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

Monthly Investor Report

A report detailing the activities of the Company for the month of April 2021 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.

The Power of Purpose

The Covid-19 pandemic has proved to be a defining period for a number of Vietnamese companies, and several in VNH's portfolio stand out, including FPT, currently our largest holding. In its 2020 annual report, released in April, the Chairman and CEO discussed how the company quickly transformed its operational focus from "peacetime" to "wartime" mode and took the initiative to turn "threats into opportunities". FPT is one of the top three publicly listed companies in Vietnam recognized for corporate governance by the ASEAN Capital Market Forum and last year it became the only Vietnamese enterprise to win a Silver Stevie award for The Most Valuable Corporate Response to Covid-19. Throughout the year it donated 135,849 pieces of medical equipment and PPE, provided 2,000 beds in an isolation facility, and supported students from over 15,000 schools nationwide with free online education, all whilst managing to grow its business at home and abroad. FPT's long term vision to make positive impacts and meet various stakeholders' needs even during an unprecedented crisis is a prime example of the purpose-led businesses that we look for. Its preliminary Q1 2021 results underline its mission to "constantly bring higher values to all stakeholders" with its software outsourcing and IT contract signings alone jumping +46% YoY. it has maintained its position as the most valuable and trusted technology brand in Vietnam.

Through our ESG lens we look at long term sustainability and good corporate governance, not only the micro performance of individual companies but also the systemic effects of climate change and income inequality, for example, on the country's social and economic health. Transparent reporting is an integral tool in this respect because it helps companies and stakeholders better understand the risks and opportunities associated with ESG.

The Fund's NAV increased by 8.3% in April outperforming the indices, led in part by VP Bank (9.1% NAV, +31.2%). The bank closed a deal to sell 49% of its subsidiary FE Credit to SMBC, which will benefit the bank in the long run and strengthen its financial capability for the next cycle of development. Core banking and payments system digitalization are top priorities among the biggest Vietnamese banks in anticipation of rising consumer demands by 2025. Competition is fierce with 80% of the country's banks having re-invested in credit risk and asset-liability management and more building up capabilities in lending, which is forecast for double-digit growth every year from 2021, according to a recent report commissioned by Backbase, a banking technology platform, on fintech and digital banking in the Asia-Pacific. It also said mobile transactions in Vietnam are to grow by three times by 2025.

Vietnam's former President, Nguyen Phu Trong, emphasised the government's focus on "innovation, national digital transformation, and the development of a digital economy and digital society" in his remarks at the opening session of the 13th Party Congress earlier this year. He also highlighted the need "to effectively reform the growth model, restructure the economy, and accelerate industrialisation and modernisation on the basis of science and technology, innovation and high-quality human resources". To put that into context, the government has set an ambitious goal of making the digital economy account for about 20% of Vietnam's GDP between 2021-2025 and 30% of GDP by 2030. We believe digitalisation will be a key ingredient of success for most sectors and value chains.

Companies exposed to more traditional areas of urbanisation and domestic infrastructure spend are also seeing benefits and steel maker Hoa Phat Group's earnings are expanding rapidly. We have revised upwards our forecast portfolio 2021 earnings growth from 23% at the beginning of the year to around 40%. Also, in keeping to our growth-at-a-reasonable-price approach, our forward P/E is currently an undemanding 11x.

For more information please contact:

Dynam Capital Limited

Craig Martin Tel: +84 28 3827 7590

[email protected] |www.dynamcapital.com

www.vietnamholding.com

finnCap

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

William Marle / Giles Rolls

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

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