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(Alliance News) - Vietnam Enterprise Investments Ltd on Wednesday reported net asset value growth as it swung to profit.
The closed-end fund focused on investing in Vietnamese equities reported NAV per share was USD11.79 at June 30, up 42% from USD8.30 at December 31.
It outperformed the VN Index - a capitalisation-weighted index of all companies listed on the Ho Chi Minh Stock Exchange - by 13% in the first-half. The investor noted that it has outperformed the index by 19% on a three-year rolling performance basis.
Vietnam Enterprise swung to a pretax profit of USD753.3 million, compared to a loss of USD200.5 million in the same period last year.
"The strong performance delivered by [Vietnam Enterprise] in the first half of 2021 can be attributed to the portfolio's restructuring in 2020, during which the portfolio was repositioned to tap into sectors that will benefit greatly from the post-Covid-19 economy," said Portfolio Manager Vu Huu Dien.
The investor did not declare an interim dividend, unchanged from 2020.
Huu Dien warned that Vietnam's fourth pandemic wave casts macroeconomic uncertainty on the second-half, but said Vietnam Enterprise "remains confident in the resilience of the domestic economy".
He added: "[Vietnam Enterprise] believes that, if and when, this wave is brought under control, the central themes to the macro picture should be largely unchanged.
"In this regard, [Vietnam Enterprise's] portfolio is still well positioned to benefit from the re-reopening of the economy."
Shares were down 0.6% at 702.92 pence in London on Wednesday morning trade.
By Josie O'Brien; josieobrien@alliancenews.com
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