VinaCapital Vietnam Opportunity Fund Limited

Good morning. I am Hugh Evans, chair of Vena Capital Vietnam Opportunity Fund, and I'd like to welcome you to this presentation of the annual report and accounts of the company for the year to 30th of June, 2025. I would particularly like to welcome shareholders who hold their shares on platforms such as Hargreaves Lampastown, AJ Bell, or Interactive Investor, and who have registered to attend this morning. I hold my shares on one of the platforms, and it has been a source of personal frustration that the platforms can act as insulation between a company and its shareholders. I'm pleased that we've been able to find a way to communicate with our shareholders directly, and I'm heartened that so many of you have taken advantage of the opportunity to participate today. Whereas I and my colleagues on the board are responsible for the running of the company, We delegate the management of the assets in Vietnam to Vena Capital Investment Management, based in Ho Chi Minh City. And I'll shortly be handing over to members of the Vena Capital team to talk to you about the results and the prospects for the future. The board takes its responsibilities very seriously. and has just returned from a week in Vietnam during which we held extensive meetings with Vena Capital and with some of the companies in which we are invested in order to satisfy ourselves that Vena Capital is doing a good job on our behalf and to the benefit of shareholders in the company. With no further ado, therefore, I would like to introduce Khan Vu, Michael Coccolari and Eric Levinson who will take you through the presentation.

Well, Hugh, thank you very much for the kind words, and I will echo what he said. It's overdue, and we're very excited to be connecting with you directly. My name is Eric Levinson. I'm joined here with Portfolio Manager Kan Vu and our Chief Economist, Michael Coccolari. And our agenda for today is pretty simple. We'll do a quick overview of Vietnam. We'll talk about the economic environment. We'll talk about the Vietnam Opportunity Fund, which we call VOF. We'll talk about the investments, dividend, share, and buybacks. We'll talk about performance. And importantly, open up the call for Q&A. A quick thing, just a quick intro of Vena Capital. Now, what's interesting is Vena Capital was actually established with the Vietnam Opportunity Fund in 2003. It was a $10 million fund, which is now roughly a billion dollars, and the firm has actually grown into nearly a $4 billion organization, and we manage multiple asset classes, public equity, Private equity and then a wide suite of alternatives, including real estate, vendor capital, energy, and infrastructure. Now, the most important thing to remember here is that we have a singular focus, Vietnam. And so while we do manage multiple asset classes only in Vietnam, and we've done that since our inception in 2003, and our missions were very, very simple, to deliver Vietnam to the world and to enable our investors to benefit from capitalizing on the growth of Vietnam. So with that, I'll turn it over to our chief economist, Michael Coccolari, to really talk about what's going on with the Vietnam economy. There have been some pretty exciting changes.

So I think we wanted to start the discussion today with just having a little bit of an overview of sort of the big picture. And if you had to remember one and only one thing about Vietnam, the thing that you want to remember is that Vietnam is doing what's called the East Asian Development Model. And this is the same economic model that All the tiger economies like Japan, Korea, Taiwan, it's the same approach. And long story short, what it entails is manufacturing exports and over time, the exports that you're manufacturing of more and more complicated, sophisticated products because there's a higher demand. The profit margin is higher on that. If you only had to remember one thing, that's the thing you want to remember. And if you wanted to remember two things, then the other thing I would add is that we have a really fabulous demographic picture in Vietnam, which will go for about the next 10 years. I would say that India and Vietnam are the two countries in the world that have the best demographics. India, by the way, we also think is interesting for different reasons, but it's not doing this East Asian development model well. So these are the two most important things to remember. I think sometimes we also talk about the fact that a lot of people don't realize how big the country is. It's almost 100 million people, kind of similar to the size of Japan during its bubble economy. So I think this is the kind of overview thing we want to remember.