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 February 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: Rough seas, resilient shores

February may be the shortest month of the year, but it packed in plenty of movement across Vietnam's economy and equity markets. This time, however, the backdrop mattered just as much as the data, as tensions escalated in the Middle East toward month-end, pushing up energy prices and unsettling global markets. Prior to the war in Iran, Vietnam's manufacturing activity remained firmly in expansionary territory, with PMI at an impressive 54.3, outpacing most major developed and regional peers. Electronics exports rose sharply, reaching approximately US$18bn year-to-date and accounting for nearly a quarter of total export value. Machinery, phones and industrial equipment all posted double-digit growth, underscoring Vietnam's deepening integration into global supply chains. Domestic demand continued to anchor growth. Retail sales rose 8.5% YoY, supported by rising incomes and urbanisation. Inflation remained contained, aided by a diversified energy mix and self-sufficiency in key agricultural inputs, cushioning the impact of higher global oil prices. Meanwhile, robust FDI inflows into manufacturing and technology sectors highlighted sustained confidence in Vietnam as a supply chain alternative amid geopolitical fragmentation. Progress toward FTSE emerging market reclassification also continued, with a potential upgrade later this year likely to drive liquidity and passive inflows.

The VN All-Share Index rose 2.4% during the month. For VNH, its NAV per share increased by 0.4%. The modest underperformance versus the index was largely attributable to our underweight position in Vingroup (VIC), reflecting our continued preference for businesses with clearer earnings visibility and more attractive valuation support. Within the portfolio, performance reflected this emphasis on quality. Hoa Phat (HPG) rose 7.0%, supported by infrastructure spending and construction demand. Our Banking holdings also delivered solid gains: MB Bank advanced 4.3%, VPBank rose 2.9%, and Sacombank added 4.0%, as the sector benefited from strong credit growth and improving asset quality.

Year-to-date, the Fund's NAV per share has risen 5.4%, comfortably ahead of the broader market's 2.8% return. In addition to banking, contributions from financial services - particularly brokerage positions such as Techcom Securities and SSI Securities Corporation - and retail names including Mobile World and Phu Nhuan Jewelry have supported performance. Our portfolio positioning remains disciplined. We maintain an overweight in financial services and retail, both leveraged to domestic consumption trends, while remaining underweight in mega-cap conglomerates where valuations imply limited margin for error. The portfolio currently trades at approximately 10x 2026 earnings, with a 17.9 percent earnings per share growth, providing a meaningful valuation cushion.

Looking ahead, the global macro picture remains complex. Manufacturing continues to expand, inflation is contained, and core growth drivers - domestic consumption, foreign investment, and ongoing infrastructure development - remain firmly in place. Credit growth is expected to moderate to around 15% in 2026, still robust by most standards, while the property market should gradually broaden beyond large-cap developers as affordable housing supply improves. However, recent weeks have served a reminder that markets rarely move in straight lines, particularly when geopolitical risks resonate. Yet it also highlighted something more important: Vietnam has developed the capacity to absorb external shocks with a level of stability that would have been far less certain a decade ago. In a world where uncertainty is no longer episodic but constant, that distinction matters. The ability to sustain growth through disruption - rather than simply during calm periods - is what ultimately defines long-term winners. For investors, this reinforces a simple but often overlooked principle: resilience is not just a defensive trait, but a compounding advantage. And in markets like Vietnam, where structural growth remains intact, periods of volatility are less a reason to step back than an opportunity to lean in.

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