Investment trusts Vietnam Enterprise Investments Ltd and VietNam Holding Ltd on Thursday both reported strong rises in net asset value during July, amid ‘excitement’ about the US listing of a local champion, but the larger of the two beat its reference index while the smaller one trailed.

Vietnam Enterprise, a FTSE 250 constituent that invests in listed equities in Vietnam, said NAV rose 9.7% over July, outperforming its reference index, the Vietnam Index, or VNI, which rose 8.8%. NAV on July 31 was $9.50 per share and $1.9 billion in total.

Vietnam Enterprise said its outperformance was thanks to double-digit share gains for five of its top-ten holding, led by Mobile World Group.

VietNam Holding, which invests in high-growth companies in Vietnam, reported an almost-as-impressive 8.4% rise in NAV, but its reference index, the Vietnam All Share index, or VNAS, rose 9.6%. NAV on July 31 was 350.1 pence per share and $124.7 million in total.

VietNam Holding attributed its underperformance against the VNAS to investor ‘excitement’ in stocks related to Vincom, which has a founder’s stake in car maker VinFast. The Vietnamese company debuted in New York on Tuesday this week at a stock market value of $85 billion, more than either General Motors Co or Ford Motor Co.

‘Vietnam’s stock market made an impressive comeback in July, with the VN index reaching its highest level in more than eight months and surpassing major stock markets in the world, such as the US, Korea, India and China,’ Vietnam Holding commented.

Vietnam Enterprises shares were down 0.2% at 616.00p on Thursday morning in London. The stock is down 8.6% over the past 12 months. Vietnam Holdings was down 1.3% to 296.00p and is down 8.9% over the past year.

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