Vietnam Holdings Regulatory News (VNH)

VietNam Holding Limited ("VNH" or the "Company")

Monthly Investor Report

A report detailing the activities of the Company for the month of April 2026 has been issued by Dynam Capital Limited, the investment manager of the Company. Electronic copies of the report have been made available to shareholders on the Company's website and a summary of the report is included below.

Manager Commentary: The heat is on (in Saigon)

April felt like a continuation of the same story, just with the temperature turned up a notch. Not only in the literal sense, but also in the equity markets too. While global uncertainty has inevitably become a normal part of the backdrop, Vietnam's domestic story continues to hold together. It posted a 7.83% GDP growth in Q1 2026, a strong start of a very volatile year. Trade activity remained robust in April, with exports up 19.7% and imports rising an even hotter 28.7% Year-on-Year (YoY) over the first four months (4M2026). Even though this has resulted in a trade deficit, it is the kind we have seen before, reflecting high levels of "productive imports" - machinery and intermediate goods coming in ahead of production - that typically feed through into export strength in subsequent quarters. In other words, we are talking about a sign of activity than of weakness. At home, demand continues to play its part. Retail sales rose 12.1% YoY in April and 11.1% in 4M2026, underlining the steady rhythm to recovery in consumption. This is a theme we remain particularly constructive on, especially as consolidation in the retail sector begins to favour larger, more efficient operators. Companies such as Mobile World Corp, our top holding, continue to demonstrate how scale and operational discipline can translate into margin recovery as the cycle turns. Foreign direct investment (FDI) has been another pillar of confidence. Registered FDI reached USD18.2bn in 4M2026, up 32% YoY. It is a useful reminder that, despite the global geopolitical issues, companies are still committing capital to Vietnam and its role in global supply chain diversification. That said, the external environment is beginning to come through in the data. Inflation moved up to approximately 5.5% in April, mainly due to higher energy costs linked to disruptions in the Middle East. Vietnam is not immune to these pressures because it relies on imported crude paralysed by the situation in the Strait of Hormuz. Nonetheless, the country retains important buffers, including domestic refining capacity, gas and coal supply for power generation and full self-sufficiency in fertiliser, which help contain the second-order risks and broader economic impact.

Equity markets reflected this more complex picture. April saw a recovery in headline indices, but performance was far from broad-based. Gains were heavily concentrated in a handful of large conglomerates, most notably Vingroup, while much of the market remained relatively flat. This divergence highlights an important feature of the current market environment: sentiment-driven moves in a small number of stocks can distort index performance in the short term. For VNH, April delivered a positive return, with NAV per share increasing by 1.7%. However, the Fund underperformed the broader index, which rose more sharply due to its concentration in those same large-cap names that we do not hold because of fundamental grounds. The big reason is our lack of exposure to VIC - where valuation, conglomerate structure and execution timelines remain difficult to assess. More broadly, the Fund continues to lean towards businesses where earnings are clearer and balance sheets stronger. Over time, that has meant a gradual increase in exposure to larger-cap names, which now make up roughly three-quarters of the portfolio. This is not a shift in philosophy so much as an adaption of the current environment. Liquidity, resilience and the ability to absorb external shocks are increasingly at a premium, particularly as Vietnam approaches its FTSE upgrade later this year. Underneath the market moves, earnings momentum remains encouraging. Portfolio companies continue to deliver strong growth, with many reporting double-digit or higher earnings expansion in Q12026. Importantly, this underlying performance is not yet fully reflected in valuations, leaving the market attractively positioned on a forward-looking basis. Away from the numbers, April also offered a moment of reflection. Vietnam marked the 51st anniversary of reunification - a quieter milestone than last year's round number but nonetheless telling of how far the country has come.

As we move into May and look ahead to VNH's 20th anniversary in June, there is a strong sense that the market is entering a more mature phase. Growth remains strong and opportunities are still abundant, but there is no longer a straight line. In that sense, the "heat" in markets is not just a reflection of volatility - it is a test of discipline. And for long-term investors, that is often where the real value is created.

For more information please contact:

Dynam Capital Limited

Craig Martin Tel: +84 28 3827 7590

info@dynamcapital.com |www.dynamcapital.com

www.vietnamholding.com

Cavendish Capital Markets Limited

Corporate Broker and Financial Advisor Tel: +44 20 7220 0500