Investment Approach

disclaimer image
Welcome to the VIETNAM HOLDING website

Please review the important information below before proceeding further.
Thank you, and thanks for your interest in VIETNAM HOLDING.



Please observe all regulations you are subject to at your place of residence or registered office with respect to access to this website, especially access restrictions applicable to you as well as potential sales restrictions. The products and services offered on this website are generally not available to persons residing or having their registered office in Switzerland, unless they are qualified investors.


Qualified investors are

(i) supervised financial intermediaries, such as banks, securities dealers, fund management companies as well as asset managers of collective investment schemes

(ii) supervised insurance companies

(iii) companies, public entities and retirement benefit institutions with professional treasury management; professional treasury management shall mean that the investor has entrusted at least one qualified person, who is well-versed in finance, with the task of managing financial assets.



  I agree



Investment Approach

VIETNAM HOLDING is a sustainable value investor. The fund was established to initially invest primarily in the privatization of State Owned Enterprises (SOEs) in Vietnam.  The majority of the first portfolio was acquired at the IPO stage or in the OTC markets. In the meantime, many or all of its investment are listed on the stock markets of either Ho Chi Minh City or Hanoi.

The Investment Objective:
IETNAM HOLDING’s objective is to generate high risk-adjusted returns by combining rigorous financial analysis with interactive sustainability research.  VNH has an investment theme approach following Vietnam’s major economic growth drivers.  VNH ensures diversification by investing in at least 10 economic sectors, without following any benchmark replication objectives. ESG (Environmental Awareness, Corporate Social Responsibility and Corporate Governance) are the cornerstones for the building and maintenance of the investment portfolio.

Engagement for Value:
IETNAM HOLDING actively engages with the management teams of its investee companies. It continuously monitors their commitment to shareholder and other stakeholder interests. This engagement is an integral part of the investment process. VNH's active and cooperative involvement aims to improve company financial and ESG performance. Each VNH and VNHAM board member is actively engaged with specific portfolio companies. This high-level involvement allows the team of the Investment Manager to obtain buy-in from top management to address issues material to the investee company and its industry and to foster the adoption of international best practices.

Investment Restrictions:
IETNAM HOLDING will not invest more than 10% of its assets (at the time of investment) in any single company, and no more than 30% of its assets in any single defined industry sector. VNH will not directly invest in real estate projects. It will not invest in industries identified as inconsistent with successful sustainability including nuclear energy, weaponry, and distilled beverages.

Risk Management:
IETNAM HOLDING may utilize equity derivatives contracts for hedging purposes, and hedge Vietnam Dong exposure against the US Dollar in the forward market, to the extent that such instruments are available and economically feasible.