Vietnam Holding has published its monthly investor report for February 2026, highlighting continued portfolio gains and resilient economic fundamentals despite rising geopolitical tensions.
Towards the end of the month, global markets were unsettled by escalating tensions in the Middle East, which pushed energy prices higher. However, Vietnam’s economy remained robust. Manufacturing activity stayed firmly in expansionary territory, with the Purchasing Managers’ Index (PMI) at 54.3. Meanwhile, electronics exports reached about US$18 billion year-to-date, accounting for nearly a quarter of total exports, with strong growth across machinery, phones and industrial equipment.
Domestic demand continued to support growth. Retail sales rose 8.5% year-on-year, driven by rising incomes and urbanisation. In addition, inflation remained contained, supported by Vietnam’s diversified energy mix and agricultural self-sufficiency. Furthermore, foreign direct investment into manufacturing and technology sectors remained strong, reinforcing Vietnam’s position as a global supply chain alternative. Progress toward FTSE emerging market reclassification also continued, which could support future liquidity inflows.
The VN All-Share Index rose 2.4% over the period, while Vietnam Holding’s net asset value (NAV) per share increased 0.4%. The relative underperformance was largely due to the company’s underweight position in Vingroup, reflecting its preference for businesses with clearer earnings visibility. Within the portfolio, Hoa Phat rose 7.0%, while banking holdings also delivered gains, with MB Bank up 4.3%, VPBank rising 2.9% and Sacombank adding 4.0%.
Year-to-date, NAV per share has increased 5.4%, ahead of the broader market’s 2.8% return. Performance has been supported by financial services, including brokerage names such as Techcom Securities and SSI Securities Corporation, alongside retail holdings such as Mobile World and Phu Nhuan Jewelry. The portfolio remains overweight financial services and retail, while underweight large conglomerates. It is currently valued at about 10 times 2026 earnings, with projected earnings per share growth of 17.9%.
Looking ahead, the manager noted that while the global macro environment remains uncertain, Vietnam’s core growth drivers - including domestic consumption, foreign investment and infrastructure development - remain intact. Credit growth is expected to moderate to about 15% in 2026, while the property market is likely to broaden as affordable housing supply improves.
View from Vox
Vietnam Holding’s February update reinforces the strength of its investment case. Despite short-term geopolitical volatility, the underlying economic picture remains supportive, with solid domestic demand, strong exports and continued foreign investment.
Meanwhile, the portfolio’s focus on earnings visibility and valuation discipline continues to drive outperformance on a year-to-date basis. Going forward, the combination of structural growth and improving market classification prospects could provide further tailwinds, particularly if passive inflows increase.