VietNam Holding (VNH) has issued its monthly investor report for December 2025, pointing to Vietnam’s strong macro backdrop and a modest net asset value (NAV) gain for the month.
The manager said Vietnam met its 8% gross domestic product (GDP) growth target for 2025, which it described as the highest rate in Southeast Asia. Meanwhile, it highlighted trade policy uncertainty earlier in the year, including a threatened 46% tariff on Vietnamese goods in April that it said was negotiated down to 20% by July, alongside continued manufacturing momentum and a reported trade surplus of US$20 billion.
In addition, the report cited December indicators including a purchasing managers’ index (PMI) of 53, exports up 17% for the year, and foreign direct investment (FDI) of US$27.6 billion, described as a five-year high. It also flagged stronger public investment of US$30.5 billion, said to be 83.7% of the annual target.
However, the manager said equity market gains were increasingly concentrated in mega-caps. VNH reported a 1.6% NAV gain in December, led by Vinhomes, up 20.9%, and Mobile World, up 11%. Banking exposure also helped, with MB Bank up 9.1%.
By contrast, the report noted Vingroup, which is not held in the portfolio, rose 30.3% and was a meaningful driver of index-level returns. The manager said the portfolio trades on 9.5 times forward earnings, with forecast earnings per share growth of 18%, and pointed to 2026 themes including inflation at 3.3%, credit growth moderating to 15%, and an FTSE reclassification date of 21 September 2026.
View from Vox
Vietnam’s macro numbers in this update are hard to ignore, and they help explain why the market finished 2025 near record levels. The more interesting takeaway, though, is the concentration risk - December looked like a month where one or two index heavyweights mattered more than broad fundamentals. VNH’s choice to avoid Vingroup may have cost some short-term relative performance, but the stated focus on earnings visibility, valuation and liquidity is a sensible way to compound over a full cycle, especially if 2026 growth broadens beyond the biggest names.