VinaCapital Vietnam Opportunity Fund — Vietnamese economy maintains its momentum

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, driven largely by a narrow set of stocks. As VinaCapital Vietnam Opportunity Fund (VOF) does not hold these names except for one (due to demanding valuations), and it reported a slight $6.8m write-down in its private portfolio in FY25 (ended June 2025), its NAV total return (TR) performance of 2.7% in sterling terms for the 12 months to end-November 2025 was below that of the broader market. That said, its 10-year NAV and share price TR of 12.8% and 13.9%, respectively, are broadly in line with that of the VN Index (13.5%).