Monthly Investor Report

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

Monthly Investor Report

A report detailing the activities of the Company for the month October 2018 has been issued by Dynam Capital Management Limited, the investment manager of the Company. Electronic copies of the report have been made available to shareholders on the Company's website at http://www.vietnamholding.com/publications/investor-reports and a summary of the report is included below.

Investor Report Summary

October blues

October was a dreadful month for equity investors in Emerging and Frontier Markets, generally, and Vietnam in particular. The Vietnam All-Share Index (VNAS) dropped by almost 10% during the month, and in the same period the Fund's NAV per share dropped by 8.4%, making it the worst month of performance this year. Most sectors suffered, but the banking sector stood out as a poor performer with a drop of almost 30%. Although the majority of investors in the market are domestic, the fears that drove the market down were mainly global in nature. One highlight in the portfolio was Yeah1 (YEG) which staged a strong recovery from its post IPO declines on the back of a tripling in net profit.

Despite the poor performance in the equity market, the macro picture remains resilient: relatively stable currency, modest inflation, growing retail sales and a small trade surplus. Export and Import growth were noticeably slower in October, but part of this is attributed to seasonality and cyclicality relating to mobile phone assembly, an area of significance for Vietnam over the last few years.

It was a busy month for the Fund and for the Manager. On 10th October we welcomed investors and board members to our new offices at Deutsche Haus in District 1, HCMC. The Fund's AGM and an EGM were held in London on the 31st October, and we are pleased that all resolutions were passed, including the continuation vote for the Fund.

As a result, the Fund (and the Fund Manager) are in the process of re-domiciling from Cayman to Guernsey, a regulated environment, and will then be seeking to make an application to list the Company's shares on the main market of the London Stock Exchange. A tender offer for 15% of the Company's shares was also approved, and a Tender Pool and Continuing Pool have been formed.

For more information please contact:

Dynam Capital Management Limited

Craig Martin

+84 28 3827 7590

info@dynamcapital.com |www.dynamcapital.com

www.vietnamholding.com

finnCap

Nominated Adviser and Corporate Broker Tel: +44 20 7220 0500

William Marle / Giles Rolls