Vietnam : 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 June 2015 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 athttp://www.vietnamholding.com/publicationsand a summary of the report is included below.

Investor Report Summary

Vietnam News

June was both a positive and a newsworthy month for Vietnamese equities, with the VNAS up 3.7%, versus a broadly flat MSCI Asia ex Japan, with frontier markets having not performed well over the last 12 months.

There have been important positive developments in four areas. First, the Prime Minister signed a new, more liberal law for foreign investment in local equities. This law will allow 100% foreign ownership in several sectors. There will be specific periods to define the effective limits for each sector and for companies to opt in or to decide to retain unchanged limits. We estimate that these new rules will be fully in force by 2016.

VNH Insights

VNH's NAV per share rose 2.2% in the month to $2.093, making its performance for the financial year ended June 30, plus 9.0%. The past six months have been relatively tepid, but we are expecting better performance in the coming 6-12 months, driven by the factors listed above. It is noteworthy that the new foreign ownership limits, given the sector distinctions made by regulators and the choice given to companies to opt in or out, will be a patchwork affair, stock by stock.

VNH is well positioned to benefit given its high weighting in "mid-cap" stocks (small-caps by European standards), many of which will be able and willing to completely remove their foreign ownership limits.

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