Monthly Investor Report

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

Monthly Investor Report

A report detailing the activities of the Company for the month of July 2016 has been issued by VietNam Holding Asset Management Limited, the investment manager of the Company. Electronic copies of the report have been made available to shareholders on the Company's website at http://www.vietnamholding.com/publications/investor-reports and a summary of the report is included below.

Investor Report Summary

Vietnam News

In July, the Vietnam All Share Index climbed another 2.3% over the month to just under 648. Accumulated seven month industrial production stands up 7.2% year-on-year, of which the all-important manufacturing component is up 9.9%. Retail sales are up 9.4% on the same basis, or 7.4% in real terms. Meanwhile, the currency and trade balance both continue to be stronger than forecast at the start of the year, with the dong strong at 22,300 to the dollar and a year-to-date surplus of USD 1.8bn. Foreign direct investment inflows are up 18% at USD 1.3bn in July, with the seven month accumulated total up 15% at USD 8.6bn and registrations - a barometer for the future - up a strong 47%. Local-currency banking system net credit growth stood at 8.2% year-to-date at the end of the first half, or up 17.6% year-on-year - a good sign that, despite slow-moving policymaking regarding the large amount of non-performing loans, essentially Vietnam is growing out of the problem and banks are still capable of fulfilling their vital intermediary function.

VNH Insights

VNH, celebrating its tenth birthday, finished another financial year as the best performing Vietnam equity fund: as shown in the comparison table on page 2, VNH was ranked number one in Vietnam for all full-year performance track record periods ranging over the last five years to 30 June 2016. This peer comparison includes all closed- and open-ended Vietnam equity funds with assets under management in excess of USD 50 million with a minimum track record of five years.

In the equity markets, July was the month that bellwether stock Vinamilk removed all limits on its foreign ownership ratio, with the list of stocks at various stages of this transition standing at around ten names.

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