Interim Results

03 April 2017

VinaCapital Vietnam Opportunity Fund Limited (“the Company” or “VOF”)

Interim results for the six months ended 31 December 2016 available online
 

VinaCapital Vietnam Opportunity Fund Limited (the "Company" or "VOF"), an investment company focused on Vietnam, has posted its interim results for the six months ended 31 December 2016 online today. The interim results may be downloaded online at the following address: http://vof-fund.com/report/?file_id=12038.

Financial Highlights

• NAV per share increased by 10.9% in USD terms (or 19.9% in GBP terms), from US$3.77 to US$4.18
• The share price increased by 20.1% in USD terms (or 29.9% in GBP terms), compared with an increase of only 3.0% in the benchmark Vietnam Index (VN Index) and -10.3% for the MSCI Vietnam Index
• The share price discount to NAV at the end of last year was 25.2%; at 31 December 2016, it had reduced to 19.1%
• The combination of publicly listed and over-the-counter (OTC) holdings amounted to 60.6% of assets, compared with 56.2% at 30 June 2016 
• Private equity investments continue to contribute to returns, including one divestment, Cau Tre Food Processing, that was realised well above carrying value to produce an IRR of 17% and a return on investment of 2.8x

Company Highlights

• Since moving VOF’s listing from AIM to the LSE’s Main Market there has been an increase in demand for shares
• The multi-asset strategy provides exposure to parts of the economy not readily accessible via the publicly listed market
• The strong recent performances from several private investments that have publicly listed again demonstrates the uniqueness of VOF’s investment strategy
• Positions in listed companies (previously private equity investments or part of the State’s privatisation efforts and have subsequently publicly listed) including Airports Corporation of Vietnam (ACV), Hoa Phat Group (HPG), Novaland Group (NVL), and Vinamilk (VNM) were the top contributors to the listed portfolio’s performance, with the quoted share prices increasing 194.0%, 29.3%, 20.2%, and 9.4% respectively over the six months to 31 December 2016
• As part of the strategy to reduce the exposure to development real estate, VOF divested three real estate development projects and operating assets, generating approximately USD95 million in proceeds

The Company formally announced results for the Period on 24 March 2017. To review the original announcement, please visit the following link: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/VOF/13171067.html.

Notes to Editors:

VinaCapital is a leading investment management and real estate development firm headquartered in Vietnam, with a diversified portfolio of USD 1.8 billion in assets under management.  Founded in 2003, it boasts a team of specialists who bring extensive international finance and investment experience to the Company.  The Company’s objective is to achieve medium to long-term returns through investment either in Vietnam or in companies with a substantial majority of their assets, operations, revenue or income in, or derived from, Vietnam. To achieve this, VinaCapital has industry-leading asset class teams covering capital markets, private equity, fixed income, venture capital, real estate and infrastructure.

With offices in Ho Chi Minh City, Hanoi, Danang and Singapore, VinaCapital offers insight, expertise and an on the ground presence unrivalled in the ASEAN region. For more information about VinaCapital, please visit www.vinacapital.com or reach out directly to [e-mail].

Enquiries:

Jonathan Viet Luu
VinaCapital Investment Management Limited
Investor Relations
[phone]
[e-mail]

Joel Weiden
VinaCapital Investment Management Limited
Communications
[phone]
[e-mail]

David Benda / Hugh Jonathan
Numis Securities Limited, Broker
[phone]
[e-mail]

Franczeska Hanford / Martin Bourgaize
Northern Trust International Fund Administration Services (Guernsey) Limited, Company Secretary
[phone]
[e-mail] / [e-mail]

Edward Gascoigne-Pees
Camarco, Public Relations (London)
[phone]
[e-mail]