Vietnam Holding Limited (LON:VNH) said 23 out of the 25 stocks in is portfolio rose in December as the mood among the country’s population remained upbeat.


NAV rose by 8.2%, taking the gains over the last six months to 38%, said Dynam Capital, the trust’s manager.


VP Bank (+21.5%) led the December risers followed by Gemadept (+17.4%) and Hoa Phat Group (+16.9%).


Laggards included aquaculture exporter Vinh Hoan (-6.2%) on the risk of higher US tariffs and Viettel Post, which eased back after increasing 32% during the year on foreign competition fears.


Dynam added that with year-on-year growth of 2.9% Vietnam is set to be one of the few economies in the world to register positive growth for 2020.


Asia generally is recovering faster than in the aftermath of the 2009 financial crash but Vietnam stands out given the relatively quick resumption of domestic activity.


The domestic mood is also good, says Dynam, with a recent survey indictating 63% are happy with their lives, 89% feel healthy, and 67% are optimistic about 2021.


That has been reflected in the stock market, Dynam, added.


“Vietnam remains a bright spot of optimism as clouds persist across many other countries.


“If it can isolate itself from further outbreaks of Covid-variants and work steadily to derive a vaccination plan for its c100m people, then 2021 could be the year in which Vietnam steps up and steps out into the sunshine.”


VNH shares recently hit a new high of 207p, a 19.7% discount to NAV on 14 January 2021.

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