Vietnam Share Discussion Threads

[31337 c0d3r] 13/11/2024 16:39

Finally, mid share price now at a premium!

MID 403p
NAV 402.7p

[shaker45] 27/9/2024 08:17

Moving more into Vietnam on the back of more effective China stimulus last few days

[shaker45] 12/9/2024 07:52

Thank you for posting that. Good assessment imo of a relatively ignored market. I am a long term investor in vnh, VOF and more recently through a vietnam etf. A growing stable economy with far more medium term upside than downside

[maxk] 11/9/2024 22:58

No position, just passing this along.



Questor: Buy this Asian country before the markets recognise its true potential

Investment trust bargains: GDP growth of more than 80pc in a decade is just the beginning

James Carthew
11 September 2024 • 8:00pm




One of the world’s great economic success stories in recent years has been Vietnam, and UK-based investors have a choice of three investment companies focused on the country. Questor favours Vietnam Holding, which has delivered the best returns to shareholders – ranking among the top 10 of all London-listed investment companies over the past 10 years – yet still looks to have an exciting future.

According to the World Bank, Vietnam’s GDP per capita was about $4,347 in 2023, having grown by more than 80pc over the previous decade. Despite this impressive rise, it is still playing catch-up: China’s GDP sits at $12,614, while the UK’s own is $48,867.

Much of Vietnam’s success can be attributed to its thriving manufacturing sector, notably in electronic products, mobile phones and machinery. In part, that reflects efforts by global firms to diversify production away from China, but it also reflects an ease of doing business as the country has regional or bilateral trade agreements in place with most countries.

Vietnam is also rich in natural resources, has an expanding workforce (in contrast to neighbouring China), and has a thriving tourism industry. Inflation appears to be under control and the currency is fairly stable.

Foreign direct investment has soared and the government is upgrading infrastructure, supporting growing urbanisation.


As incomes rise, Vietnam’s consumer-facing businesses are benefiting. Companies are investing in the digital transformation – almost four-fifths of the population has internet access.

However, the Vietnamese stock market index is well off the peak it hit in 2022. The main reason for this has been a concerted clampdown on corruption, which took a lot of the froth out of the local property sector. It has also uncovered some spectacular frauds, which have resulted in the death penalty for some perpetrators.

Vietnam Holding has been investing in the country since 2006. Its impressive track record – share price up 181pc over the 10 years to end of August as compared to 117pc for the local VN Index, 69pc for MSCI Emerging and 91pc for MSCI All Countries Asia ex Japan – reflects the skill of its manager (which is based in the country) and its investment approach.

The investment opportunity is fairly broad – around 1,600 listed companies – but the portfolio is reasonably concentrated, with just 24 stocks at the end of July 2024. It includes small and large companies, and can be quite different to the composition of local indices.

Vietnam Holding has incorporated analysis of environmental, social and governance factors (ESG) in its approach since well before it was fashionable. Putting a strong emphasis on good corporate governance when selecting stocks has obvious benefits in a market such as Vietnam. However, the manager observes that companies which also aim for excellence in the other two areas also tend to fare relatively well.

The manager took advantage of the shake-up of the property sector, buying stocks that it liked relatively cheaply, and has reaped the rewards as these have started to recover.

The discount that Vietnam Holding’s shares trade at relative to the underlying net asset value has narrowed over the past year, reflecting its board’s decision to offer investors a redemption opportunity, providing an exit for those who want it. The price that exiting shareholders take is based on how long they have held their shares, penalising those looking to make a quick profit but rewarding long-term investors. September 2024 was the first occasion where this was on offer, and 16.2pc of VNH’s shares have been submitted for redemption.


The depth and breadth of Vietnam’s stock market, which now turns over around $1bn a day, ought to mean that it is reclassified from a frontier market to an emerging market. This has been a long time coming, but now seems more of a focus for the government. It would open up the stock market to more foreign investors. Previous instances of this with other countries have resulted in a surge in share prices, but there is much more to the Vietnam buy case.

Based on multiples of historic profits, Vietnamese stocks are not especially cheap, but Questor feels that their forecast earnings growth and high returns on equity means the prospects for Vietnam Holding remain attractive.

As some investors leave the share register through the redemption opportunity, the board is keen to see the discount narrow further to the point where it can issue new shares at a premium to net asset value . This would enhance returns for existing investors and would help bring down the overly large running costs, which are a reflection of the relatively small size of the company.

It is perhaps worth noting that all the performance figures quoted above are after charges.

Questor believes that Vietnam’s growth story has a long way yet to run and Vietnam Holding is a good way of playing this.

Questor says: buy

Ticker: VNH

Share price at close: 379p

[aleman] 22/3/2024 14:34

From the interims:

It is worth noting that the Fund has the narrowest discount of the three London-listed Vietnam focused funds. Over the last twelve months the discount was at an average of 13.3% versus 17% for its peers. At the end of December, the discount was 7.7%, versus an average of 19.5% for peers. I believe the narrower discount is partly a reflection of the innovative redemption facility that was proposed to shareholders in November and unanimously approved in December. Starting this September, shareholders will have the option to redeem shares on an annual basis at NAV[1]. Of course, investors are also free to buy and sell shares in the market at any time.

[arja] 22/3/2024 14:17

VNH has a lovely chart and NOR too but I am alwsys loath to buy for a trade or even to hold for a short time because the discount to NAV is MUCH smaller than for VEIL or VOF . But that might be as it has been for years and wonder if anyone who follows this trust more closely knows ? nice weekend all

[martincc] 14/2/2024 16:06

steady buying while the market's been closed for a week.

[alter ego] 20/12/2023 14:46

interesting analysis at

[spangle93] 15/12/2023 08:36

Monthly summary

VNH's NAV rose 12.7% in November, outperforming VNAS (+9.0%). Year to date the fund is the top-performing Fund in Vietnam, with the discount to NAV the narrowest of the three London-listed Vietnam funds.

[spangle93] 11/12/2023 07:17

Investor Webinar this week

"VietNam Holding Limited is pleased to announce that Dynam Capital, the fund manager of VNH, will be hosting a live online investor presentation on Wednesday, 13 December 2023 at 10 AM UK time.

The presentation is open to all, and the Company welcomes the interaction with shareholders. It will be designed to provide a greater understanding of Vietnam's economic progress, the strategy of the fund, its investment processes, its ESG approach, performance and the outlook for 2024. The webinar will also allow for questions regarding the upcoming AGM.

[arja] 16/11/2023 14:02

npt sure why anyone would trade this and not VEIL or VOF . This is a wholly MM stock and such a wide spread :)

[alter ego] 06/11/2023 11:58

Good video

[sharesoc] 05/11/2023 11:11

In case you missed our webinar with VietNam Holding Limited, the recording can be found on our YouTube channel:

[sharesoc] 24/9/2023 20:12

ShareSoc is hosting a webinar with VietNam Holding Limited (VNH) on 17 October 2023, which may be of interest to current and potential investors. Craig Martin (Executive Chairman of Dynam Capital – Fund manager of VNH) will be presenting. You can register here: [...]

[31337 c0d3r] 10/9/2023 10:31

Vietnam to upgrade US relationship to level with China

Biden set to sign strategic partnership on Hanoi visit to counter Beijing’s assertiveness in region.



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[31337 c0d3r] 18/8/2023 10:19

Yes it's less volatile. When VOF and VEIL were rising rapidly recently (end of July), VNH didn't move as much.

[aleman] 18/8/2023 10:11

Hanoi stock index closed down 5.6%. It could end up more as several stocks were suspended after hitting the 7% daily limit. This trust is just slower to respond?

[spangle93] 18/8/2023 07:21

VNH remains at 11 month high, whereas VOF and VEIL have fallen back after similar recent rises.

[exotic] 31/7/2023 11:53

Bought more today which wasn't easy, had to set a limit order with HL.

[swiss paul] 21/4/2023 08:35

Ho Chi Minh was crazy just so much going o

[spangle93] 15/2/2023 07:45

Monthly investor report sounding upbeat



VNH's NAV was +11.1% for the month, slightly lower than the index. This followed the Fund's outperformance of the Vietnam All Shares Index (VNAS) for the 2022 calendar year, with its NAV declining 30.1% versus the VNAS' decline of 39.8%. Strong double-digit growth in Retail stood out in 2022, and we expected that to continue in the lead up to Tet. In January, VNH benefitted from its overweight in outperforming banks, STB, ACB and MBB, as well as its underweight in Real Estate, keeping to our conviction that banks were oversold in 2022 and that real estate companies would face increasing headwinds due to the lagging impacts of rising interest rates. The Fund's overweight in Industrials - IDC (up +28.4%) and GMD (up +17.7%) - along with its continued convicted positions in Telecoms and Retails, also all paid off.

We feel optimistic about a more stable VND in 2023 as external and internal risks have reduced, but also expect divergence of EPS growth among sectors and stocks to increase. Additionally, on top of very attractive valuations, market liquidity also continues to move in the right direction following the indiscriminate selloffs and short-term shocks of 2022. Foreign investors net bought US$ 179m in January and we saw a comeback of both foreign and local participants in the equity market. As with several ASEAN countries, Vietnam is kicking off 2023 in a strong position to outstand the rest of the world in terms of GDP growth - forecasted at 6.5% for the year.

[spangle93] 17/1/2023 07:32

Monthly summary to the end of December is full of extreme descriptions, but this is a flavour


Full year net buying ended up making the US$1bn mark, a first since 2019. While we expect local indices to consolidate in this current environment of monetary tightening and wait-and-see sentiment, it is times like these when rare opportunities for the long-term arise, particularly given the attractive valuation levels of Vietnamese stocks and consensus view that corporate earnings growth is more than 10%.


Positive outlook from the manager for the year of the Cat, starting 22-Jan