VietNam Holding Limited Monthly Investor Report - Replacement (4424D)
21 Junio 2023 - 3:12AM
UK Regulatory
TIDMVNH
RNS Number : 4424D
VietNam Holding Limited
21 June 2023
VietNam Holding Limited ("VNH" or the "Company")
Monthly Investor Report
A report detailing the activities of the Company for the month
of May 2023 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 - May's green shoots of improvement
Greater awareness of environmental, social and governance (ESG)
issues in Vietnam was blooming in May and the momentum continued
into the first day of June, with the inaugural Vietnam ESG Investor
Conference in Ho Chi Minh City. We were a key supporter and lead
sponsor of the event, a first of its kind for Vietnam, attracting
over 350 business leaders, investors, government officials and
delegations from overseas. The consensus was that while there is a
way to go in getting companies to act on ESG issues, changing
stakeholder expectations are forcing them to better define and
drive their strategies. Listed companies have been required to
report their corporate objectives for managing environment and
social impacts, including their GHG emissions, since 2021, and we
remain focused on supporting our investee companies on this.
Craig Martin, in his keynote speech, advised investors to use
ESG as a screen for separating 'the great companies from the good,
and the good from the bad' in their selection criteria and called
on companies to 'do more, measure more, and report more' if they
are to achieve their goals. Indeed, only a week earlier, Vietnam
approved its new power plan, which aims to boost wind and gas
energy while also reducing reliance on coal. The plan, known as,
PDP8, requires nearly US$135 bn of funding for new plants and
grids, and follows the establishment of the Just Energy Transition
Partnership (JETP) with G7 countries at the end of 2022. It is an
important step forward for Vietnam's net-zero transition because it
not only sets out the country's electricity roadmap to 2030 but
also gives investors more clarity about the projects the government
is likely to back moving forward. Although the government's
commitments are becoming clearer, many challenges remain for
Vietnam's transition to a green, low-emission economy. For one, its
demand for electricity has been rising exponentially due to the
booming middle class and ongoing urbanisation, which have helped
stimulate the country's remarkable growth over the past few
decades. The need for investment to keep pace, therefore, is only
intensifying. As Vietnam could be one of the countries hardest hit
by climate change, collaboration in progressing the transition will
be key. While the global economic slowdown still poses the biggest
threat to manufacturing growth in Vietnam, the country's domestic
macro story paints a prettier picture. Foreign trade picked up
slightly in May, inflation remained relatively low and port
activity strengthened. Retail sales was also upbeat, mainly thanks
to the tourism recovery which saw international arrivals jump +12.6
times YoY. Additionally, public investment is up 18% YoY for 5M2023
and on track accounting for 26% of the whole year plan.
Vietnam's equity market also sustained a gradual recovery in
May, with trailing price-earnings-ratios up almost 50% from six
months ago and the Vietnam All Share Index (VNAS) up 8% for 5M2023.
Liquidity further improved as locals remain active and valuations
attractive. VNH's NAV rose 3.1% in May, outperforming the VNAS for
the month, though slightly below the index for the year to date at
+7.7%. The Fund has been nimble during recent volatile periods,
adding to IDC - the leading industrial zone developer in Vietnam -
and HPG - the biggest steel maker in Southeast Asia - at better
prices. Our move into PV Technical Services earlier in the year has
been rewarded with a 22.4% increase in May. This is a company in
transition: historically a contractor and leading operator of
offshore support vessels for the Oil and Gas industry, it is
pivoting to become a key supplier to the offshore wind energy
sector, as well as to gas power projects. This sector is poised to
get a significant boost domestically under the PDP8 plan, and the
company has also entered into an initial agreement to support the
export of renewable energy in the future to Singapore, which would
involve building one of the world's longest undersea power
cables.
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
RESGIGDLUGDDGXB
(END) Dow Jones Newswires
June 21, 2023 04:12 ET (08:12 GMT)
Vietnam (LSE:VNH)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Vietnam (LSE:VNH)
Gráfica de Acción Histórica
De May 2023 a May 2024