VietNam Holding has published its January 2026 monthly investor report, highlighting continued economic strength in Vietnam and a solid start to the year for the fund. Net asset value per share rose 4.9% during the month, materially ahead of local benchmark indices.
The report, prepared by Dynam Capital, said Vietnam entered 2026 with growth momentum intact. Export growth reached 29.7% year-on-year in January, while imports rose 49.2%, reflecting strong demand for industrial inputs and pre-holiday stocking ahead of Tết Nguyên Đán. Electronics, machinery and phones continued to lead export performance.
Meanwhile, Vietnam’s Purchasing Managers’ Index stood at 52.5 in January, indicating expansion. Retail sales increased 9.3% year-on-year, supported by festive spending and rising adoption of digital payments. The Vietnamese dong appreciated approximately 1.3% against the US dollar year-to-date, with capital inflows and stable external balances supporting currency conditions.
Equity market liquidity averaged around US$1.1 billion per day in January. However, market leadership shifted. Vingroup, which had risen sharply during 2025, corrected during the month. VietNam Holding confirmed it does not hold Vingroup on fundamental valuation grounds, although it noted the continued expansion of the group’s electric vehicle operations.
Against this backdrop, the fund outperformed both the VNAS and VNASTR indices, which gained approximately 0.4% during January. Performance was driven by exposure to domestic consumption and financial stocks. Retail holdings, representing around 18% of the portfolio, contributed strongly, with MWG up 6.5% and PNJ rising 34%. Banking positions also advanced, including MB Bank, up 9.0%, and VietinBank, up nearly 10%.
The manager said valuations remain attractive, with the fund trading on forward price-to-earnings multiples below broader market indices while earnings growth expectations remain robust. Exposure has been modestly increased to larger-cap, higher-liquidity names where valuations align with long-term structural growth.
View from Vox
Vietnam’s latest data reinforces the structural growth story that has underpinned investor interest in recent years. Strong trade flows, resilient domestic consumption and stable currency conditions provide a supportive macro backdrop.
For VietNam Holding, a focus on domestic consumption and financial deepening appears well positioned as the economy broadens beyond export-led growth. Early outperformance in 2026 suggests that stock selection, rather than index exposure, is likely to remain the key driver of returns.