Vietnam Enterprise Investments Ltd Red.Shs · LSE:VEID
Vietnam Enterprise Investments Ltd Red.Shs — Vietnam Enterprise Investments — Shareholder Meeting (June 2025)
36 slides from Vietnam Enterprise Investments Ltd Red.Shs's shareholder meeting presentation, Jun 18, 2025
Slide 1: Disclaimer
Disclaimer This presentation has been prepared by Vietnam Enterprise Investments Limited (“VEIL”) for general information and discussion at the Vietnam Forum following the 2024 AGM. It is intended only for eligible investors in VEIL, and each recipient or viewer confirms that they have capacity and
Slide 2: Agenda
Agenda 01 12:00 PM AGM Proceedings: Sarah Arkle, Chair of VEIL Presentation: Dominic Scriven, 02 12:20 PM Chair of Dragon Capital Group, Vietnam 03 12:35 PM Presentation: Tuan Le, VEIL Lead Portfolio Manager 04 12:50 PM Q&A with the VEIL Board and Tuan Le
Slide 3: 2025 Annual General Meeting
G VIETNAM ENTERPRISE INVESTMENTS LTD 2025 Annual General Meeting INVEST IN VIETNAM TODAY §. FOR YOUR TOMORROW 23 12PM 18 June 2025 | Stationers’ Hal
Slide 4: The Tariff Overhang: A Victim of Its Own Success
The Tariff Overhang: A Victim of Its Own Success $123bn 2024 Trade Surplus 46% Tariffs The relative tariff differential with peer exporters is key 4 VEIL AGM | June 2025 | Source: MOIT
Slide 5: Economic Data: Vietnam is a Domestic Story
Economic Data: Vietnam is a Domestic Story 5M 2025 Q1 GDP Disbursed FDI +6.9% YoY +7.9% YoY $8.9bn VN Index Disbursed Public Investment +5.2% +34% YoY (Local currency*) $7.7bn *Data to 30 May 2025. 5 VEIL AGM | June 2025 | Source: Bloomberg, MOIT, GSO
Slide 6: Legacy Issues: More Important Than Trade War
Legacy Issues: More Important Than Trade War Inefficiency 15 Years To build the 1st metro line Legal Bottlenecks 2,200 Idle Projects Nationwide Logistics Costs 2x World Average 6 VEIL AGM | June 2025 | Source: MOC, MOF, MOIT
Slide 7: Vietnam's Tariff Response: Bamboo Trade Diplomacy
Vietnam’s Tariff Response: Bamboo Trade Diplomacy Signing US Tariff Cuts On Curtailing Chinese Trade deals US Imports Transshipment $90bn+ 0–5% 7 VEIL AGM | June 2025 | Source: MOIT
Slide 8: Vietnam 2030: The Next Cycle Starts Now
Vietnam 2030: The Next Cycle Starts Now Private Sector Empowerment YE ARS Efficiency Over Anti-Corruption $800bn Infrastructure Modernisation 2030 GDP target 8 VEIL AGM | June 2025 | Source: MOIT, MOF, MOC
Slide 9: Private Sector Push: From Dogmatism to Pragmatism
Private Sector Push: From Dogmatism to Pragmatism This is a crucial moment; there can be no further delay in removing these barriers. We must unleash the power of this vital economic sector, which will play a decisive role in achieving the country's strategic development goals by 2030. – Tô Lâm, Par
Slide 10: Efficiency Drive: Game-changing Reforms
Efficiency Drive: Game-changing Reforms MINISTERIAL MERGERS PRIME MINISTER 18 14 2,200 Dormant Projects PROVINCIAL MERGERS $235bn To be released 63 34 = 50% of GDP A reform tempo more akin to corporate turnarounds than government bureaucracy 10 VEIL AGM | June 2025 | Source: GSO, MOF, MOIT
Slide 11: Redrawing the Map: Fewer Provinces, Faster Execution
Redrawing the Map: Fewer Provinces, Faster Execution 63 34 11 VEIL AGM | June 2025 | Source: GSO, MOF, MOIT, Shutterstock
Slide 12: Infrastructure Push: Unlocking Production and Connectivity
Infrastructure Push: Unlocking Production and Connectivity Inter-City HCMC High-Speed Rail 7 metro lines North-South Expressway 4 Belt-Roads Urban Expansion Supply Chain Integration Improved Logistics Efficiency Labor Mobility Boost Enabling next-generation industrial development 12 VEIL AGM | June
Slide 13: Reviving Real Estate Demand: Standing Room Only
Reviving Real Estate Demand: Standing Room Only 37% YoY New Project Approval 2.2x YoY Condominium Supply 105% Condominium Market Demand/Supply Ratio 363% Landed house Demand/ Supply Ratio 13 VEIL AGM | June 2025 | Source: CBRE, Ministry of Construction
Slide 14: 2025 Outlook: Solid Fundamentals
2025 Outlook: Solid Fundamentals GDP Growth Inflation 7.5% 3.5% Export Growth Trade surplus 10.0% $20bn 14 VEIL AGM | June 2025 | Source: Bloomberg, GSO, MOF, MOIT
Slide 15: Vietnam: Best Performer Year-to-Date
Vietnam: Best Performer Year-to-Date 20.0% 15.0% 10.0% 5.2% 5.0% 1.6% 2.0% 1.4% 0.5% 0.0% -0.6% -5.0% -4.8% -10.0% -8.2% -15.0% -20.0% -17.9% S&P 500 Nasdaq 100 Dow Jones FTSE 250 VNINDEX Nikkei 225 Thailand SET Malaysia KLCI Indonesia JCI All data to 30 May 2025 in local currency terms 15 VEIL AGM
Slide 16: Equity Market Exposure: Exports ≠ Listed Companies
Equity Market Exposure: Exports ≠ Listed Companies 1.5% VNI revenue from US exports 85% VNI revenue from the domestic economy 16 VEIL AGM | June 2025 | Source: Bloomberg, Dragon Capital, Shutterstock
Slide 17: EM Upgrade: Triggering Foreign Institutional Inflows
EM Upgrade: Triggering Foreign Institutional Inflows SCAN FOR ONLINE LINK 17 VEIL AGM | June 2025 | Source: Dragon Capital
Slide 18: Mispriced Growth: 25% Discount to 10-Year Average PBR
Mispriced Growth: 25% Discount to 10-Year Average PBR (x) Vietnam Index Trailing PBR 25 Forward PER 3.5 INDIA (x) 3.0 20 TAIWAN 2.5 MALAYSIA 15 INDONESIA 2.0 VIETNAM CHINA 10 1.5 PHILIPPINES % EPS Growth 2025 1.0 5 Dec-15 Nov-17 Oct-19 Sep-21 Aug-23 Jun-25 -10 -7 -4 -1 2 5 8 11 14 18 VEIL AGM | June
Slide 19: Conclusion
Conclusion 1 Global trade re-shuffling - but the end result is "livable" for VN Biggest reform in 40 years currently underway: powering private sector, efficiency, 2 and infrastructure Vietnam presents strong growth-value versus peers, while offering a deep 3 historical discount 19 VEIL AGM | June 2
Slide 20: Disclaimer
Disclaimer This presentation has been prepared by Vietnam Enterprise Investments Limited (“VEIL”) for general information and discussion at the Vietnam Forum following the 2024 AGM. It is intended only for eligible investors in VEIL, and each recipient or viewer confirms that they have capacity and
Slide 21: 2025 Annual General Meeting
G VIETNAM ENTERPRISE INVESTMENTS LTD 2025 Annual General Meeting INVEST IN VIETNAM TODAY §. FOR YOUR TOMORROW 23 12PM 18 June 2025 | Stationers’ Hal
Slide 22: Vietnam Enterprise Investments Limited (VEIL)
Vietnam Enterprise Investments Limited (VEIL)
Slide 23: VEIL: Long-Term NAV Performance
VEIL: Long-Term NAV Performance (%) 684.7 670 VEIL VNI 570 470 438.9 370 289.2 270 186.2 180.1 170 142.4 70 43.9 30.1 12.2 8.8 -20.3 -20.3 -30 2024 3YR 5YR 10YR 15YR 20YR (*) Net performance 23 VEIL AGM | June 2025 | Source: Bloomberg, Dragon Capital
Slide 24: VEIL: Short-Term Challenges
VEIL: Short-Term Challenges (%) VEIL LN VNINDEX 10 5 Liberation Day 0 -3.7% -7% -5 -10 -15 -20 -25 Dec-24 Jan-25 Jan-25 Feb-25 Feb-25 Mar-25 Mar-25 Apr-25 Apr-25 May-25 May-25 24 VEIL AGM | June 2025 | Source: Bloomberg, Dragon Capital
Slide 25: Vietnam Index YTD: Only Two Sectors Outperformed
Vietnam Index YTD: Only Two Sectors Outperformed 47.5% 25.0% Conglomerate: VIC +143% 12.8% Property: VHM +94%, VRE +60% 2.4% 2.7% 3.2% -0.3% -1.7% -2.6% -3.6% -5.3% -6.9% -12.1% -17.0% IT Energy Materials Consumer Consumer Health Care Real Estate Mid Industrials Financials Utilities VNINDEX Property
Slide 26: Top Detractors: Compounded by Foreign Selling
Top Detractors: Compounded by Foreign Selling VRE -0.32 VHM -0.44 VIC $1.1bn -3.44 Foreign net sold YTD -4.20 % -2.90 % -7.10 % VIN Related Others Total All data from 31 December 2024 to 30 May 2025 26 VEIL AGM | June 2025 | Source: Bloomberg, Dragon Capital
Slide 27: Vingroup: We Buy What We Understand
Vingroup: We Buy What We Understand Vingroup Vinhomes and Vin Retail VinFast Real Estate Revival $3.0bn 17,000 ha $1.5bn unlocked landbank 2025F earnings 2024 net loss VinSpeed Ambition Vin Retail 2.0mn sqm $118mn 12/2025 2030 Leasable space 2025F earnings Broke Ground Complete 24x Old Trafford 15%
Slide 28: Secular Themes
Secular Themes Core Growth Engines… CONSUMPTION INFRASTRUCTURE …Validated By Vietnam’s Recent Catalysts PRIVATE SECTOR LEGAL UNLOCK TECHNOLOGY IPOS Legal, Land, Planning & Economic Growth Engine Digital Economy $47.5bn Pipeline Materials 28 VEIL AGM | June 2025 | Source: Dragon Capital
Slide 29: Investment Strategy: Domestic, High-Growth Sectors
Investment Strategy: Domestic, High-Growth Sectors Others 3% 18.9% NAV Shifted To New Catalysts SOE 19% Infrastructure 34% Consumer Private 63% 81% Portfolio by Ownership Portfolio by Sector 29 VEIL AGM | June 2025 | Source: Bloomberg, Dragon Capital
Slide 30: Investment Strategy: Strategic Overweights
Investment Strategy: Strategic Overweights EPS Growth EPS Growth VEIL VNI % 2025F % 2026F Overweight 40.6% Bank Private 37.0% 10.3 19.1 40% 19.1% Residential 11.2% 26.4 33.7 Retailing 11.2% 2.8% 35.6 16.6 Underweight 2.4% Energy 4.7% 9.2 15.6 1.2% Consumer Staples 5.3% -2.8 3.2 Past performance cann
Slide 31: Mobile World Group: Diversified Retailer
Mobile World Group: Diversified Retailer UK Equivalent Investment Rationale BHX Turnaround 5.8% overweight (7.4% vs. 1.6%) (USD mn) NPAT Net Margin (%) 80 4% 53 60 2025 EPS growth from over 5,000 stores. 2% 54% Next 3-year CAGR group level: 27% 40 0% 20 16 4 -2% 0 -20 -4% BHX Revenue from over 2,000
Slide 32: Vinhomes: Urban Developer
Vinhomes: Urban Developer UK Equivalent Investment Rationale Undemanding Valuation 1.3% overweight (6.9% vs. 5.6) Peers* 2025F 1.4 PBR $1.5bn 17,000 1.2 2025F NPAT 120x Hyde Park of unlocked landbank ha 12.9 PER 7.5 Sole creator of new township. Proven track record in execution 23% Discount to RNAV
Slide 33: Techcombank: Innovative Wealth Platform
Techcombank: Innovative Wealth Platform UK Equivalent Investment Rationale TCInvest: WealthTech Application 2.7% overweight (6.5% vs. 3.8%) #1 tech-driven asset management platform for affluent clients. Valuation: Upcoming Re-rating from TCBS IPO First mover in digital corporate bond for retail (USD
Slide 34: Discount Management: Share Buybacks
Discount Management: Share Buybacks Shares (mn) (%) $310mn 18.0 Share buy back Discount -25.0 Returned to shareholders in 16.29 16.0 the last 5 years 14.0 -20.0 12.0 -15.0 18.3% 10.0 Outstanding shares 8.0 6.81 6.69 -10.0 equivalent 6.0 5.70 4.0 3.40 -5.0 4.1% 2.0 1.52 1.13 NAV accretion - 0.0 2019
Slide 35: Conclusion: Lays Foundations for Unprecedented Growth
Conclusion 1 Domestically Focused Conviction 2 Biggest Reforms in 40 Years 3 Lays Foundations for Unprecedented Growth 35 VEIL | June 2025 | Source: Dragon Capital
Slide 36: Thank You
THANK YOU Jefferies VEIL Marketing & Investor Relations Charles Stagg cstagg@jefferies.com Thuy Anh Nguyen +44 7816 532 073 Director, Product Specialist thuyanhnguyen@dragoncapital.com H2Radnor +44 788 588 6492 Idaly@h2radnor.com mvandulken@h2radnor.com +44 203 897 1830 Steven Mantle Director, Marke
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