VietNam Holding Limited (LSE:VNH) reported a 2.6% decline in net asset value (NAV) during September 2026, compared with a 3.9% fall in the Vietnam All Share Index, as the country’s equity market recorded losses despite continued economic expansion.
Vietnam’s gross domestic product increased 9.95% year-on-year in the third quarter, supported by growth in exports, imports, retail sales and public investment. Infrastructure spending remained an important component of economic activity during the period.
The economic expansion coincided with Vietnam’s upgrade to FTSE Russell Secondary Emerging Market status, although equity market performance during September reflected investor attention to liquidity conditions, higher funding costs and uncertainty in international markets.
Market Liquidity and Funding Costs Influence Investment Conditions
Vietnamese equities declined during September as investors assessed changes in domestic financing conditions and developments in global financial markets.
Foreign investors were net sellers of Vietnamese equities during the month, while domestic deposit rates provided an alternative to equity investment for local savers.
The report identified the availability and cost of capital as factors affecting investment decisions, particularly as Vietnam continues seeking broader access to investment funding.
The country’s transition to FTSE Russell Secondary Emerging Market status represents a development in its capital market classification, although the September performance of the Vietnam All Share Index showed that the upgrade coincided with a period of declining equity prices.
VietNam Holding Portfolio Focuses on Retail, Banking and Energy Infrastructure
VietNam Holding’s investment manager, Dynam Capital Limited, highlighted several portfolio companies operating across consumer retail, financial services and energy infrastructure.
Mobile World Group, a consumer electronics retailer, was identified as a business benefiting from operating leverage, with changes in sales volumes affecting profitability through its existing operating cost structure.
In the banking sector, the manager pointed to MB Bank’s access to lower-cost deposits and its digital banking capabilities as relevant characteristics of the company’s business model.
PetroVietnam Technical Services was also highlighted because of its order backlog associated with energy infrastructure projects.
According to the investment manager, VietNam Holding’s overall portfolio was trading at approximately 10 times forecast earnings for 2026.
The valuation measure reflects projected earnings rather than reported full-year results and remains subject to changes in company performance and market prices.
Investment Manager Adopts More Selective Approach
Dynam Capital indicated that it is becoming more selective in its investment approach as Vietnamese companies operate within an environment of higher funding costs and changing liquidity conditions.
The manager is placing greater emphasis on businesses capable of financing expansion through internally generated cash flow or obtaining capital at comparatively lower costs.
This approach reflects the manager’s assessment of the importance of financing structures and capital availability when evaluating companies in the Vietnamese equity market.
Although Dynam Capital continues to identify potential long-term investment value in Vietnamese equities, its September report also acknowledged the effects of market volatility, foreign investor selling and competition from domestic deposit products.
The combination of economic growth and declining equity valuations during the month illustrates the different trends affecting Vietnam’s economy and its listed securities.
About VietNam Holding
VietNam Holding Limited (LSE:VNH) is an investment company focused on Vietnamese equities and managed by Dynam Capital Limited.
The company invests in businesses across sectors including consumer electronics retail, banking and energy infrastructure, with an investment strategy centred on long-term opportunities in Vietnam’s developing capital markets.
Its portfolio is managed with reference to company fundamentals, valuations and broader economic and financial market conditions.
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