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VinaCapital Vietnam Opportunity Fund Ltd on Tuesday said net asset value fell annually, although its loss narrowed during the same period.
The Guernsey-registered investor in quoted and unquoted companies in Vietnam said net asset value was $7.02 per share on June 30, falling from $7.22 a year earlier. In sterling terms, this fell to £5.52 from £5.93.
Shares in VinaCapital Vietnam Opportunity Fund were down 0.7% to 446.72 pence each in London on Tuesday morning.
However, pretax loss narrowed considerably in the financial year that ended June 30 to $15.0 million from $121.4 million.
VinaCapital Vietnam Opportunity Fund paid out 14.25 US cents per share for its financial 2023, down from 16.0 cents a year earlier, although up from 11.5 cents for its financial 2021.
This included declaring a second and final dividend for its financial 2023 of 7.0 cents, down from 8.0 cents in October a year earlier for its financial 2022.
‘While during 2023 the equity market has recovered some of the ground lost in 2022, listed Vietnamese equities are still trading at a low valuation compared with regional peers and their own past levels,’ said Chair Huw Evans.
‘With the usual caveat that returns are likely to be volatile and buffeted by extraneous events, combining the low valuation with continued economic growth gives cause for optimism for Vietnamese equities. It is hoped that the recent elevation of the relationship between Vietnam and the US to a comprehensive strategic partnership will yield significant economic benefits over time.’
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