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Funds report heavy losses due to dong devaluation
Funds under VinaCapital Group lose over US$43.2 million on the net asset value converted into US dollar due to the central bank’s FX adjustment which devaluated the dong on February 11.
The central bank’s move has reduced the NAV of the Vietnam Opportunity Fund Limited (VOF) and Vietnam Infrastructure Limited (VNI) by $32.9 million and $10.34 million respectively.
Accordingly, the VinaLand realty fund is not affected by the fluctuation of FX rate while the NAV of Vietnam Opportunity Fund Limited (VOF) and Vietnam Infrastructure Limited (VNI) fell over 4 percent.
About 52.5 percent of VOF’s NAV is being calculated in dong, including mainly investments in listed shares. The dong devaluation is estimated to discount the fund’s NAV by 4.2 percent.
VNI has about 67.6 percent of its assets in dong, also including mainly investments in listed shares and OTC stocks. So, the fund’s NAV is estimate to fall by 4.4 percent from the dong depreciation.
Till the end of January, three above funds had a total NAV of $1.706 billion. Of which, the NAV of VOF, VNI was respectively at $783 million and $235 million.
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