VietNam Holding Limited ("VNH" or the "Company")

Monthly Investor Report

A report detailing the activities of the Company for the month of May 2024 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: April Showers, May Flowers

After a stormy April, Vietnam's stock market made a reasonable recovery in May, though performance varied across sectors and volatility remains a given due largely to ongoing global risks and uncertainties. Up +4.9% for the month, VNH outperformed the VNAS again mainly because of its holdings in Telecoms, Industrials and Retail. Vietnam's retail sector continued to enjoy sustainable growth in May, driven primarily by buoyant hospitality and tourism. Tourism revenue, from both domestic and international travelers, surged 45.1% year-on-year (YoY); we expect the rise in international arrivals will continue to drive retail growth.

As anticipated, foreign direct investment (FDI) disbursement also continued to climb. FDI disbursement for the first five months of 2024 (5M) was up +7.8% YoY, reaching the highest levels since 2012. Furthermore, disbursed FDI is forecast to increase 10% per annum throughout 2024 to 2026 due to large registrations recorded in 2023. Vietnam is in a unique position in terms of location, its educated workforce and growing middle class, plus the fact that multinational companies continue to diversify supply chains from China. Recent upgrades of diplomatic ties between Vietnam and the US, Japan, and Australia, are also strengthening its role in global trade.

In 5M 2024, Vietnam's exports and imports increased by 15.2% YoY and 18.2% YoY, respectively, resulting in a trade surplus of USD8.0bn. As around 94% of the country's imports are materials for production, impressive import growth in May 2024 painted an encouraging sign for exports. In addition, Vietnam's latest PMI report showed solid growth of new orders and signs of sustained recovery in global demand, which should support exports in the coming months. According to the Ministry of Finance, there was also a fiscal surplus of USD9.5bn in 5M 2024, further enabling the government to do more to bolster economic recovery.

On the political front, Vietnam's parliament elected police minister To Lam as the state president. His election followed the appointment of Vietnam's National Assembly's new chairman, former deputy Tran Thanh Man, also considered as a step forward after two months of political turbulence with the departure of three of Vietnam's top five leaders over unspecified wrongdoings earlier in the year. Mr. Lam vowed to "resolutely and persistently" continue to fight against corruption and ensure transparency.

It was a busy month for the country's environmental, social and governance (ESG) agenda too. VNH spoke at and sponsored the second annual Vietnam ESG Investor Conference, which focused on building resilient supply chains through strategic, innovative and inclusive partnerships. This is important to VNH in terms of mapping its investment criteria and stewardship to the UN's 17 Sustainable Development Goals, not least number 4 on quality education and number 17 on partnerships for the goals. Foreign businesses are increasingly requiring more evidence of ESG practices by Vietnamese companies and through its ESG Initiative, Vietnam's government has been prioritizing the implementation of its Green Growth Strategy for 2021 to 2030. The annual Vietnam Business Forum, which also took place in May, saw Prime Minister Pham Minh Chinh reiterating that sustainable development is key to the country's economic restructuring and transformation.

In May, VNH's portfolio management team was awarded the coveted triple-A rating by CityWire for being the top performer in Vietnam and commended for carefully constructing a market-leading portfolio.

Lastly, we are pleased to announce that VNH has been promoted to the FTSE Small Cap Index and will therefore be a FTSE All Share constituent from Monday 24 June.

For more information please contact:

Dynam Capital Limited                  

Craig Martin                                                                                       Tel: +84 28 3827 7590

info@dynamcapital.com |www.dynamcapital.com

www.vietnamholding.com

Cavendish Capital Markets Limited

Corporate Broker and Financial Advisor                                            Tel: +44 20 7220 0500