Half-year Report

COMPANY ANNOUNCEMENT

For Immediate Release

28 September 2026

Vietnam Enterprise Investments Limited

("VEIL" or the "Company")

INTERIM RESULTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026

The Company today announces its interim results for the six-month period ended 30 June 2026 (the "Interim Report 2026").

The Interim Report 2026 has been filed with the FCA by uploading it to the National Storage Mechanism ("NSM") in accordance with UK Listing Rule 6.4.1 and will shortly be available for inspection at:

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The Interim Report 2026 may also be accessed via the Company's website:

https://www.veil.uk/

In accordance with DTR 6.3.5(1A), the regulated information referred to in DTR 6.3.5 is available in unedited full text within the Interim Report 2026 as uploaded to the NSM and on the Company's website as noted above.

Performance highlights:

· Over the reporting period:

o  NAV per ordinary share fell by 3.7% in US$ terms

o  Decrease in share price of 4.2% in GBP terms

o  Discount narrowed to 13.3% from 21.2% at the start of 2025

o  Total net assets US$1.6bn (31/12/25: US$1.9bn)

o  NAV per share US$11.7

o  The Company completed its first tender offer in January, for up to 10% of the issued share capital, returning £147.4mn to shareholders. On 24 June, shareholders approved a second tender offer for up to 10% of the issued share capital at a 2.5% discount to adjusted NAV, and a further £116.2mn was returned on 13 July.

o  The Company made on-market share repurchases with a value of £57.5mn, representing 4.6% of its share capital at the start of the year.

o  The VNI gained 5.2% in total return US$ terms

Charles Cade, Senior Independent Director and Interim Chair, VEIL, commented:

"The six months under review was a challenging period for active investors in Vietnamese equities due to concerns over the impact of the war in the Middle East on energy prices and global growth, as well as the degree to which the performance of the Vietnam Index was driven by Vingroup and its subsidiary companies. During H1 2026, VEIL's share price fell 4.2% in Sterling terms. However, the Board remains optimistic about the Company's future returns and has continued to take steps to narrow the share price discount to NAV through a programme of tenders and share buybacks.

"Investors in an early-stage equity market such as Vietnam will inevitably face some volatile periods. However, the Board believes that Vietnam's core long-term drivers of economic growth remain compelling, with healthy foreign direct investment, rising urbanisation and the emergence of the middle-class consumer. The government is also highly supportive of growth, with an ambitious plan for infrastructure investment and business friendly policies. As a result, Vietnam's GDP is forecast to reach 9.3% in 2026, up from 8.0% in 2025."

Tuan Le Anh, Lead Portfolio Manager, VEIL, commented:

"Vietnam's economy accelerated through the first half of 2026, with GDP rising 8.39% in Q2 and 8.18% in 1H26 - the highest in years. The composition of growth was as encouraging as its pace: asset accumulation rose 15.2% YoY, nearly double the 8.15% growth in consumption, marking a decisively investment-led upswing.

"Earnings compounded through the volatility. First-quarter market net profit rose 38.4% YoY, and forecasts for Dragon Capital's Top 100 universe were revised up through the worst of the conflict: 2026 EPS growth is now forecast at 20.9%. FTSE Russell's confirmation in April of Vietnam's upgrade was the half's defining structural event. Index-tracking flows follow the September implementation date rather than April's announcement, which is why confirmation of the upgrade and continued foreign selling could coexist; the flow inflection lies ahead, not behind.

"We enter the second half with our conviction in Vietnam's trajectory intact. Passive inflows from the FTSE upgrade are expected to be phased across four tranches to September 2027. The first tranche is modest at approximately US$200mn, and we view the upgrade as a twelve-month build rather than a September event. Its deeper significance is that Vietnam now enters the emerging-market opportunity set for active investors benchmarked to the FTSE. There are also some positive steps towards inclusion in the MSCI EM index, the classification used most widely by investors. For instance, a central counterparty clearing house is due to be established in Vietnam in early 2027 and this could pave the way for subsequent entry to the MSCI watchlist."

Enquiries:

Vietnam Enterprise Investments Limited

Paul Southgate

+44 788 936 6952

[email protected]

Jefferies International Limited

Stuart Klein

+44 207 029 8703

[email protected] 

Montfort Communications

Alexander Everett

+44 7780 431533

Daisy Adams

+44 7791 232176

[email protected]

h2Radnor

Iain Daly

+44 20 3897 1830

[email protected]

LEI: 213800SYT3T4AGEVW864