Annual Report and Notice of AGM
COMPANY ANNOUNCEMENT
For Immediate Release 28 April 2026
Vietnam Enterprise Investments Limited
("VEIL" or the "Company")
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
NOTICE OF 2026 ANNUAL GENERAL MEETING
The Company today announces its annual report and financial statements for the year ended 31 December 2025 (the "2025 Annual Report").
The 2025 Annual Report includes the notice of the Company's 2026 Annual General Meeting ("2026 AGM"), which will be held at 12:00pm (UK time) on 25 June 2026 at The Stationers' Hall, Ave Maria Lane, London EC4M 7DD, United Kingdom.
The 2025 Annual Report has been filed with the Financial Conduct Authority by uploading it to the National Storage Mechanism ("NSM") in accordance with UK Listing Rule 6.4.1 and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The 2025 Annual Report may also be accessed via the Company's website:
In accordance with Disclosure Guidance and Transparency Rule 6.3.5(1A), the regulated information referred to in DTR 6.3.5 is available in unedited full text within the 2025 Annual Report as uploaded to the NSM and on the Company's website as noted above.
Highlights:
· NAV total return of +24.5% in US$ (+15.9% in Sterling), outperforming listed peers
· Share price total return of +36.1% in US$ (+29.9% in Sterling), reflecting a narrowing of the discount
· Vietnam Index (VNI) rose 38.8% in US$, (+29.2% in Sterling), with Vingroup alone contributing 19.5% of the gain
· 10-year NAV returns of 12.9% p.a. versus 8.9% p.a. for the MSCI Emerging Markets Index (US$ total return)
· A further £52.2mn of shares bought back in 2026 year-to-date at 28 April, in addition to £147.4mn returned via the 10% tender offer in January 2026
· First 10% tender at NAV less 3% completed in mid-January 2026
· The Company ended the year with net cash of US$93mn (4.8% of NAV)
Charles Cade, Interim Chairman, VEIL, commented:
"Over the 10 years to the end of 2025, VEIL delivered NAV returns of 12.9% per annum in US$, outperforming its listed peers. With a market cap of US$1.9bn, VEIL remains the largest active investor in Vietnam and is well placed to benefit from the country's domestic growth potential."
"The year started with considerable apprehension among investors about the impact of US tariffs, but the Vietnam market rallied strongly from its lows in April 2025, supported by strong economic growth and business-friendly government policies. Foreign investors remained net sellers of Vietnamese equities despite the strong performance of the market. Reflecting this, the VNI continued to be driven by domestic retail investors which accounted for approximately 85% of trading volumes.
"Whilst the Company's NAV performance lagged the VNI during 2025, it delivered healthy returns in absolute terms, and outperformed its listed peers in both NAV and share price returns. A key factor behind the strength of the VNI was the exceptional performance of Vingroup, the conglomerate, which delivered share price returns of 711% in US$ during 2025, making it the largest constituent in the index at the year-end with a weighting of 15.7%. Vingroup has been a challenge for active investors in Vietnamese equities as it has low free-float and its valuation is now very high based on historic metrics.
Discount Management
"Following last year's AGM in June 2025, when shareholders voted against a five-yearly discontinuation resolution, with more than 20 per cent were in favour of the resolution, the Board committed to consult with relevant shareholders. Encouragingly, a significant majority of shareholders consulted were positive on the outlook for Vietnam and supportive of the Investment Manager. However, there was a broad consensus that the discount had been too wide.
"Based on this shareholder feedback, the Board announced proposals in mid-December 2025 for a tender for up to 10% of the share capital at a price equivalent to NAV less 3% and indicated its intention to hold two further 10% tenders within the following 12 months. The proposals were supported by 99.68% of shareholders and the first tender was successfully completed in mid-January 2026.
"Returning capital is just one side of the story in terms of the Company's discount management strategy. Steps are also being taken to raise the profile of the Company in an effort to increase demand for its shares.
Board Governance
"Following Sarah Arkle's departure as Chair in January 2026, the Board would like to thank Sarah for her four years as a Non-Executive Director, and as Chair from June 2024, supporting VEIL during a major period of growth for the Company and Vietnam, and for her leading role in the shareholder consultation following last year's discontinuation vote at the AGM
Outlook
"The Board believes that the investment case for Vietnam remains strong. The country was one of the fastest growing global economies in 2025, with real GDP growth of 8.0%, and it entered 2026 with strong underlying momentum. In the near term, the war in the Gulf region creates headwinds for Vietnam as the country is a significant net importer of energy. However, the core long-term drivers of economic growth remain in place, with healthy foreign direct investment, rising urbanisation and the emergence of the middle class consumer. In addition, government policy is increasingly reform oriented, accelerating displacement of State-Owned Enterprises by more efficient private sector businesses.
"Vietnam's equity market appears attractively valued relative to both historical levels and regional peers. The Portfolio Manager forecasts earnings growth of 17.5% for the top 100 listed companies in 2026, implying a forward P/E of approximately 11x as of 10 April 2026. In addition, Vietnam will be upgraded by FTSE Russell from Frontier Market to Secondary Emerging Market status in September 2026, which could help reverse the outflows of foreign capital experienced in recent years.
"Investors in an early-stage equity market such as Vietnam will inevitably face some volatile periods. However, the potential rewards over the long term are illustrated by VEIL's performance over the 10 years to the end of 2025, with NAV returns of 12.9% per annum versus 8.9% per annum for the MSCI Emerging Markets Index".
Charles Cade, Interim Chair
Vietnam Enterprise Investments Limited
Portfolio Manager's Outlook
"Vietnam entered 2026 with strong underlying momentum. The macro framework remains favourable, while policy is increasingly reform-oriented, and implementation of the Government's 2026-2030 development plan should help reinforce this direction. Resolution 68, together with Resolution 79, a corollary initiative which focuses on improving the efficiency of SOEs and the allocation of state capital, points to a more defined policy framework in which private enterprise, infrastructure investment and more efficient capital allocation are expected to play a larger role in driving growth.
"Broader reforms to streamline regulation and improve the business environment reinforced the view that Vietnam is entering a more supportive phase for investment and private enterprise. Our view is that well-capitalised domestic champions will be key beneficiaries of a more supportive policy environment and greater private-sector participation in large-scale development projects.
"The key near-term risks remain largely external. While the direct economic impact on Vietnam remains limited at this stage, rising oil prices could place pressure on inflation and complicate monetary policy. Nonetheless, growth is increasingly supported by domestic demand and policy flexibility, which should help mitigate broader effects. Within the portfolio, energy exposure, particularly service providers linked to upstream investment, may provide a partial offset. We also increased cash modestly in early March to manage volatility while preserving capacity to deploy capital should new opportunities emerge.
"We remain constructive on improving liquidity, a stronger IPO pipeline, and Vietnam's expected FTSE Secondary Emerging Market upgrade, which would support further market development.
"We remain positive on Vietnam's equity market. Our in-house forecasts indicate earnings growth of 17.5% for the top 100 listed companies in 2026, implying a forward P/E of approximately 11x as of 10 April 2026, which remains attractive relative to both historical levels and regional peers".
Tuan Le, Lead Portfolio Manager
Vietnam Enterprise Investments Limited
Enquiries:
Vietnam Enterprise Investments Limited
Steven Mantle
+44 (0) 755 370 1237
Jefferies International Limited
Stuart Klein
+44 (0) 20 7029 8703
h2Radnor
Iain Daly
+44 (0) 20 3897 1830
Montfort Communications
Gay Collins, Alex Everett
+44 (0) 7798 626282
LEI: 213800SYT3T4AGEVW864