VietNam Holding Ltd - Edison issues review on VietNam Holding (VNH)

London, UK, 16 December 2020

Edison issues review on VietNam Holding (VNH)

July 2020 marked the second anniversary of Dynam Capital (Dynam) taking over the management of VietNam Holding (VNH). Dynam's portfolio team picks a tightly focused selection of businesses set to benefit from positive demographic, industrial and urbanisation trends. Vietnam is a vibrant Asian country with a sizeable population of c 100m, that has surprised the world with its strong economic performance in 2020, which could lead more international investors to take notice. Vietnam has made successful trading alliances in Asia and globally and its ability to attract foreign direct investment should help underpin growth prospects for its companies.

VNH trades at a 24.6% discount to its NAV, which is the widest among its Vietnam-focused peers, possibly reflecting outdated investor perceptions based on the previous management and the relatively small size of the trust. The new board has implemented several changes over the past two years aimed at restructuring and broadening the appeal of the fund. These have already resulted in improving investment performance and there is further scope for the discount to narrow, particularly as the investment sentiment towards Vietnam improves. 

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