Vietnam Holding

VietNam Holding has published a white paper prepared by Dynam Capital titled "Vietnam’s Banking Sector", which examines structural and cyclical opportunities in Vietnamese banking. The paper highlights the importance of digital financial ecosystems, rising demand for complex financial products, and the need for sustainable credit financing. As of 31 August 2026, banks made up about 40% of Dynam Capital’s public-equity portfolios; the investment approach focuses on institutions with stable refinancing, sustainable returns on equity, adequate capital, disciplined growth and strong corporate governance. » Altro su de.investing.com

VietNam Holding reported a 9.8% decline in net asset value for July 2026, underperforming the Vietnam All Share Index (-7.5%). The decline was driven mainly by the share-price collapse of Phu Nhuan Jewelry (PNJ) after allegations regarding diamond certificates; VNH subsequently reduced its PNJ position. Despite strong profit increases at many portfolio companies and robust economic data, VNH's year-to-date performance is -15% and the portfolio's P/E ratio is 8.8 (Vietnam All Share: 11.2). » Altro su de.investing.com

VietNam Holding recorded a NAV decline of 0.3% in June. According to the manager, the portfolio is valued at about 10 times forecast earnings, the ten largest positions at roughly 8.5 times, despite projected earnings growth of around 20%. Macro data remain strong (GDP Q2 +8.2%, exports H1 +21%, retail June +14.8%) and FDI is high; however, foreign portfolio investors were net sellers. The manager continues to favour solid balance sheets and is gradually shifting into larger, liquid names. » Altro su de.investing.com