VietNam Holding (VNH ) has delivered a 12.7% growth in Net Asset Value (NAV) per share in August 2025 as Vietnam’s equity market moved closer to record levels backed by strong market momentum and anticipation ahead of the FTSE Russell review.

Vietnam’s economy delivered 6.93% growth in Q1 2025 and 7.96% in Q2, taking first-half growth to 7.52%, the highest since 2011. Industrial output expanded by nearly 9% Year-on-Year (YoY), while exports in Q2 surged about 18% YoY to US$116.9 billion, contributing to a substantial trade surplus.

Foreign Direct Investment (FDI) disbursements reached US$15.4 billion in the first eight months of 2025, the highest level for this period in five years. Policy support remains firm, with progress on a US$36 billion public investment programme and financial-sector modernisation. The International Financial Centre (IFC) framework took effect on 1 September 2025, enabling IFCs in Ho Chi Minh City and Danang with infrastructure investment, international-standard legal frameworks and tax incentives for skilled professionals.

Digitalisation was a key August theme, with banks scaling technology adoption. VNH’s holding MB Bank (MBB) is described as a leader in this shift, rolling out platforms that improve customer experience and efficiency.

VNH’s portfolio performance was led by banking positions, including MBB, Asia Commercial Bank (ACB) and VPBank (VPB), with additional contributions from real estate holdings such as Vinhomes (VHM) and Khang Dien (KDH). FPT Corporation remains Vietnam’s flagship Information Technology (IT) services group; however, VNH has prudently trimmed its long-running position to lock in gains and rebalance exposure as AI-related changes reshape project budgets and client demand.

FTSE Russell is expected to confirm Vietnam’s upgrade from Frontier to Secondary Emerging Market in October. An upgrade would trigger inclusion in indices such as FTSE All-World, FTSE Emerging and FTSE Asia, requiring benchmarked passive funds to buy Vietnam equities. While global trade frictions and commodity price volatility remain risks, Vietnam’s structural growth story is described as intact.

View from Vox

Vietnam’s potential index upgrade, firm macro data and steady reforms create a supportive backdrop. VNH’s emphasis on keeping a strong banking core while trimming tech exposure sensibly balances opportunity and risk.