VietNam Holding — Vietnam shaking off the tariff turmoil

Vietnam’s healthy economic progress continues despite the recent global tariff turmoil, with 7.9% GDP growth in the first nine months of 2025 (9M25). This has been accompanied by a strong rally in local equities since May 2025, albeit with a significant contribution from a narrow set of stocks. Given VietNam Holding’s (VNH’s) active and unconstrained strategy, it holds only one of these names. Therefore, its NAV total return (TR) performance of 2.8% in sterling terms for the 12 months to end-November 2025 was below that of the broader market (31.1%). That said, its annualised five-year NAV TR of 13.3% is in line with the Vietnam All-Share Index’s (VNAS’s) return of 13.4%, as the fund outperformed the index in each year between 2021 and 2024, showcasing VNH’s stock-picking expertise.