Vietnam Enterprise Investments Ltd - offers exposure to the Vietnamese stock market - Net asset value climbs 1.3% in January to USD8.78 per share. This trails the 2.5% gain by VEIL's reference index, the Vietnam index. Both measures are on dollar total return basis. VEIL's share price rises 2.4% during the month, narrowing its discount to NAV to 17.1% from 18.1%. VEIL notes "encouraging economic indicators" for Vietnam in January, including the highest level of exports in nearly a year and a half.

Portfolio Manager Tuan Le comments that the slight depreciation by the Vietnamese currency last month, compared to much larger declines by other Asian and Oceanian currencies, shows that Vietnam is not as affected by China's economic slowdown as other nations. "Vietnam has a trade deficit with China due to a diverse export portfolio comprising of agricultural and electronic products, making Vietnam less vulnerable to a Chinese manufacturing contraction."

Current stock price: 580.43 pence

12-month change: down 0.1%

By Tom Waite, Alliance News editor

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