leadf
logo-loader
viewVietNam Holding Ltd
(
LSE:VNHFRA:2YL
)

Vietnam Holding reports NAV rise in November, highlights exceptional export growth and rebound in retail sales

For the period to November 30, 2020, the fund reported a NAV of 221.6p per share, a month-on-month increase of 11.1% and a 6.7% rise in the year-to-date

Vietnam Holding - Vietnam Holding reports NAV rise in November, highlights exceptional export growth and rebound in retail sales

Vietnam Holding Ltd (LON:VNH) has reported a rise in its net asset value (NAV) in November as the closed-ended fund hailed “exceptional export growth” and a “significant come back” in retail sales in Vietnam.

For the period to November 30, 2020, the fund reported a NAV of 221.6p per share, a month-on-month increase of 11.1% and a 6.7% rise in the year-to-date. The firm’s monthly rise in value also beat out the Vietnam All Share Index (VNAS), which rose by 8.5%.

READ: Vietnam is international success story in fight against COVID-19

Reviewing the period, the fund’s investment manager Dynam Capital noted that consumption and manufacturing in Vietnam have “gained momentum month after month since May”, with exports increasing 8.8% year-on-year alongside a 13.4% rise in imports despite what it said were “setbacks for many manufacturers due to the extreme storms and flooding”.

Dynam also said retail sales in the country had made a “significant come back in November”, rising 8.5%.

The investment manager continued by saying that the fund has benefited from its increased weighting in banks as well as a balanced allocation in industries and “some profit-taking“ from its telecoms investments.

Vietnam Holding reported strong growth in the largest investments in its portfolio, with its fourth-largest holding, shipping firm Gemadept Corp, reporting an 18.8% increase in NAV, the biggest rate of increase among the fund’s ten biggest investments.

The company’s largest holding, IT group FPT Corp, reported a 7.8% increase in NAV, while the second and third biggest investments, steel firm Hoa Phat Group and Vietin Bank rose 16.5% and 15.8% respectively.

Looking ahead, Dynam said they “could not be more positive about Vietnam moving into 2021” despite the lingering risks of coronavirus (COVID-19).

“The country has stood out for its handling of the crisis and strong macro conditions are paving a good foundation for future growth”, the investment manager said, adding that they expected “strong money inflows” into Vietnam going forward from foreign direct investment.

Shares in Vietnam Holding rose 0.6% to 176p in late-morning trading on Monday.

Quick facts: VietNam Holding Ltd

Follow
LSE:VNH

Price: 294.6 GBX

Market Cap: £87.51 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Vietnam Holdings says banking, domestic consumer and industrialisation all...

VietNam Holding Limited's (LON:VNH) Craig Martin joins Proactive London to discuss net asset value which rose by 38.7% in the half-year to end-December 2020. Martin says the strength of the banking industry, the domestic consumer, industrialisation and urbanisation opportunities in the...

on 30/3/21

2 min read