London Stock Exchange celebrates 20 years of VietNam Holding
The award-winning Vietnam-focused investment company marks two decades on the London market — and looks ahead to a defining year for Vietnamese equities.
The London Stock Exchange is delighted to welcome VietNam Holding (London Stock Exchange: VNH) to the market to celebrate a landmark moment: the company’s 20th anniversary. When VietNam Holding first listed in 2006, Vietnam’s stock market was in its infancy — a handful of companies, a young exchange, and an economy only beginning to open to international capital. Two decades on, Vietnam is among the fastest-growing economies in Asia, with GDP expanding around 8% a year, a rising middle class, and a manufacturing base winning a central role in global supply chains. VietNam Holding has been there throughout, investing behind the long-term themes of domestic consumption, industrialisation and urbanisation that have powered that transformation.
“Twenty years ago VietNam Holding held a conviction that Vietnam’s growth would compound for a generation, though it was unclear then how quickly this would translate into the opportunities in the capital markets. Liquidity was low, governance was nascent and the quality of earnings was opaque. Now Vietnam’s stock market is the most liquid in Southeast Asia, and the market has been upgraded from Frontier to Secondary Emerging by FTSE Russell. We’re proud to mark this anniversary on the London Stock Exchange, the home of our shareholders, and grateful to the investors who have shared this journey with us.”
Hiroshi Funaki
Chairman, VietNam Holding Limited
Managed by Dynam Capital since 2018, VietNam Holding runs a focused, high-conviction portfolio of Vietnam’s leading companies across banking, consumer, industrials, real estate and technology. The company has delivered strong long-term returns and trades on the tightest discount to NAV in its peer group. It has also distinguished itself on governance and alignment — operating an annual redemption facility allowing shareholders to realise value at close to net asset value, alongside regular buybacks — and has been a signatory to the UN Principles for Responsible Investment since 2009, embedding ESG at the heart of its process long before it became mainstream in frontier markets.
The anniversary arrives at a pivotal moment for Vietnam. In September 2026, FTSE Russell will reclassify Vietnam from frontier to secondary emerging market status— a milestone expected to draw substantial new institutional and passive investment to the market. It comes amid an ambitious domestic reform agenda, often described as a “Đổi Mới 2.0,” that places the private sector at the centre of the economy and is streamlining the institutions that underpin it. Further potential catalysts lie ahead, from a prospective eventual MSCI upgrade to a possible move toward an investment-grade sovereign credit rating.
As it begins its third decade, VietNam Holding remains what it has always been: a direct, shareholder-aligned route for international investors to participate in one of Asia’s great structural growth stories.
