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 March 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: Dire Straits

March was a month when good news struggled to be heard above the war in Iran and the ongoing disruption in the Strait of Hormuz. Yet, beneath the noise of geopolitical shocks and market volatility, one of the most important milestones in Vietnam's market evolution quietly became reality.

FTSE Russell confirmed that Vietnam will be upgraded to Secondary Emerging Market status, effective 21 September. Now confirmed, the upgrade reflects sustained progress in market infrastructure, regulation and accessibility, and sets the stage for increased passive and active capital flows over time. While the immediate market reaction was overshadowed by global geopolitical developments, the longer-term implications are clearly substantial.

The amplifications of escalating tensions in the Middle East were hard to ignore throughout the month, and shockwaves continued to dominate investor sentiment. The situation continues to materially disrupt global energy supply chains, with knock-on effects for inflation, trade and growth expectations worldwide.

Vietnam, as a net importer of crude oil, is not immune to these dynamics. Inflation ticked modestly higher during the month, reflecting rising energy costs and broader global pressures. However, the broader picture remains one of measured resilience. Vietnam's consumption basket is less energy-intensive than many peers, and the country retains important buffers, including domestic production capacity in hydropower, oil and gas, and an increasing contribution from renewables, as well as self-sufficiency in key agricultural inputs.

More telling, perhaps, has been Vietnam's response. During the month, a high-level delegation to Russia held discussions aimed at securing longer-term oil and gas supply options, reflecting a proactive approach to energy security. In parallel, reports indicated that a Vietnam-flagged crude tanker was able to transit the Strait of Hormuz - a small but meaningful sign that, while strained, key supply routes remain operational.

Domestically, the political landscape also evolved in the right direction. The confirmation of new leadership - including the Prime Minister, Le Minh Hung and the further consolidation of authority under To Lam, who now assumes the role of President, signals continuity in policy direction alongside a more centralised governance structure. For investors, the key takeaway is stability, particularly in the areas that matter most: economic growth, foreign investment and international integration.

Foreign direct investment continues to show strength, reinforcing Vietnam's position as a preferred destination for global manufacturing and supply chain diversification. Trade data for the first quarter reflected a familiar seasonal pattern: strong growth in imports, particularly of machinery and intermediate goods, led to a modest deficit. Encouragingly, this type of "productive import" dynamic typically precedes stronger export performance in subsequent quarters, suggesting a solid pipeline for Q2.

Equity markets, however, had a more challenging month. Global risk aversion, driven in part by the global geopolitical uncertainty and shifting policy expectations, particularly in the United States, weighed on sentiment. VNH's NAV declined by 10.0% in March. Year-to-date, the Fund continues to outperform the index, reflecting both portfolio positioning and a focus on companies with resilient earnings profiles. In periods of market stress, this emphasis on quality and valuation discipline becomes particularly important, helping to cushion downside while preserving participation in longer-term upside.

The global backdrop is undeniably increasingly complex. Energy markets are volatile, geopolitical risks are elevated, and policy uncertainty and fragmentation continue to cast a long shadow over investor sentiment. But set against that, Vietnam's structural story remains firmly in place. The FTSE upgrade is not just a symbolic milestone; it is a recognition of years of reform and a catalyst for the next phase of market development. With foreign investment keeping its momentum, domestic demand continues to expand, and the country is actively managing its exposure to external shocks.

March, in many ways, felt like another test. Not of growth, which remains robust, but of resilience in the face of increasingly unpredictable global conditions. For long-term investors, the more important question is not the turbulence itself. It is how well a market holds its course through complex times. While markets may be navigating dire straits in the near term, Vietnam's trajectory suggests it may not be insulated from global shocks, but it is increasingly less defined by them.

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