Vietnam Holding (VNH) highlighted continued strength in Vietnam’s domestic economy in its monthly investor report for April, with first-quarter GDP growth of 7.83% despite ongoing global volatility.
The investment company said trade activity remained strong in the first four months of 2026, with exports up 19.7% year-on-year and imports rising 28.7%, reflecting what its manager described as “productive imports” ahead of future export growth. Meanwhile, retail sales rose 12.1% in April, while registered foreign direct investment climbed 32% to $18.2 billion over the same period.
Dynam Capital, the company’s investment manager, said inflation rose to about 5.5% in April, driven mainly by higher energy costs linked to disruption in the Middle East. However, it said Vietnam retains important buffers, including domestic refining capacity and self-sufficiency in fertiliser, helping to limit wider economic risks.
On the market side, Vietnam Holding reported a 1.7% increase in net asset value (NAV) per share in April, although the fund underperformed the broader index as gains were concentrated in a small number of large-cap stocks, particularly names outside its portfolio. The manager said the fund remains focused on businesses with clearer earnings visibility and stronger balance sheets, with larger-cap holdings now making up about three-quarters of the portfolio.
Looking ahead, the manager said portfolio companies continue to deliver strong earnings growth, with many reporting double-digit expansion in the first quarter, while valuations remain attractive as Vietnam approaches a potential FTSE market upgrade later this year.
View from Vox
Vietnam Holding’s update points to a market where macroeconomic momentum remains intact despite a more volatile external backdrop. While short-term performance was held back by narrow index leadership, the underlying case for long-term exposure to Vietnam’s growth story appears unchanged.