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Vietnam Enterprise Investments Ltd on Wednesday reported a higher net asset value than a quarter ago, albeit lower than a year prior. The closed-end fund primarily invests in Vietnamese-listed equity. It said net asset value as at March 31 was $8.28 per share, up 5.5% from $7.85 at the end of December, though underperforming against its reference index, the Vietnam Index, which rose by 6.7% over the quarter. Further, the company’s NAV per share was 33% lower than $12.27 a year ago. Portfolio Manager Dien Vu said: ‘After weak Q1 2023 economic data, the Vietnamese government proactively addressed changes to its monetary policy to support local capital markets, introducing more accommodative measures aimed at helping restart the bond market and supporting the banking sector, as well as lowering interest rates. We believe this has the potential to create a more favourable operating environment for Vietnamese corporates, thus supporting improved economic growth.’ Looking ahead, the company expects a boost from the export of hot rolled coil in the second quarter as a ‘a key driver of sales volumes’ for construction steel company Hoa Phat Group, in which it has a holding. Vietnam Enterprise shares were 0.8% higher at 538.11 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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