Military Bank Lifts Green Loan

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

Monthly Investor Report

A report detailing the activities of the Company for the month of September 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: 'We're going up, up, up, it's our moment.. gonna be, gonna be Golden'

Like the singers in the Netflix hit 'KPop Demon Hunters', Vietnam has officially struck a new chord on the global stage. On 7 October, FTSE Russell confirmed the long-awaited upgrade of Vietnam's stock market from Frontier to Secondary Emerging Market status - a milestone that cements years of steady reform and growing investor confidence. The reclassification, which will take effect in September 2026 and is subject to a final review in March, signals to the world that Vietnam's markets are now ready to be part of the mainstream global investment landscape. The Financial Times hailed the move as "a turning point for Asia's newest growth engine", while Reuters described it as "a clear sign that Vietnam's reforms are paying off". David Sol, FTSE Russell's Global Head of Policy, said the decision "reflects the implementation of key market infrastructure enhancements" - most notably, the removal of pre-funding requirements for foreign investors and the launch of the KRX trading system. These steps, long requested by global institutions, demonstrate Vietnam's commitment to accessibility, liquidity, and governance. For policymakers, the upgrade is also a vindication. Vietnam's Minister of Finance, Nguyen Van Thang, called it "clear evidence of the country's sound development path and its growing capacity to integrate deeply into the global financial system".

Analysts now estimate that the new status could attract US$4-10bn of portfolio inflows over the next 12-18 months, with some projecting up to US$25bn in cumulative capital by 2030. Beyond the numbers, it signals a structural shift, as Vietnam is no longer merely a promising story but a recognised emerging market. The macro picture continues to underpin this optimism. Vietnam remains on track to meet its 8% GDP growth target for 2025, after expanding by 6.93% in Q1, 7.96% in Q2, and an estimated 8.23% in Q3 2025, the fastest pace in over a decade. Exports have remained robust, led by electronics and agricultural goods, while FDI disbursements rose 8.5% year-on-year to US18.8bn in the first nine months. The government's US$36bn public-investment programme continues to anchor infrastructure growth, complemented by strong momentum in the construction and industrial sectors, which have benefitted from both fiscal support and policy continuity.

The new International Financial Centre (IFC) framework, launched in September and focusing on Ho Chi Minh City and Danang, adds another layer to Vietnam's ambition. Designed to attract international capital and enhance regulatory alignment, the IFC initiative mirrors the government's drive to deepen financial and accelerate integration with global standards - all part of the roadmap toward eventual MSCI Emerging Market inclusion.

As of the end of September, the Fund's NAV per share had risen 10.9% year-to-date, supported by continued strength in banks, financials and the recovering real estate sector. The banking sector remains central to performance, both for its earnings growth and its leadership in digitalisation. MBB, for example, continues to set the pace in digital banking adoption, efficiency and customer reach. The Fund has also taken a prudent approach to profit-taking in FPT, balancing its long-term conviction with near-term caution amid the ongoing reshaping of the IT sector: rising AI-driven disruption, softer US outsourcing demand, and regulatory uncertainty following changes in FPT Telecom's ownership structure.

Domestic liquidity has touched record highs, making Vietnam's stock market the most liquid in Southeast Asia (this also enabled the fund to readily meet the 17.9% annual redemption request).  The retail domestic flows, often driven by mood and momentum rather than fundamentals, lead to periods of volatility.  Yet even with bouts of volatility, the broader direction of travel is unmistakably upward - supported by reform momentum, foreign interest, and strong domestic participation. For long-term investors, this is a defining moment. The FTSE Russell upgrade will broaden Vietnam's global investor base, deepen liquidity and could trigger a re-rating of well-governed companies. The fundamentals underpinning this shift are compelling: 8% GDP growth, US$18.8bn in FDI disbursements, a US$36bn infrastructure programme, and now a formal reclassification that signals Vietnam has moved from frontier promise to emerging market reality. VNH's disciplined focus on earnings growth, governance quality and market-leading franchises keeps it well positioned to capture these structural gains as Vietnam's equity market shines forth into the second half of the decade.

For more information please contact:

Dynam Capital Limited                  

Craig Martin                                                                                       Tel: +84 28 3827 7590

info@dynamcapital.com |www.dynamcapital.com

www.vietnamholding.com

Cavendish Capital Markets Limited

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

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Total assets grew to VND 1,289,644 billion and net profit after tax rose 16% year-over-year in H1 2025. Charter capital increased to VND 61,023 billion, with strong growth in net interest and fee income, and robust risk management practices maintained.

Original document: Military Commercial Joint Stock Bank [MBB] Interim report — Jul. 21 2025