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 October 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: Stormy Weather

October brought severe weather to Vietnam, with floods persisting in early November, sadly at the loss of 90 lives. While typhoons battered the country's North and Central regions, easing retail sales growth down to 7.2% as consumers stayed home, factories continued to operate. The country's manufacturing sector delivered a strong performance. Vietnam's PMI surged to 54.4 - the highest reading among major economies and well ahead of China (50.6), the EU (50), Japan (49.4), and Korea (48.2). The resilience of Vietnam's industrial base, even in the face of natural disasters, underscores the structural transformation taking hold across the economy. The export engine continued to power Vietnam's growth story in October. Exports increased 18.2% Year-on-Year (YoY) for the first ten months of 2025 (10M2025), driving the trade surplus to US$19.6bn for the same period. Computers and electronic products led the charge with 47.9% growth, now representing 22.3% of total exports and cementing Vietnam's position as a major centre in global tech supply chains. Foreign Direct Investment (FDI) disbursements reached US$21.3bn, up 8.8% YoY, while registered FDI of US$31.5bn (+15.6%) signals undiminished confidence from multinationals in Vietnam's long-term trajectory. Public investment disbursement hit approximately 70% of the annual target, keeping infrastructure development firmly on track despite the challenging conditions. These fundamentals underscore Vietnam's economic resilience amid global trade. After months of strong gains, the VNIndex entered a consolidation phase in late August that continued through October. VNH's NAV per share declined 3.1% underperforming the VNAS Index's 0.7% dip. The banking and financial sector, which comprises 38.1% of VNH's portfolio, was the main driver of this lag, with key holdings MB Bank (MBB) falling 1.3% and Vietnam Technological & Commercial Bank (TCB) down 6% for the month. Context matters though, as these same banks have been instrumental in VNH's year-to-date performance, with TCB up 41.6% and MBB up 39.5% through October. Although market liquidity also fell, it still maintained a relatively high level of US$1-1.2bn daily, well above historical averages and indicative of sustained investor interest.

Valuation emerged as October's quiet theme. The VNIndex forward P/E of 15.9x appears reasonable against an expected 24% earnings growth rate for 2025, particularly when considered alongside the macro backdrop of 8% GDP growth, a relatively stable currency (the VND depreciated just 3.2% in 10M2025 versus steeper declines across emerging Asia), and a manufacturing sector operating at full throttle. VNH trades at an undemanding 11.8x forward P/E with double-digit earnings growth on the horizon, positioning the Fund attractively for long-term investors.

VNH's portfolio positioning continues to reflect the key drivers of Vietnam's development: banks (38.1%) financing industrialisation, real estate (18.1%) capturing urbanisation, and retail (10.6%) positioned for domestic consumption recovery as weather disruptions fade. High revenue and profit growth in Mobile World Corp, the Fund's largest holding at 9.6%, demonstrates the resilience of well-managed consumer franchises even during challenging periods, and yet at attractive valuations of 13x PE and single-digit EV/Ebitda. The Fund's top ten holdings represent 62.5% of NAV, reflecting high conviction in Vietnam's structural growth themes. Looking ahead, the Q3 earnings season and new entrants to the main bourse through IPOs and re-listings will serve as important milestones as 2025 draws to a close.

Vietnam's structural advantages - a young workforce, strategic geography, business-friendly reforms, and sustained FDI inflows - remain intact. In the end, while October's storms were both literal and metaphorical, they haven't altered the fundamental investment case. VNH continues to hit high notes in challenging conditions. Indeed, for 10M2025, the Fund has risen by 7.5% in gross terms, demonstrating its ability to generate returns during periods of market volatility without sacrificing investment discipline.

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