VietNam Holding (VNH) has reported a 10.8% increase in Net Asset Value (NAV) per share for the six months to 31 December 2025, with the share price rising 12.6% over the same period.
The period was marked by stabilising global markets following earlier tariff-driven volatility, while Vietnam’s economy remained resilient despite ongoing trade tensions and foreign investor outflows. The discount to NAV narrowed from 7.4% to 5.9%, reflecting continued investor engagement and performance strength.
Meanwhile, Vietnam continued to demonstrate economic strength, achieving 8% GDP growth in 2025 - the highest in Southeast Asia. This was supported by strong foreign direct investment, manufacturing momentum, and structural reforms under what the manager describes as “Doi Moi 2.0”, aimed at boosting infrastructure, efficiency, and private sector growth.
The fund maintained a disciplined, bottom-up investment approach, with performance driven largely by stock-specific factors. Banking and consumer holdings contributed positively, while market concentration in mega-cap stocks created some headwinds for mid-sized companies in the portfolio.
The board continued to actively manage the discount through selective share buybacks and its annual redemption mechanism, with 18% of shares redeemed during the period without disrupting the portfolio.
Looking ahead, the manager remains constructive on Vietnam’s outlook, with a 10% GDP growth target for 2026 supported by strong manufacturing activity, controlled inflation, and ongoing capital market reforms. However, rising energy prices linked to geopolitical tensions, including the Iran conflict, could create short-term headwinds.
View from Vox
VietNam Holding continues to show consistent execution, with double-digit NAV growth and a narrowing discount highlighting investor confidence. While global risks remain, Vietnam’s structural growth story - underpinned by reform, manufacturing strength, and rising domestic demand - appears firmly intact, positioning the fund well for the next phase of development.