Master Investor Show 2025

Overview

At the Master Investor Show 2025, the UK’s leading event for private investors, Dragon Capital hosted an insightful session unlocking Vietnam’s growth potential for attendees exploring opportunities in this rapidly growing market. The session made the case for Vietnam as an investment destination, then presented Vietnam Enterprise Investments Limited (VEIL) — one of the largest and longest-running closed-end funds focused on the Vietnam equity market — as a key to accessing its potential, covering the fund’s portfolio positioning, performance, and 2025 outlook.

About Speakers

Thao Ngo, Co-Portfolio Manager, VEIL: graduated from Victoria University of Wellington, New Zealand, in 2005 with a BA in Money and Finance. She began her career as an auditor with Ernst & Young before joining Dragon Capital in 2007 as an analyst covering the F&B, energy, and utility sectors. While working, Thao earned her Executive MBA from the University of Hawaii in 2011. She was promoted to Deputy Portfolio Manager of VEIL in 2014 and advanced to Co-Portfolio Manager in 2023.

Thuy Anh Nguyen, Product Specialist, Dragon Capital: was one of the first undergraduates from Vietnam to attend Oxford University where she read Economics and Management at St Hilda’s College on a full scholarship.  Upon graduating in 2000, she joined Credit Suisse First Boston as a Foreign Exchange and Interest Rates Derivatives Structurer, where she spent 13 years working in London and Hong Kong.  In 2019, Thuy Anh returned to Ho Chi Minh City, Vietnam as Head of Capital Markets and Investor Relations at Novaland, one of Vietnam’s leading real estate developers.  Thuy Anh joined Dragon Capital in 2024 as a Product Specialist.  Now based in London she acts as an on-the-ground resource for European investors in Dragon Capital’s funds.

Key Discussion Points

• Vietnam’s Macro Story — Young demographics, rapid urbanization, and the country’s role as a top beneficiary of the “China plus one” manufacturing shift.
• Growth and Investment Trends — Strong GDP growth, record FDI inflows, and major infrastructure investment, including a planned high-speed rail line.
• U.S. Tariff Risk — Potential trade policy under the Trump administration and Vietnam’s efforts to rebalance its trade surplus with the U.S.
• The VEIL Portfolio — A $1.8 billion fund built around banking, retail, property, and infrastructure themes, with banking as the largest allocation at 42%.
• Fund Governance and Track Record — Governance updates, a reduced management fee, a multi-year buyback and tender offer program, and long-term performance versus peers and the Vietnam index.
• 2025 Vietnam Equity Outlook — Earnings growth scenarios tied to tariff severity, current market valuation, and a potential FTSE upgrade to secondary emerging market status.

Information about Vietnam Enterprise Investments Limited (VEIL) can be found here.

Follow Vietnam Enterprise Investments Limited (VEIL) on LinkedIn for the latest fund updates.