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

Monthly Investor Report

A report detailing the activities of the Company for the month of May 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: Good vibrations

After a volatile drop in April dominated by Trump's tariffs announcements, Vietnam's equity markets made a notable comeback in May and VNH optimised this rebound through its targeted positioning in key structural growth areas. The resilience of Vietnam's banking sector, which makes up 39% of VNH's portfolio in terms of sector allocation, was at the heart of the story in May. Techcom Bank (TCB) remained a pillar of performance thanks to solid earnings growth and the sector's expected 15-16% credit expansion in 2025. While global headwinds persisted, domestic banks were buoyed by strong retail demand, improving asset quality, and healthy capital adequacy ratios. These dynamics underscored why banks like TCB are central to VNH's high conviction strategy across domestic consumption, urbanisation, and industrialisation themes.

But May also showed how the bigger picture extends far beyond financials. Despite the shadow of ongoing tariff implications and downgraded global outlooks, Vietnam's economic momentum remained remarkably intact. GDP growth is still expected to land near 7.5% this year even with intensifying geopolitical uncertainties. Plus, the Vietnamese government's 8% target is legitimately supported by a raft of pro-investment policies and bureaucratic reforms aimed at clearing blockages in real estate, infrastructure approvals and business services.

Most notably, foreign direct investment (FDI) continued to boom in May. Registered FDI pledges surged by over 51% in the first five months of 2025, reaching US$18.4bn - a powerful vote of confidence in Vietnam's long-term potential as a regional manufacturing and logistics hub. At the same time, tourism continued to gather steam, with international arrivals reaching 9.2 million in the first five months of 2025 - a record high - led by returning visitors from China, South Korea, and Europe to Vietnam's beaches and vibrant, affordable cities. Most importantly, this recovery has fuelled retail consumption and service-sector stocks and further supported domestic-facing holdings in the VNH portfolio during the month.

Furthermore, as Vietnam's government continues to promote the country as an international financial centre and digital innovation hub, new opportunities are emerging in green infrastructure, public investment, and enterprise reform. Coupled with the rollout of an emissions trading pilot and incentives for high-tech industry relocation, Vietnam is doubling down on its ambition to move up the value chain - and VNH remains strategically positioned to benefit.

Recognising the need for enhanced defensiveness, given market reactions to Trump's various tariff announcements, VNH slightly increased its exposure to larger-cap companies that offer strong balance sheets, attractive valuations, and higher trading liquidity. This shift not only improves portfolio resilience in times of volatility but also aligns well with the Fund's commitment to long-term capital appreciation without sacrificing flexibility. Larger-cap stocks in Vietnam continue to benefit from investor inflows and serve as effective vehicles for capturing macro-led growth trends.

The Fund's rebound in May reflects both careful portfolio construction and the increasing investment sentiment view that Vietnam's tariff war risks are counterbalanced by long-term structural advantages: demographic growth, political stability, and a reform-minded government focused on competitiveness. Recent liquidity increased to more than US$1bn per day. So, while geopolitical tensions and global economic disruptions may continue to pose headwinds, the investment case for Vietnam remains compelling - and VNH remains aligned to capture the upside.

Despite a lag in performance to the index year-to-date, over the past five years the compound annual growth rate of the Fund is 15.2%, versus the index return of 9.7%, generating over 500 basis points of annualised outperformance.

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