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

Monthly Investor Report

A report detailing the activities of the Company for the month of August 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: Building resilience and seizing opportunities

As Typhoon Yagi dominated the news in August, the resilience of the people of Vietnam was again recognised around the world. The ways in which the government and society at large responded to the flood-hit communities in the north of the country made headlines. However, the devastating storms also put the need for climate transition risk planning under the spotlight. While the government's various green initiatives, including the Power Development Plan 8 (PDP8) to phase out coal power by the 2040s, are encouraging, there still are many pockets of opportunities for Vietnam to strengthen its climate resilience, for example, through embracing further energy renewables, leveraging circular approaches to decarbonisation or making best use of open-source solutions offered by digital technologies. The green and digital transformations are crucial to economic growth today and, as they accelerate, the interconnectedness of the two is where we see great potential for both businesses and policy makers, as well as foreign investors. From advancing nature-based solutions to smart city innovations, technology can propel Vietnam's strategies for meeting its environmental and social goals.

It is worth mentioning that back in April two Harvard professors, who were speaking at a Vietnamese delegation discussion titled 'Multiple Crises and Prospects for Economic Growth to 2030', said Vietnam's resilience is one that "few can rival". The professors praised the country's efforts to develop technological solutions for the challenges ahead, including a digital deforestation-free business ecosystem and a pilot programme testing the approach to replacing coal used in the cement industry with non-recyclable plastic.

Vietnam managed to prove strong economic resilience in August, despite the extreme weather. Its PMI surged to a near record high with the index of industrial production (IIP) rising 9.5% year-on-year (YoY) and the manufacturing sub-sector IIP increasing 10.6% YoY.

As the sustainable recovery of global demand continued, Vietnam reached a US$19.1 bn trade surplus and ongoing solid new orders, reported by S&P Global's PMI report, suggest that production and exports could continue growing further throughout the second half of 2024 (2H2024).

Vietnam's stock market also managed great strides in August, making a significant rebound following the sharp correction that global volatility sparked earlier in the month. A weaker dollar and the expected Fed rate cuts supported this positive sentiment, and although the VNIndex stayed flat for the year, the earnings outlook steadily improved again for a third consecutive month.

VNH's NAV per share was up +3.9% in August with the outperformance of Retails, Financials and Telecoms. While most sectors made positive gains, VNH increased positions in Retails, Financial Services, and Banks with an expectation that these will continue to benefit from the stronger recovery of the economy in 2H2024. The Fund remains underweighted in Residential Property and overweight in FPT, which is a model company when it comes to corporate responsibility and embedding environmental, social and governance (ESG) into all it does. The company has been applying various measures to minimise its environmental impact by reducing energy consumption and greenhouse gas emissions, such as monitoring 100% of energy usage data and replacing 100% of office waste bags with recyclable materials, while ensuring all employees receive annual training on environmental protection policy. See their recent ESG report as an exemplary sustainability journey for Vietnam corporates, and also our recent webinar recording where the company expands more on their approach to AI and Semiconductors.

The UK's Daily Telegraph recently featured the Fund, see here.

We thank all shareholders for their continued trust and support.

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