Vietnam Enterprise Investments Ltd (VEIL), the largest foreign fund in Vietnam’s stock market, has included Vinhomes – VHM stock in its top 10 investments as of April 30, 2025. Specifically, VHM ranked 10th in the VEIL portfolio with a weight of 4.4%, corresponding to a holding of about 30 million units.
Source: VEIL Dragon Capital
The last time VHM stock appeared in VEIL’s top 10 investments was in late October 2024, with a weight of 3.8% and a holding of about 39.5 million units. However, VHM disappeared from VEIL’s portfolio disclosure at the end of that month and only reappeared at the end of April this year.
It cannot be confirmed whether VEIL has been buying VHM stock recently. The growth in weight within the portfolio could also be due to positive price movements. While many stocks have fluctuated, VHM has surged 54% in the first four months of the year to 61,500 VND per share – the highest price in almost two years. Vinhomes’ market capitalization exceeded VND 253,000 billion, equivalent to US$10.1 billion.
Impressive business performance is considered a key driver of VHM’s surge. In Q1 2025, Vinhomes recorded consolidated net revenue of VND 19,269 billion, up 124% over the same period in 2024, including revenue from joint venture contracts and bulk sales recorded as financial revenue.
Consolidated after-tax profit reached VND 2,652 billion, up 193% over Q1 2024. Handovers at Vinhomes Royal Island and Vinhomes Ocean Park 2-3 projects continued to be the main contributors to the business results.
As of March 31, Vinhomes had total assets of VND 561,504 billion and equity of VND 223,396 billion.
Turning back to VEIL, this is a legal entity registered in the Cayman Islands, established in 1995 and managed by Dragon Capital. Currently, VEIL is the largest foreign fund in Vietnam with total assets of nearly US$1.6 billion, equivalent to more than VND 40,000 billion (as of May 6, 2025).
VEIL’s investment portfolio focuses on banking, real estate, consumer, materials, and information technology stocks. As of April 30, 2025, the top 10 investments accounted for more than 56% of the fund’s assets under management. MWG had the largest weight at 8.1%, followed by ACB (6.2%), TCB (6%), VCB (5.7%), etc.
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The sell-off continued into the afternoon session, with VCB and VHM bearing the brunt of it. VCB witnessed a substantial sell-off, with approximately VND 184 billion changing hands, while VHM followed suit with a notable sell-off of VND 134 billion.
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The VN-Index experienced some volatility during the afternoon session, but overall, the fluctuations were not significant. The index closed on February 20th at 1,292.98, a gain of 4.42 points. The HNX-Index and UPCoM-Index also witnessed some volatility but managed to end the day in the green at 238.02 and 100.08, respectively. Foreign investors made a notable return to net selling.
