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 December 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: On the up (The Stone Roses)

Vietnam ended 2025 on the right track. For a start, it achieved its 8% GDP growth target for the year - the highest rate in Southeast Asia, well ahead of estimations for Indonesia (4.9%), Thailand (2.4%), the Philippines (6.1%) and indeed the US (2.5%) and China (5%). Vietnam's outperformance was particularly notable given the trade-war uncertainties that emerged earlier in the year, when Trump threatened tariffs across the world, including a 46% tariff on Vietnamese goods in April. Vietnam's successful negotiation of this (down to 20% by July), combined with continued strong FDI inflows and manufacturing momentum (trade surplus of US$20bn), demonstrated the country's policy agility and economic resilience in today's volatile global environment. Now, Vietnam's government has set an ambitious 10% growth target for 2026. If its macro stats for December say anything, Vietnam continues to move in that direction: with its PMI at 53 - ahead of most developed and emerging markets globally - exports up 17% for the year, and FDI reaching a five-year high of US$27.6bn. December also reflected how the country's administration reform is setting a solid foundation, with clear results in stronger public investment (hitting US$30.5bn, 83.7% of target) and accelerated infrastructure development.

Vietnam's equity market told a more nuanced story in December. The VN-Index ended the year near all-time highs, but returns were anything but evenly distributed. A handful of mega-caps captured most of the month's gains while many quality, mid-sized companies saw their shares consolidate despite sound business fundamentals. For VNH, this translated to a 1.6% NAV gain, with performance shaped more by a market increasingly divided between the very largest names and the rest of the market. Within VNH's holdings, Vinhomes (VHM) led the way with a 20.9% surge, driven by announcements of major residential project launches. Mobile World (MWG) gained 11%, demonstrating the ongoing strength of Vietnam's consumer sector as retail sales rebounded to 9.8% growth in December following November's weather-related disruption. Banking positions also contributed positively. MB Bank rose 9.1%, showing the sector's strong performance following 19% credit growth across the system in 2025.

December also highlighted the challenges of navigating a market where performance became increasingly concentrated in the very largest names. Vingroup (VIC) - not a portfolio holding - rose 30.3% in December, and given its substantial index weight, this single stock accounted for a disproportionate share of headline returns. VNH has maintained a measured view on VIC, prioritising other companies with clearer earnings visibility and more attractive valuations. While this positioning weighed on relative performance in December, it reflects the Fund's discipline around sustainable, risk-adjusted returns rather than short-term index tracking. Our top holdings offer scale, competitive advantages, and solid balance sheets. The portfolio trades at 9.5x forward earnings with forecast earnings per share growth of 18%.

Looking ahead, Vietnam's macro picture for 2026 is already proving compelling. Manufacturing remains in expansion mode and inflation continues to be relatively under control at 3.3%. These aren't cherry-picked numbers - they're the fundamentals of an economy firing on multiple cylinders. Additionally, underlying market earnings growth will remain the key driver of Vietnam's equity performance. To meet the 10% growth target for 2026, Vietnam will need to shift gears from cost-competitive manufacturing toward higher-value, innovation-driven sectors. Credit growth is expected to moderate to 15% (still robust), the property sector should broaden beyond mega-caps, and the FTSE reclassification on September 21, 2026 will bring fresh capital flows and better market infrastructure. But what matters most is Vietnam's ongoing transformation: deeper capital markets, enhanced governance, rising domestic consumption, and a manufacturing base that's proven remarkably resilient considering the global geopolitical uncertainties that have become the norm. VNH remains positioned for Vietnam's structural growth while maintaining discipline around valuations and liquidity - factors that matter over full market cycles, not just single months. After a year of exceptional economic growth, navigating trade policy uncertainties with notable agility, and setting the stage for an even more ambitious 2026, Vietnam's playlist looks even stronger for the road ahead.

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