Vietnam Enterprise Investments Ltd on Monday reported that its net asset value increased in March on a monthly basis.

VEIL is an investment trust focused on listed equities in Vietnam. The trust’s top ten holdings continue to account for 60% of all assets, with the company particularly exposed to Vietnam’s banking and materials sector.

As at March 28, the company said its net asset value per share increased by 3.0% to $9.60 from $9.32 at the end of February. Meanwhile, total NAV was unchanged at $1.9 billion.

Over the month VEIL outperformed the benchmark Vietnam Index, which made a gain of 2.5%.

The company repurchased 1.6 million shares in March compared to 740,269 the month prior.

‘[Increased NAV] was driven mainly by a resurgence in the retail and mid-cap property sectors,’ said Lead Portfolio Manager Tuan Le.

Furthermore, Vietnam recorded the highest first quarter growth in gross domestic product in five years with GDP increasing 5.7% during the opening quarter of 2024.

VEIL shares were down 3.3% to 581.00 pence each in London on Monday morning.

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