Vietnam Holding reports 9.8% NAV decline in July 2026

VietNam Holding Limited (VNH) experienced a 9.8% decline in net asset value for July 2026, falling short of the Vietnam All Share Index, which dropped 7.5% during the same period, according to a press release. Phu Nhuan Jewelry (PNJ) significantly impacted VNH's performance, plummeting over 50% following allegations of falsified diamond certificates.

The company reduced its PNJ holdings following an earnings assessment. Despite strong second-quarter earnings growth (36.6%) and a projected full-year growth of 20% across Vietnamese companies, VNH's portfolio traded at 8.8 times estimated 2026 earnings, lower than the Vietnam All Share Index (11.2 times) and VN Index (12.5 times) at month-end.

MWG and HPG were the fund's largest holdings, each accounting for 10.4% of net asset value. By July's end, VNH had declined 15% year-to-date. Vietnam's economy grew 8.2% in Q2, with exports rising 25% in July and 21.7% over the first seven months. Retail sales surged 14.5% during July, while imports increased 41.4%, primarily due to computers, electronics, and components, which jumped 82.6% and made up nearly 40% of imports.