Portfolio

Privately Negotiated Investment

VOF’s ability to invest in both public and private companies is a key competitive advantage in Vietnam.

The country’s economic opportunity is broader than its stock market. Many businesses benefiting directly from rising domestic consumption remain privately owned or have limited public-market liquidity.

VOF can bridge this gap through privately negotiated investments, including PIPEs, pre-IPO transactions, government privatizations and private equity. These investments can provide access to high-quality businesses before they become broadly available to public investors, while negotiated transactions may also offer more attractive entry terms and stronger investor protections.

This flexibility expands VOF’s investable universe and enables the Fund to capture opportunities across Vietnam’s public-to-private market spectrum, with the objective of generating superior long-term value for shareholders.

Track Record

52

COMPLETED EXITS

USD 911m

CUMULATIVE INVESTMENTS

22.2%

INTERNAL RATE OF RETURN (IRR) IN USD

1.8x

MULTIPE OF INVESTED CAPITAL (MOIC) IN USD

Note: As of 30 September 2026, based on audited NAV. IRR and MOIC are calculated on a weighted average basis. IRR is calculated based on cashflows, including all fees related to the investment but excluding fund level expenses (management and performance fee).

13

COMPLETED EXITS

USD 287m

CUMULATIVE INVESTMENTS

15.2%

INTERNAL RATE OF RETURN (IRR) IN USD

1.4x

MULTIPE OF INVESTED CAPITAL (MOIC) IN USD

Note: As of 30 September 2026, based on audited NAV. IRR and MOIC are calculated on a weighted average basis. IRR is calculated based on cashflows, including all fees related to the investment but excluding fund level expenses (management and performance fee).

Past investments

Selected realised investment case studies

Ngoc Nghia Industry

Industrials

Private

Tam Tri Medical

Healthcare

Private

Vinamilk

Consumer Staples

VNM

Up next

IMPORTANT NOTICE

ACCESS TO THIS WEBSITE MAY BE RESTRICTED UNDER SECURITIES LAWS OR REGULATIONS IN CERTAIN JURISDICTIONS. THIS NOTICE REQUIRES YOU TO CONFIRM CERTAIN MATTERS (INCLUDING THAT YOU ARE NOT RESIDENT IN SUCH A JURISDICTION) BEFORE YOU MAY OBTAIN ACCESS TO THE WEBSITE.

This website has been prepared for use solely by individuals who are resident in the United Kingdom for tax and investment purposes. The information contained in this website is not for release, publication, or distribution, directly or indirectly, in whole or in part, to US persons (as defined in Regulation S under the US Securities Act of 1933) (“US Persons”) or into or within the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, the European Economic Area, Japan, the Republic of South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction (each a “Restricted Jurisdiction”).

Viewing this website and the information contained herein may not be lawful if you are resident or located in a Restricted Jurisdiction. In certain jurisdictions, including the Restricted Jurisdictions, only certain categories of person may be allowed to view such materials. Any person resident or located outside the United Kingdom who wishes to view this website and the information herein must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so.
If you are not resident or located in a Restricted Jurisdiction, you may access the website and the information contained herein but you are responsible for first satisfying yourself as to the full observance of the laws and regulatory requirements of your jurisdiction. If you are in any doubt, you should not continue to seek to access.

This website and the information contained herein is not being, and must not be, copied, forwarded, transmitted or otherwise distributed or sent to any US Person or in or into any Restricted Jurisdiction and persons receiving such information must not copy, forward, transmit or otherwise distribute or send it to any US Person or in or into any Restricted Jurisdiction.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to do so, please exit the website and seek independent advice. We do not assume any responsibility for any violation by any person of any of these restrictions.

INVESTMENT RISKS

Past performance is not a reliable indicator of future results. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount they originally invested. Investment in unlisted securities is likely to carry more risks than investment in listed securities. An investment in VinaCapital Vietnam Opportunity Fund entails risks which are described in the most recent annual report and Key Information Document, both of which are available on this website.

WEBSITE TERMS OF USE

By using this website you confirm that you have read, understood, and accepted the terms and conditions contained in this disclaimer. These terms of use may change at any time. Any changes will be posted on the relevant page of this website and you should check regularly to see any changes or updates to the terms of use. Your access to this website is governed by the version of terms of use then in force.

CONFIRMATION OF UNDERSTANDING AND ACCEPTANCE

By clicking “I UNDERSTAND AND AGREE” and entering the website, you represent, warrant and agree that you: (1) have read and understood this notice, and will read this disclaimer in full ; (2) agree to be bound by its terms (and acknowledge that the Company and its affiliates, subsidiaries, directors and advisers may rely on your agreement); (3) are a resident of the United Kingdom or another jurisdiction into which the distribution of the information contained in this website does not constitute a violation of the relevant laws of such jurisdiction; (4) are not a US Person or a resident of or located in any Restricted Jurisdiction and are permitted under relevant laws to receive the information contained in this website; and (5) agree that you will not copy, forward, transmit or otherwise distribute or send any information contained in this website to any US Person, to any person who is resident or located in a Restricted Jurisdiction or to any publication with a general circulation in Restricted Jurisdiction. If you are not able to so represent, warrant and agree, you must click “I DECLINE” or otherwise exit this website.