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VinaCapital Vietnam Opportunity Fund Ltd on Friday noted its ‘disappointment’ in 2025 performance, but maintained a positive view on Vietnam’s medium to long-term potential. The Guernsey, Channel Island-domiciled investor in Vietnamese companies said its net asset per share was $7.13 at June 30, down from $7.43 a year earlier. This represented a decline of 2.2%, compared to a total return of 7.8% the previous year. In sterling terms, NAV per share was 5.20 pence at the end of June, down from 5.88p a year earlier. The firm swung to a pretax loss of $47.6 million from $72.9 million in financial 2024. Loss per share was 33 US cents, swinging from 47 cents in earnings per share. On Thursday, VinaCapital Vietnam declared a second-half dividend of 7.25 cents per share, unchanged from a year prior, and in line with its policy to pay dividends representing at least 1% of NAV twice a year. The company ended June with $48.7 million in cash, up from $36.8 million on-year. It noted a stronger start to financial 2026, with NAV up 12% in dollar terms during the first quarter. ‘The performance of the Vietnam stock exchange tends to be driven by domestic investor sentiment,’ said Chair Huw Evans. ‘My experience of investing in Vietnam has been of occasional bursts of extraordinary activity followed by years of consolidation. After a period of post-COVID recovery followed by a credit crunch in the property sector, to my eyes it looks as though the confidence of local investors in the stock market is beginning to return and the encouraging performance since June could presage a strong year. The recent recognition of Vietnam as an emerging market by FTSE Russell will also remind international investors of the increasing importance of this market. Evans added: ’Over the medium to long term, the board believes that the Vietnamese economy will grow substantially and will continue to offer interesting and rewarding investment opportunities.‘ He will retire as chair after the company’s annual general meeting on December 3. VinaCapital Vietnam shares were up 0.6% at 473.18 pence on Friday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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