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Vietnam Enterprise Investments Ltd on Monday said interim trading was characterised by strong domestic momentum in Vietnam, but with periods of externally-linked volatility, as its net asset value per share edged higher and discount narrowed. The investor in listed equities in Vietnam reported a 0.9% increase in NAV per share to $9.82 as at June 30, from $9.73 at December 31. Chair Sarah Arkle said the trust underperformed the Vietnam Index during the period, which rose by 6.9% in US dollar terms. Vietnam Enterprise doesn’t have a formal benchmark index, but it looks to outperform the Vietnam Index on a three-year rolling basis. ‘Foreign selling placed particular pressure on large-capitalisation holdings where VEIL is predominantly exposed. In addition, the leadership in the equity market was narrow, with gains concentrated in a small number of stocks, primarily in the conglomerate Vingroup and related companies,’ stated Arkle. Vietnam Enterprise Investments closed its discount to 14.9% at June 30 from 21.2% at December 31, as it share price advanced 9.0%. Its shares were 1.4% lower at $9.80 on Monday morning in London. On post-period trading, the trust said it has outperformed the Vietnam Index by around 4%, rising 25.5% in US dollar terms. ‘The first six months of 2025 combined strong domestic momentum in Vietnam with periods of volatility triggered by external events such as tariff disputes and wider geopolitical uncertainty. Against this backdrop, VEIL maintained its focus on long term capital growth through its exposure to Vietnam’s internal growth drivers. As clarity on trade tariffs improved, sentiment stabilised and the equity market saw a sharp recovery,’ stated Arkle. ‘With Vietnam’s government reform momentum intact, a strong economy, and rising savings, Vietnam continues to offer one of the most compelling growth stories in emerging markets. The potential upgrade to FTSE Emerging Market status would represent an important milestone, and would broaden Vietnam’s investor base,’ Arkle continued. Lead Portfolio Manager Tuan Le Anh added: ‘Looking further ahead into 2026, our priority is to keep VEIL overweight in Vietnam’s domestic leaders in banks, real estate and consumption, while selectively building positions in infrastructure and industrials that will benefit most from reform and inbound capital.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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