Vietnam Enterprise Investments saw positive performance in January
Published: 03:28 14 Feb 2022 EST
Vietnam Enterprise Investments (LSE:VEIL) Ltd saw a slight increase in net asset value in the month of January.
The company noted that NAV increased by 0.2% over the prior month, and, beat its reference index which was down 0.5% over the same period.
NAV stood at US$2.6bn at the end of January, equating to US$12.23 per share.
“Vietnam's markets had their own share of volatility, falling almost 6% early in the month, but the decline was reversed soon enough, and overall sentiment was good,” said VEIL portfolio manager Dien Huu Vu.
“Following the 4Q 2021 reporting and with most results in, listed companies posted Q4 EPS growth of +20.6% year-on-year.”
“This brought the full-year number to +42%, reflecting the fast pace of recovery in H1 before the Q3 lockdown.”
Dien Huu Vu added: “As the reopening of Vietnam's continues, concerns on the quality of bank assets subsided, and sentiment in the sector should be further boosted by robust Q4 2021 and full-year 2021's earnings.”
The investment company noted that the services sector has been ‘the really encouraging area’ with January retail sales were up 6.7% month-on-month boosted by a VAT cut to 8% from 10%. Meanwhile, it noted that the country is set to reopen its borders from Q2 2022, and that is expected to boost the ‘long-depressed’ tourism and hospitality sectors.
