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VEIL Vietnam Enterprise Investments Limited

580.00
4.00 (0.69%)
03 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Vietnam Enterprise Investments Limited LSE:VEIL London Ordinary Share KYG9361H1092 ORD USD0.01 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  4.00 0.69% 580.00 73,581 16:35:13
Bid Price Offer Price High Price Low Price Open Price
579.00 580.00 579.00 578.00 578.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty USD 199.84M USD 160.95M USD 0.8261 7.01 1.12B
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:13 UT 5,855 580.00 GBX

Vietnam Enterprise Inves... (VEIL) Latest News (3)

Vietnam Enterprise Inves... (VEIL) Discussions and Chat

Vietnam Enterprise Inves... Forums and Chat

Date Time Title Posts
27/11/202409:38Vietnam Enterprise Investments Ltd Usd Di 140
01/11/200614:47Is the VEIL Neccessary?8

Add a New Thread

Vietnam Enterprise Inves... (VEIL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
16:35:13580.005,85533,959.00UT
16:23:09579.001375.27AT
16:14:50579.006103,531.90AT
16:14:50579.0042243.18AT
16:05:46578.999,50055,004.10O

Vietnam Enterprise Inves... (VEIL) Top Chat Posts

Top Posts
Posted at 03/12/2024 08:20 by Vietnam Enterprise Inves... Daily Update
Vietnam Enterprise Investments Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker VEIL. The last closing price for Vietnam Enterprise Inves... was 576p.
Vietnam Enterprise Inves... currently has 194,833,229 shares in issue. The market capitalisation of Vietnam Enterprise Inves... is £1,128,084,396.
Vietnam Enterprise Inves... has a price to earnings ratio (PE ratio) of 7.01.
This morning VEIL shares opened at 578p
Posted at 27/11/2024 09:38 by 31337 c0d3r
Around 20 years ago many of these boards were buzzing with speculation Bill Gates was building a stake. It was always just ramping.

Fast forward 20 years, and we discover Bill Gates has actually built a hefty 15% stake in VEIL yet nobody seems to notice.
Posted at 12/11/2024 15:04 by 31337 c0d3r
RNS Number : 8660L
Vietnam Enterprise Investments Ltd
12 November 2024

12 November 2024

Vietnam Enterprise Investments Limited

("VEIL" or the "Company")

Quarterly Insights

VEIL is a London listed investment company investing primarily in listed equities in Vietnam and a FTSE 250 constituent.

Vietnam's Opportunities and Challenges in the Wake of Trump's Election Victory

Mr Tuan Le, Lead Portfolio Manager

The implications of Donald Trump's re-election for Vietnam's trade-driven economy are complex, with a potentially accelerated shift in US economic policy toward national competitiveness likely to inject volatility and uncertainty into emerging markets.

Equity Market Outlook

In the years leading up to the pandemic under Trump's first term, Vietnam's equity market delivered strong performance, with net profit growth reaching 19.1%. However, the unpredictability of Trump's policies and public statements heightened market volatility, leading to a discount on valuations despite underlying earnings growth. During this period, the VN Index achieved a compounded return of around 15%, slightly trailing profit growth due to those volatility concerns.

While Vietnam's economic and trade outlook remains relatively positive, supported by pro-growth domestic policies, the potential strengthening of the dollar could increase foreign selling in emerging markets in favour of US equities. Emerging markets, including Vietnam, may continue to see valuation discounts, as was the case during Trump's previous term.

Consequently, expected returns in Vietnam's equity market may lag earnings growth. While this risk is notable, the valuation of our Top-80 universe of stocks remains at 11.6x based on projected 2024 earnings, compared to the five-year historical average of 13.9x, suggesting limited room for further de-rating due to support from domestic investors seeking value. The extent to which Vietnamese investors can offset the potential continuation of foreign outflows, already over US$3 billion year-to-date, will be an important factor in the medium term.

Domestic interest rates can also play an important role in supporting local equity flows. Retail deposit rates for 12-month terms are at near all-time lows of approximately 5.7%, making term deposits less attractive compared to potential equity market gains, likely encouraging investors to favour equities. While rates are expected to stay stable as the government supports economic growth through a lower rate environment, potential shifts in Trump's renewed agenda could introduce additional uncertainties.

Currency Concerns

Exchange rate stability has been a focal point of US monitoring in recent years. In 2020, the US Treasury labelled Vietnam a currency manipulator, citing Vietnam's high trade surplus, a strong current account, and foreign exchange interventions. Although this designation was removed in 2021, Vietnam remains on the US Treasury's monitoring list.

To counter concerns about competitive devaluation, the Vietnamese government has taken clear steps to prevent excessive devaluation of the dong. Since 2022, the State Bank of Vietnam has deployed over US$20 billion in reserves to stabilise the currency, signalling its commitment to exchange rate stability and allay concerns over competitive devaluation.

Potential Impact of New Tariffs

Trump's election could reintroduce high tariffs and renegotiations of trade agreements, thereby amplifying market volatility but simultaneously enhancing Vietnam's role as an alternative manufacturing hub.

Trump's economic agenda, including tax cuts, deregulation, and increased deficit spending, may strengthen the dollar, which presents a mixed scenario for Vietnam's capital markets and export-oriented sectors. These sectors may face heightened trade barriers but could also benefit from redirected trade flows due to shifts in global manufacturing.

Among Trump's proposed policies are a 60% tariff on Chinese imports and an additional 10-20% tariff on imports from other trade-surplus nations. While a blanket tariff on all imports is unlikely given the potential impact on US consumers, we believe targeted tariffs on sectors with high export volume to the US may become a reality. Vietnam, with a strong presence in industries like electronics and textiles, may be at risk of such targeted measures.

To offset potential trade restrictions, Vietnam could work toward narrowing its trade surplus with the US by increasing imports of high-value goods such as aircraft, energy, and technology, contributing to a more balanced trade relationship. The government is also actively addressing transhipment risks, particularly for goods suspected of being re-routed through Vietnam to bypass US tariffs on Chinese products. For instance, Vietnam's Ministry of Industry and Trade has launched investigations into steel imports from China and South Korea to deter illegal re-export practices and reinforce its commitment to legitimate trade.

Implications for the Road Ahead

With China accounting for 32% of global manufacturing and Vietnam at 2-3%, Trump's re-election may prompt further shifts in supply chains away from China. As new trade barriers pressure Chinese exports, countries like Vietnam are positioned to benefit, much as they did during Trump's first term. However, this opportunity comes with a likely increase in scrutiny of Vietnamese goods, particularly in sectors with strong FDI links to China or those at risk of transhipment issues.

On balance, the outlook appears positive for Vietnam, with opportunities to capture a larger share of the global supply chain as production diversifies. Vietnam's government is expected to take proactive steps, drawing on experience to implement pre-emptive measures. This environment could provide momentum for key policy shifts, such as formal agreements with the US to clarify rules of origin, address transhipment concerns, and promote accelerated localisation within Vietnamese industries. Greater localisation would strengthen supply chain resilience and create the potential for domestic firms to move beyond OEM manufacturing toward capturing more value in direct-to-consumer markets.

[Table does not tabulate correctly in ADVFN posts. See original news article here]


Top Ten Holdings (59.4% of NAV)

Source: Bloomberg, Dragon Capital

NB: All returns are given in total return USD terms as of 30 September 2024



For further information, please contact:

Vietnam Enterprise Investments Limited

Rachel Hill
Posted at 12/11/2024 14:58 by 31337 c0d3r
PDMR Notification


The Company has received notification that Sarah Arkle, a director of the Company, purchased 10,304 ordinary shares in the Company on 11 November 2024 at an average price of £5.74988 per share (for an aggregate price of £59,246.76).

Following this purchase, Sarah Arkle holds 20,000 ordinary shares in the Company.
Posted at 19/7/2024 10:03 by 31337 c0d3r
New research report on VEIL.

"Vietnam looks set for a year of recovery in 2024, with corporate earnings rebounding after two weak years, buoyed by notable recovery in export growth, domestic manufacturing and consumption. Vietnam Enterprise Investments’ (VEIL’s) new manager Tuan Le has positioned the portfolio for this recovery..."

Full article:
Posted at 15/4/2024 08:20 by aleman
It was only a modest drop until an hour ago. I suspect it might be linked to this breaking news, which is quite big in an economy where gold is a major form of saving and a shortage of bars has seen the local price 30% or so above global prices. It could have been a trigger for some short-term profit-taking after a few decent months of gains. If so, I think it is likely to be a temporary blip as far as stockmarkets are concerned.
Posted at 11/10/2023 13:54 by arja
odd that VEIL down 6 today but VOF up 8 ! must be a move to make the discounts to NAV more in line :)
Posted at 08/9/2023 09:38 by dickiehh
Veil looks very good value to me atm. Vietnam one of the few countries where stock market doing well. Veil is on a discount of nearly 20 percent (620/764 NAV)
Posted at 07/9/2023 12:09 by arja
picked VOF for today's day or overnight trade but should have licked VEIL as it has done well today and seems that it varies between these 2 trusts at times . VNH is a MM stock and I avoid
Posted at 31/7/2023 10:33 by hpcg
arja - VOF, which I also hold, has PE/VC investments, so a) the NAV is less reliable, b) some investors don't like them. On the flip side they provide a lot of juice in good times. Ultimately the answer is always flows, and if an institution has decided to back Vietnam through VEIL then it will close the discount much faster. It is why I ultimately decided to choose both. Strategically I don't like a hedged option because over time the Dong will appreciate over sterling, even if over the short term, e.g. since October 2022, this can be a headwind.
Posted at 31/7/2023 10:16 by arja
good points Aleman but any idea why VEIL has massively outperformed VOF today and also VOF has a bigger discount to NAV ?
Vietnam Enterprise Inves... share price data is direct from the London Stock Exchange

Vietnam Enterprise Inves... Frequently Asked Questions (FAQ)

How many Vietnam Enterprise Inves... shares are in issue?
Vietnam Enterprise Inves... has 194,833,229 shares in issue.
What is the market cap of Vietnam Enterprise Inves...?
The market capitalisation of Vietnam Enterprise Inves... is GBP 1.12 B.
What is the 1 year trading range for Vietnam Enterprise Inves... share price?
Vietnam Enterprise Inves... has traded in the range of 533.00p to 615.00p during the past year.
What is the PE ratio of Vietnam Enterprise Inves...?
The price to earnings ratio of Vietnam Enterprise Inves... is 7.01.
What is the cash to sales ratio of Vietnam Enterprise Inves...?
The cash to sales ratio of Vietnam Enterprise Inves... is 5.64.
What is the reporting currency for Vietnam Enterprise Inves...?
Vietnam Enterprise Inves... reports financial results in USD.
What is the latest annual turnover for Vietnam Enterprise Inves...?
The latest annual turnover of Vietnam Enterprise Inves... is USD 199.84M.
What is the latest annual profit for Vietnam Enterprise Inves...?
The latest annual profit of Vietnam Enterprise Inves... is USD 160.95M.
What is the registered address of Vietnam Enterprise Inves...?
The registered address for Vietnam Enterprise Inves... is C/O MAPLES CORPORATE SERVICES LIMITED, PO BOX 309, UGLAND HOUSE, GRAND CAYMAN, KY1-1104.
What is the Vietnam Enterprise Inves... website address?
The website address for Vietnam Enterprise Inves... is www.veil-dragoncapitalcom.
Which industry sector does Vietnam Enterprise Inves... operate in?
Vietnam Enterprise Inves... operates in the TRUST,EX ED,RELIGIOUS,CHARTY sector.