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 August 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: Wake me up when September ends

August struck all the right chords for Vietnam's equity market. The VN Index edged higher towards record levels, orchestrated by strong corporate earnings, rising liquidity, and growing anticipation ahead of the FTSE Russell review. For global investors, Vietnam's potential upgrade from Frontier to Secondary Emerging Market represents more than just a reclassification, it's a structural crescendo that could unlock passive flows and significantly enhance the market's global integration. Vietnam's macro performance remains in perfect harmony.

The economy delivered 6.93% growth in Q1 and 7.96% in Q2 2025, marking the highest first-half of year performance since 2011 at 7.52%. This momentum sets Vietnam firmly on course for robust full-year growth, supported by a resilient industrial base that expanded nearly 9% Year-on-Year (YoY). The export engine continues to drive performance, with exports surging about 18.0% YoY in Q2 to reach US$116.9bn. This strong trade performance contributed to a substantial trade surplus, whilst Foreign Direct Investment (FDI) disbursements reached US$15.4bn in the first eight months of 2025 - the highest level for this period in five years. These fundamentals underscore Vietnam's economic resilience at a time when global trade frictions create uncertainty everywhere. The government's commitment to structural reform remains unwavering, advancing its US$36bn public investment programme alongside financial sector modernisation. The International Financial Centre (IFC) initiative, which came into effect on 1 September 2025, provides the legal framework to establish IFCs in Ho Chi Minh City and Danang. Underpinned by infrastructure investment, international-standard legal frameworks, and tax incentives for skilled professionals, the IFC represents a clear policy commitment to capital market development and deeper global financial integration. Digitalisation emerged as August's standout theme, with Vietnamese banks embracing technology at unprecedented scale. VNH's holding MB Bank (MBB) has positioned itself as a leader in this digital transformation, rolling out platforms that are fundamentally reshaping the customer experience and driving both efficiency and growth.

VNH continued to hit high notes in August with NAV per share rising by 12.7%. The banking sector provided the strongest chorus with standout performances from MBB, ACB, and VPB. Additional contributions came from our real estate positions (VHM, KDH). FPT Corp continues its role as Vietnam's flagship IT services company, expanding both domestically and internationally. However, the Fund has strategically reduced its FPT position during the year, taking profit on a position that has contributed to portfolio growth for over a decade. When we first invested, FPT was a mid-cap company; today it stands as a large blue-chip. While it remains a well-managed company, like other global software outsourcing firms, FPT faces both opportunities and challenges from AI disruption. Rapid developments in coding tools and large language models are reshaping project budgets and client behaviour. Our rebalancing allows VNH to maintain exposure to digitalisation trends while prudently managing technology transition risks and allocating capital to emerging opportunities across Vietnam's evolving economy.

FTSE Russell's classification system is likely to confirm the upgrade in October. An upgrade would automatically include Vietnam in indices like FTSE All-World, FTSE EM, and FTSE Asia, requiring passive funds benchmarked to these indices to purchase Vietnam equities. This external catalyst, combined with easing domestic policies, sector-specific trade agreements, and ongoing structural reforms, creates a supportive backdrop for continued growth. While risks, including global trade friction and commodity price volatility, remain, Vietnam's fundamental growth story stays intact. As September unfolds, Vietnam's market mood combines optimism with expectation. Investors may be holding their breath for the upgrade announcement, but the real awakening could well come when September ends. While Green Day once sang about waiting out the month for Vietnam's equity market, the outlook suggests the tune might be less about fading away and more about gearing up for the next big stage. Fundamentals are strong, reforms are taking hold, and market positioning looks compelling. Sometimes the best performances come not during the waiting, but when the waiting finally ends.

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