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

Monthly Investor Report

A report detailing the activities of the Company for the month of April 2022 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 - a month of new nuances

April signaled somewhat of a revival in Vietnam with vacationers from both home and abroad travelling around the country and making the most of waning Covid-19 restrictions over the Reunification and Labor Day holidays. Massive traffic jams on the roads leading out of HCMC and Hanoi, as well as international arrivals, which more than doubled YoY, made it feel as if a bit of normalcy had returned as the traditional holiday was celebrated again. The renewed tourism boosted retail sales - up 12.1% from March - and encouraged the country's positive economic outlook despite increased inflationary issues flaring up globally. Almost 900k visited Thanh Hoa Province, an 85% jump from the previous year, while Son La attracted swarms of tourists to its new iconic glass bridge, apparently the world's longest.

The month, however, was not a kind one for equities as markets around the world plunged due to growing concerns about the war in Ukraine and the intensifying disruptions accelerating globally, not least regarding the record rising inflation and expanding supply chain risks. Coincidentally, 2022 was the worst April for the S&P 500 since World War II and with the market now taking the view that the pandemic has ended, corrections in 'stay-at-home' stocks, for example, also made a significant amount of noise worldwide. In just one month the VN Index reversed all gains it made since June 2021, making a MoM decline of -8.9%, its worst since March 2020 when the first lockdown shocked the world. The most hard-hitting selloffs in Vietnam stocks stemmed from the government's crackdown on market manipulations. The market suddenly turned bearish on booming property companies when some arrests were made and new investigations on a few market participants were announced. A notable underperformance of the real estate sector saw the Fund's NAV drop -6.7% for the month, with mid-cap property companies enduring a strong correction at the beginning of the month. These include portfolio companies Khang Dien House and Nam Long as well as some industrial property developers, which became vulnerable to retail investor sentiment on the effects of stricter regulations for the corporate bond market.

Top positive contributors included Hai An Transport (HAH), a port operator that provides marine transport services, which reported its Q1-2022 NPAT was up 3 times YoY thanks to dramatic revenue increase of +82% and better profit margins. Our other logistics champion, Gemadept (GMD), fell by 7.4% despite all segments reporting strong profit growth. Mobile World (MWG), the omnichannel retail champion, was another strong performing portfolio company in April, having achieved a record revenue increase for Q1. VND, one of the most reputable brokers in Vietnam, also continued to achieve new milestones in Q1 and announced a private placement for 20% of the company.

Although global risks abound (war, inflation, and supply chain disruptions), Vietnam remains relatively resilient for now. April's macroeconomic data for the country was especially upbeat even with the uncertain global risk landscape and stock market corrections. In fact, the General Statistics Office data for the month shows that growth is accelerating in almost all economic activities. Exports and imports surged by 25% and 15.5% year-on-year, respectively, taking the trade surplus to U$$2.5bn YTD. In addition, the IMF recently maintained its 2022 6% growth forecast for Vietnam stating how 'policy support and an impressive vaccination rollout prompting a strategic shift towards living with Covid' will continue to help the country achieve this. This was released before Japan's Prime Minister Kishida Fumio's visited Vietnam to meet with Pham Minh Chinh and their respective high-level delegations about building their strategic partnership and deepening their ties on technology renovation, digital transformation, and supply chain diversification. In a lively in-person press conference, party leader Nguyen Phu Trong also commemorated the two countries' plans to celebrate the 50th anniversary of their diplomatic relationship in 2023.

For more information please contact:

Dynam Capital Limited                  

Craig Martin                                                                                       Tel: +84 28 3827 7590

info@dynamcapital.com |www.dynamcapital.com

www.vietnamholding.com

finnCap

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

William Marle