Last checked at 
29 Jun 2021 08:00
London, UK, 29 June 2021
Edison issues review on VietNam Holding (VNH)
In early 2021, the 13th National Congress of the Communist Party of Vietnam elected a new politburo government for the next five years. There is strong continuity in the government's structure and Dynam Capital (Dynam), which took over management of VietNam Holding (VNH) nearly three years ago, describes the government's mandate as 'pro-business'. Dynam states the government emphasises economic growth with a big push to develop domestic infrastructure, including a new international airport and urban metro systems in Hanoi and Ho Chi Minh City. Vietnam handled COVID-19 well and recorded 2.9% GDP growth in 2020 versus a decline in the world economy of 3.5% (IMF data). This growth paves the way for the continued expansion of domestic consumption and Dynam's investment team chooses a tightly focused selection of businesses set to benefit from the positive demographic, industrial and urbanisation trends.
We believe this country specialist fund offers investors exposure to a high-growth frontier market with conviction stock ideas across the market cap spectrum. The transformation that Vietnam began 30 years ago is in full swing. The country provides an array of investment opportunities and VNH is well positioned to provide exposure to these. In particular, c 60% of the fund is focused on the mega trends of industrialisation, urbanisation and consumption, supported by the country's recent new five-year plan. VNH's performance relative to the index can be volatile, as it is a very concentrated fund. Over the past month (to end-May), the top four holdings (39% of NAV) drove strong outperformance vs the index (19% NAV TR vs 8% for the index), resulting in the fund's NAV outperforming over one and three months.
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