Vietnam Holding has published results for the year ended 30 June 2015. It had a very good year with the NAV rising by 9.0% to $2.093 and a share price increase of 23.3% to $1.803. The Vietnam All Share Index increased by just 1.4%. as you can see from the numbers, the discount narrowed considerably over the year – from 23.9% to 13%. This probably reflects a combination of the strong performance and buy-backs.
The report says that although the pace of privatisations was slower than expected, there was good news on progress to raise the foreign ownership limits on most stocks (long awaited) and they believe this could be a trigger for Vietnam’s promotion to the MSCI Emerging Market Indices.
The manager has decided to increase the emphasis they place on environmental corporate social responsibility and corporate governance issues.
Unfortunately, there is no discussion of the portfolio or performance attribution in the statement.
VNH : Vietnam Holding outperforms, emphasises responsible environmental, social and governance policies