Monthly Investor Report

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

Monthly Investor Report

A report detailing the activities of the Company for the month of January 2026 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: Full Stride Ahead

As Vietnam welcomed the lunar new year with fireworks and optimism, its economy celebrated a familiar theme as it entered 2026. January's data showed that the country's growth momentum is carrying forward - trade activity accelerated, factory output expanded, and domestic consumption held up well despite the usual seasonal distortions around Tết Nguyên Đán, which translates to The Festival of the First Morning of the First Day. Rather than marking a reset for the Year of the Horse, the start of 2026 felt like a continuation, where the country's economic engines are increasingly synchronised and gaining efficiency as they move into the next phase of growth. Export growth reached 29.7% Year-on-Year (YoY) in January, while imports surged 49.2%, reflecting robust industrial input demand and pre-holiday stocking. Electronics, machinery and phones continued to lead export growth, underscoring Vietnam's ability to adapt supply chains and production processes in response to an evolving global trade environment. Factory conditions reinforced this picture. Vietnam's PMI stood at 52.5 in January, firmly in expansionary territory. Productivity continued to improve as manufacturers adjusted their sourcing, logistics and pricing strategies to protect margins and maintain competitiveness. The response to tariff uncertainty has not been retrenchment but adaptation - with efficiency gains increasingly visible on the factories' floors. Domestic demand also remained a stabilising force. Retail sales rose 9.3% YoY, supported by festive spending and a steadily expanding base of digitally enabled consumers. Rising incomes, employment stability and a wider adoption of cashless payments continue to underpin household spending beyond the holiday period. Currency conditions added another layer of stability. The Vietnamese Dong appreciated approximately 1.3% against the US dollar year-to-date, supported by capital inflows and manageable external balances. While domestic interest rates have edged higher in response to stronger credit demand, financial conditions overall remain orderly. As for the equity markets, they entered 2026 digesting last year's extremes. Liquidity averaged approximately US$1.1bn per day in January, healthy by regional standards, but the index narrative shifted materially. Vingroup (VIC), which had risen roughly 700% during 2025, corrected during the month.

VNH does not hold VIC on fundamental valuation grounds. That said, Vingroup's electric vehicle subsidiary continues to expand aggressively, targeting 300,000 vehicle sales this year, while battery swap stations for electric motorbikes are becoming increasingly visible across Ho Chi Minh City - a tangible sign that companies and consumers are taking the energy transition seriously. January also saw renewed interest in select state-owned enterprise stocks following the government's issuance of Resolution 79/NQ-CP, which heightened expectations of reform momentum and capital market development. This shift contributed to sector rotation within the index. Against this backdrop, VNH delivered a powerful start to 2026. The Fund's NAV per share rose 4.9% during January, materially outperforming both the VNAS and VNASTR indices, which gained approximately 0.4%. Performance was driven by our structural tilt toward domestic consumption and financial intermediation. Retail holdings, now around 18% of the portfolio, contributed meaningfully: MWG advanced 6.5%, while PNJ surged 34%, reflecting both robust festive demand and company-specific operational strength. Banking positions also performed well, with MB Bank rising 9.0% and VietinBank nearly 10%. Our exposure to banks with strong consumer franchises and digital capabilities continues to reflect our conviction in Vietnam's deepening financial services sector. MB Bank's ambition to reach 35 million digital banking accounts illustrates the scale of the domestic opportunity. Valuations remain compelling. VNH trades at forward price-to-earnings multiples below broader market indices, while earnings growth is expected to remain robust. We have modestly increased exposure to larger-cap, higher-liquidity names where valuation discipline aligns with structural growth.

The symbolism around this year's Tết feels ever so appropriate. In Vietnamese culture, the horse represents endurance, discipline and sustained progress - strength applied with direction. January's data reflects much the same: growth continues, productivity is improving, domestic demand is broadening, and capital inflows remain steady. Vietnam begins the new lunar year not at a gallop, but in stride, and that is precisely what we as long-term investors want to see.

For more information please contact:

Dynam Capital Limited

Craig Martin Tel: +84 28 3827 7590

[email protected] |www.dynamcapital.com

www.vietnamholding.com

Cavendish Capital Markets Limited

Corporate Broker and Financial Advisor Tel: +44 20 7220 0500