Edison issues report on VietNam Holding (VNH)

London, UK, 14 May 2026

Edison issues report on VietNam Holding (VNH)

Edison issues report on VietNam Holding (LSE: VNH)

VietNam Holding (VNH), which will soon celebrate its 20th anniversary, pursues an all-cap, high-conviction, valuation-aware strategy focused on Vietnamese equities. Its actively managed portfolio allows investors to tap into Vietnam’s growth via its financial sector as well as companies benefiting from the country’s industrialisation, urbanisation and consumption growth stories, which remain intact despite the new global tariff regime. This is supported by the open trade policy and pro-growth agenda of the Vietnamese government. VNH posted an 18.3% NAV total return in the 12 months to end-April 2026, which is behind the 49.7% posted by the Vietnam All-Share (VNAS) Index, but the comparison is distorted by the outsized returns of Vingroup (VIC), which now trades at high valuation multiples and is not in VNH’s portfolio. Vietnamese equities are currently traded at an average forward P/E ratio of 13.7x (slightly above its 10-year average of 13.1x, based on Datastream data). This is coupled with favourable corporate earnings growth of 20% in 2025 and a similar growth rate expected by Dynam Capital (VNH’s manager) for 2026.

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