VietNam Holding Limited reported a 9.8% decline in net asset value for July, underperforming the Vietnam All Share Index’s 7.5% drop during the month. The fund’s year-to-date decline widened to 15% by month-end.
VNH’s portfolio traded at 8.8 times estimated 2026 earnings, below the Vietnam All Share Index’s 11.2x and the VN Index’s 12.5x. The fund’s two largest holdings, Mobile World Group (MWG) and Hoa Phat Group (HPG), each accounted for 10.4% of net asset value at the end of July.
Phu Nhuan Jewelry (PNJ) was the fund’s largest detractor after its shares fell more than 50% following allegations that a former subsidiary manager falsified diamond certificates. VNH reduced its position in PNJ in response to the decline.
Second-quarter earnings for Vietnamese equities rose 36.6%, with full-year growth projected at around 20%. Among VNH’s top holdings, earnings per share growth included MWG at 101%, HPG at 50%, MBB at 40%, VPBank at 72%, and Digiworld at 165%.
Vietnam’s economy expanded 8.2% in the second quarter, while July exports surged 25% year-on-year and 21.7% over the first seven months. Retail sales climbed 14.5% in July, and imports jumped 41.4%, driven by a 82.6% rise in computers, electronics, and components, which now account for nearly 40% of total imports.
Vietnam is set to receive a FTSE Russell Secondary Emerging Market status upgrade on September 21.
