Kenno Team Gathers for Vietnam Access Day 2025

We recently participated in Vietnam Access Day 2025, the country’s largest investment conference, to explore the latest market trends and investment opportunities. Hosted by Vietcap in Ho Chi Minh City, the event serves as a platform for global investors, leading enterprises, and industry experts to exchange insights on Vietnam’s evolving economy and stock market.

Kenno’s Investment and Investor Relations teams traveled from Singapore and Hanoi for the conference week to engage in discussions with investors, investees, and other fund managers, gaining first-hand insights into Vietnam’s investment scene.

Outlook on Vietnam’s Investment Landscape

Vietnam Access Day 2025, spanning five days and welcoming hundreds of investors, featured a series of discussions and presentations from over 20 expert speakers and 50 representatives from different firms. Kenno’s team members attended meetings with portfolio companies and sector-specific forums related to our Vietnam-focused fund.

During these sessions, emerging topics were addressed by firms like Vietcap, Cimigo, BW Industrial, TNH, and PNJ. We’d like to share with you some of the themes that we find interesting, highlighting both opportunities and challenges in Vietnam:

• Economic growth drivers expected to propel Vietnam over the next decade: GDP growth; FDI, production, exports; tourism; consumer retail; rising household income; financial inclusion; digital economy; and an expanding working-age population.

• The rise of domestic consumption power, particularly among Vietnam’s aspirational middle class, driving demand for premium products and experiences. Jewelry retailer PNJ, the latest addition to our portfolio, exemplifies this trend.

• Growing demand for private healthcare, especially in FDI-intensive industrial provinces like Bac Giang. Our investee TNH is one of the hospital chains at the forefront of this expansion.

• Vietnam’s ongoing transition into a high-value production hub within the global supply chain, particularly in the electronics sector where it is currently the 5^th largest exporter worldwide. Ready-built factory solutions, such as those offered by our portfolio company LHG, are enabling international manufacturers to conveniently scale operations in Vietnam.

• Trade policy risks under the new U.S. administration, including potential tariff changes, which could affect Vietnam’s export competitiveness, foreign investment inflows, and domestic business landscape.

Overall, discussions among investors and industry experts point to sustained economic growth, rising domestic consumption, and increasing foreign investment. Coupled with Vietnam’s highly anticipated stock market upgrade in 2025 by FTSE Russell, these factors support a positive long-term market outlook. This consensus aligns with expectations set by Kenno's analysts and the investment strategy of our Vietnam-focused fund.

Unlocking Untapped Investment Opportunities

Vietnam Access Day was a notable event out of many conferences and meetings that the Kenno team takes part in each year. As an active manager with on-the-ground presence, it is crucial for us to tap into first-hand market intelligence and strengthen our connections with key industry players. These efforts allow us to better identify opportunities, access risks, manage our assets, and ultimately generate superior returns for our investors.

We hope you enjoyed reading about our latest activities. Let's connect if you'd like to discuss investment opportunities in Vietnam. You can also subscribe to our monthly newsletter for more insights.

Disclaimer:

This document is prepared by Kenno Asset Management Pte. Ltd. ("Kenno"), the investment advisor for the Asia Top Picks Fund which is open only to professional investors. This marketing communication does not constitute investment advice. Please refer to Kenno’s official fund documents before making any final investment decision. The information provided in this document is accurate as of the time of writing. Kenno does not guarantee the ongoing accuracy or completeness of this information and is not responsible for updates or changes after publication.