF launches and an eventual FTSE upgrade.

In July, VNH's NAV per share rose by 6.5%, a solid reflection of the portfolio's earnings-driven positioning, even as performance lagged the benchmark index mainly due to our underweight in Vingroup shares. Over the longer term, the results remain compelling: the Fund has delivered nearly 20% compound annual growth over the past five years, comfortably outperforming the market by around 500 basis points. With a supportive macro environment, strong earnings, and growing institutional investor interest, VNH is well-placed for the second half of the year, and we expect to close the short-term performance gap while continuing to compound value for shareholders.

Overall, July was a milestone month for Vietnam's equity market. Resilient growth, a widening trade surplus, and record-breaking market liquidity all point to an economy and stock market that are entering a new phase of maturity. Vietnam keeps on moving and, for investors, its market is very much back to life.

The Investment Manager will be in London, Dublin and Zurich from 17th to 25th September. If you would like to arrange a meeting, don't hesitate to get in touch with us below. Also, please mark 3rd and 4th December in your diaries for the Dynam Investor Days in Ho Chi Minh City - more details to follow.

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