VietNam Holding Limited ("VNH" or the "Company")

Monthly Investor Report

A report detailing the activities of the Company for the month of November 2025 has been issued by Dynam Capital Limited, the investment manager of the Company. Electronic copies of the report have been made available to shareholders on the Company's website and a summary of the report is included below.

Manager Commentary: IPO Bells, are you listening?

November was less about festive fanfare or disruption than it was about confirmation that Vietnam's capital market reforms are gaining traction, that economic fundamentals continue to evolve on the right note, and most importantly that the IPO market is experiencing a meaningful revival.  The clearest evidence was two blockbuster securities offerings that together raised roughly US$1bn - among the largest listings in Southeast Asia this year. Techcom Securities raised US$410m (oversubscribed 2.5 times), followed by VPBank Securities with US$482m. According to a recent report by Deloitte, these offerings helped drive a more than 50% increase in regional IPO proceeds. This fresh capital not only provides essential infrastructure for a market transitioning to emerging market status - the sound of bells ringing across Vietnam's exchanges reflects growing confidence among issuers, regulators and investors alike, and suggests that its institutional market framework is becoming robust enough to support larger, more complex capital raisings.  Such progression undeniably places Vietnam on the radar of a broader pool of global capital in 2026. In time, this could unlock noteworthy passive and active inflows, while also serving as a noteworthy stepping stone toward MSCI Emerging Market consideration. During the recent Dynam investor conference, various speakers presented on structural changes driving Vietnam's transformation - infrastructure modernisation, digital economy acceleration, demographic advantages, and supply chain repositioning. These transformations represent generational shifts in Vietnam's economic model, moving from low-cost manufacturing towards higher value-added services, technology integration, and deeper financial market sophistication. Others analysed the equity market opportunities following Vietnam's FTSE upgrade, highlighting how reclassification will fundamentally alter Vietnam's investor base, bringing index-tracking funds, enhancing liquidity, and potentially triggering valuation re-ratings. The upgrade represents more than technical reclassification; it shows how global capital allocators now view Vietnam as mainstream emerging rather than frontier market. That perceptual shift, combined a with ongoing strong fundamentals, creates powerful tailwinds for the next phase of market development.

Q3 GDP growth hit 8.2%, Southeast Asia's fastest, in line with the government's 8% target.  Manufacturing momentum continued with total trade through November exceeding US$839bn - exports were up 16.1%, resulting in a trade surplus of US$20.5bn. Disbursed FDI  reached US$23.6bn (up 8.9%) -a five-year high. Equity markets, however, took a bit of a breather. November saw sentiment consolidate - liquidity normalised and investors reassessed valuations. Vietnam continues to trade at an attractive valuation discount relative to other emerging markets, particularly when viewed against its growth profile and reform trajectory. Against this backdrop, VNH's portfolio declined modestly during the month. After a strong year-to-date run, several previously leading positions - particularly in banks and financial services - experienced a period of consolidation, weighing on relative performance. Despite the month's pullback, year-to-date performance remains positive. Banking continues to be a key driver of returns, benefiting from structural growth, improving asset quality and ongoing digitalisation. Consumer and industrial exposures have also contributed meaningfully, reflecting Vietnam's expanding middle class and sustained investment cycle. Relative underperformance versus the broader index largely reflects our more selective exposure to large-cap real estate names, where valuation discipline has prevailed. Beyond performance, governance and transparency remain central to VNH's investment approach. The portfolio's alignment with international standards, including ongoing engagement around disclosure and sustainability, continues to differentiate it within the Vietnam market and positions it well as global investor scrutiny increases alongside the country's market upgrade. As a PRI signatory, we achieved three 5-star scores in the latest Transparency Report for Policy Governance & Strategy, Listed Equity, and Confidence-Building. Vietnam enters the second half of the 2020s with a strong hand - resilient growth, improving market infrastructure, and rising credibility on the international stage. With liquidity recalibrating and reforms making more of a difference, the environment increasingly favours active management, selectivity and a long-term perspective. Season's greetings to our investors!

For more information please contact:

Dynam Capital Limited                  

Craig Martin                                                                                       Tel: +84 28 3827 7590

[email protected] |www.dynamcapital.com

www.vietnamholding.com

Cavendish Capital Markets Limited

Corporate Broker and Financial Advisor                                            Tel: +44 20 7220 0500