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Vietnam Enterprise Investments Ltd on Friday reported its net asset value had declined by 1.7% in July, underperforming its reference index.
This was against a rise of 0.9% for the Vietnam Index.
Vietnam Enterprise is a close-end fund investing primarily in Vietnam. It is a FTSE 250 company.
As of July 31, the company's NAV per share was $9.59, down 14% from $11.12 on July 30, 2021. Total NAV amounted to $2.0 billion, down from $2.39 billion a year ago.
Portfolio manager Dien Vu said: ‘July's Vietnam Index increase of 0.9% is the best monthly performance of the year, this modest figure highlights the challenges faced in 2022 following the 39% rise in the index last year.’
The company said trading slowed in July compared to June due to a decline in electronics products. Exports were $30.6 billion in July while imports totalled $30.5 billion, representing monthly declines of 6.8% and 5.3% respectively.
Vietnam Enterprise said that its NAV per share declined 17% over the last three months and 14% over one year. Its reference index, the Vietnam Index, was down 13% over the last three months and down 8.1% over one in year in comparison.
Shares were down 1.2% at 664.83 pence each on Friday morning in London.
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