The AFC Vietnam Fund invests in listed equities from Vietnam.

1. CONFIDENTIAL
AFC Asia Frontier Fund
September 2013
AFC Vietnam Fund
August 2020

2. 2
Most new funds are launched when markets are “hot” and close to their highs
We see opportunities as the long-term growth cycle has just started
AFC Vietnam Fund

3. TABLE OF CONTENTS
Executive Summary 4
Why Vietnam 5
Investment Strategy 17
AFC Vietnam Fund 21
Fund Performance 22
Directors & Shareholders 24
Awards 28
Contact Information 29
Disclaimer 30
Appendix 31
3AFC Vietnam Fund

4. EXECUTIVE SUMMARY
Fund Objective
• The AFC Vietnam Fund invests exclusively in undervalued listed Vietnamese equities with a
focus on small to medium size companies.
Opportunity
• GDP growth – Vietnam is one of the fastest growing economy in the Southeast Asia.
• Strong FDI inflows are helping to transform Vietnam to a higher value added
manufacturing destination. Vietnam could also benefit from the European Union Vietnam
Free Trade Agreement and the China-U.S. trade war in terms of a potential diversion in
foreign direct investment into the country.
• VND - Currency expected to remain relatively stable.
Potential
• We believe to achieve a significant capital appreciation for at least the next 3 - 5 years.
4AFC Vietnam Fund

5. 5
A Land of Opportunities
Valuations
• Vietnam’s listed “Small/Medium Caps” offer very attractive valuations in comparison to
“Large Caps”
Growth Prospects
• Very well educated young population at still very competitive labour costs. The minimum
regional wage increase in 2020 is 5.5% after 5.3% in 2019.
• FDI disbursement grew by 6.7% and reached USD 20.4bn in 2019
• Very strong foreign remittances of around USD 16.7bn in 2019
AFC Vietnam Fund
WHY VIETNAM

6. 6
Strong Fundamentals will Support Growth
 GDP Growth
• GDP grew by 7.02% in 2019; one of the highest growth rate in Southeast Asia
 Competitive Labour Costs
• Low wages with increasing productivity and improvements in human capital
 Inflation under Control
• The government managed to keep inflation below 4% in 2019 (recent highs in 2011 at
18.7% and in 2008 at 23.1%)
 Interest Rates Came Down
• Average lending rate came down from over 20% (2011) to around 7.5% (July 2020)
 Improving Trade Balance
• Trade balance improved from USD -18bn (2008) to USD +11.1bn (2019)
 Foreign Reserves Increasing
• Foreign reserves increased from USD 12.5bn (2010) to USD 84bn (June 2020)
 Currency expected to remain relatively stable versus USD
AFC Vietnam Fund
WHY VIETNAM

7. 7AFC Vietnam Fund
Competitive Labour Costs
WorldData.info
WHY VIETNAM
4,898
4,436
4,192
2,550
883
778
551
320 319
181 168
Singapore Australia Hong Kong South Korea Malaysia China Thailand Indonesia Philippines Vietnam India
Average Monthly Income 2018 (USD)

8. SingaporeHong Kong
Korea Germany
Switzerland
Vietnam
United States
Thailand
Indonesia
300
350
400
450
500
550
600
1,000 10,000 100,000
AveragePISAScore
GDP per Capita (current USD)
PISA Score Log. (PISA Score )
8AFC Vietnam Fund
Increasingly Educated Population
OECD - PISA 2015 – assessed the competencies of 15 year olds in 72 countries / GDP per Capita 2015 (current USD); source: Worldbank
WHY VIETNAM
552 533 529 524 519 508 506 502 502 500 496 496 492 488 485 483
415 395
Singapore
HongKong
Japan
Canada
Korea
Germany
Switzerland
Vietnam
Australia
UnitedKingdom
France
Sweden
Austria
UnitedStates
Italy
Luxembourg
Thailand
Indonesia
PISA 2015 - mean score of Mathematics,
Reading & Science
Pisa Score / GDP per Capita (current USD)

9. Source: Asia Briefing Ltd./ Dezan Shira & Associates, www.dezshira.com
9
WHY VIETNAM
AFC Vietnam Fund
Vietnam has numerous Free Trade Agreements

10. Strong FDI Disbursements and Overseas Remittances
10AFC Vietnam Fund
WHY VIETNAM
General Statistics Office of Vietnam
• The disbursement of foreign direct
investment (FDI) last year reached a record
level with USD 20.4 billion.
• Vietnam received an astonishing USD 16.7bn
worth of inward remittances in 2019 from 5
million Vietnamese residing in 103 countries
around the world, most of which has been
invested in production and business activities
20.4
37.1
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
FDI & Remittances 2005 - 2019
FDI Disbursements Overseas Remittances Total

11. 11
Compelling Valuations (August 2020)
AFC Vietnam Fund
Bloomberg
WHY VIETNAM
P/E P/B Dividend Yield (%)
AFC Vietnam Fund 6.5 1.0 7.6
Malaysia 20.4 1.6 4.0
Thailand 19.1 1.5 3.7
Indonesia 17.9 1.4 2.9
Singapore 14.4 0.9 5.0
Philippines 14.1 1.4 2.0
Vietnam - Ho Chi Minh 13.6 1.8 2.2
Vietnam - Hanoi 8.2 0.9 2.1

12. 12AFC Vietnam Fund
Vietnam is following the path of China
WHY VIETNAM

13. 13AFC Vietnam Fund
GDP Growth - Inflation under control
Worldbank / General Statistics Office of Vietnam
WHY VIETNAM
6.4% 6.2%
5.2% 5.4%
6.0%
6.7%
6.2%
6.8%
7.1% 7.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Yearly GDP Growth
Agriculture, forestry, and fishery Industry & Construction Services Yearly GDP Growth
2.79%
8.00%
5.50%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Vietnam Interest Rates and Inflation
CPI (y-o-y)
Lending rate
Deposit rate

14. -10.9
-12.6
-9.8
0.8 0.9
2.0
-3.2
2.5 2.7
7.2
11.1
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Trade Balance (USD bn)
14AFC Vietnam Fund
Increasing Foreign Reserves will Support Currency & Balance of Payments
WHY VIETNAM
6.2 7 9.1
13.4
23.5 23.9
16.5
12.5 13.5
23.6
32
36 34
41
51
60
73
20032004200520062007200820092010201120122013201420152016201720182019
Foreign Reserves (USD bn)
-6.6
-4.3
-0.6
7.0
8.8
6.0
1.0
9.6
4.0
5.2
4.5
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Current Account Balance (USD bn)
Worldbank
30.1%
45.8%
99.1
262.4
0.0
50.0
100.0
150.0
200.0
250.0
300.0
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
External Debt to GDP
External Debt to GDP GDP (USD bn)

15. 15
Improving Business Environment
Government to Support Economic Recovery
• Relaxation of Foreign Ownership Limits, allowing foreign investors to buy up to 100 percent
of stocks from companies in non-strategic sectors
• Relaxation of the rules on foreign ownership of property
• Tax Cuts for Individuals and Corporates
• Free Trade Agreements with various countries
• Stimulus Packages for various Industry Sectors
• Restructuring of SOE’s (State Owned Enterprises)
• Improving Banking Regulatory Framework
• Better Supervision and Severe Punishment of Banking Misconduct
• To keep NPL ratio below 3% and credit growth target at around 14% for 2020
• Visa exemption for foreign visitors
AFC Vietnam Fund
WHY VIETNAM

16. 16
Improving Business Environment
 Strong Foreign Investments into Manufacturing (Samsung alone ~USD 17bn)
 Key Sectors: Electronics, Textile and Energy
 ASEAN, CPTPP, EU and other Free Trade Agreements will support Economy
 Political Stability
 Main Risks
• External economic or political shocks
• Vietnam will need to continue to drive economic reforms and also improvements in
labour productivity will need to keep the same pace
AFC Vietnam Fund
WHY VIETNAM

17. INVESTMENT STRATEGY
Value Based Bottom Up Stock Selection
• In-house and third party research to identify undervalued companies
• Self-developed Fundamental-Quantitative model
• Company visits
Risk Mitigation
• In-depth due diligence of investment opportunities
• The fund is well diversified and typically invests in 60 to 80 stocks across various sectors
• Investment limit per position max 9% with top-slicing at 19%
• Top 5 holdings have a weighting of around 20%
Cash
• Not fully invested in uncertain times and/or excessive valuations
• Holding cash will allow the fund to take advantage of opportunistic investments when they
arise (momentum / news driven)
17AFC Vietnam Fund

18. INVESTMENT STRATEGY
18AFC Vietnam Fund
Fundamental
with
quantitative
overlay
Stock
Analysis
Dynamic
Optimization
Process
Portfolio
Construction
Managing
Risks; aligning
them with
Investment
Conviction
Portfolio
Monitoring
Investment Process
• Our stock selection process is driven by a fundamental approach, to which the team
applies a quantitative overlay in a controlled manner. Our core investment process does
not target any particular style bias and aims to outperform in most market environments.

19. INVESTMENT STRATEGY
Example of Typical Equity Investments
Portfolio Sector Weightings as of 31st July 2020
19AFC Vietnam Fund
Industrials 28.3% Utilities 3.8%
Financials 14.2% Healthcare 3.4%
Consumer Discretionary 14.1% Communications 1.2%
Consumer Staples 6.9% Cash 24.1%
Materials 4.0%
Market Cap
USD (m)
P/E P/B Div. Yield Pay Out
Ratio
Sector
Agriculture Bank Insurance 35 4.8 1.1 5.4% 35% Financials
National Seed 68 6.7 1.5 3.3% 22% Consumer
Viconship 93 7.2 1.1 4.7% 38% Port
Cotecons 430 6.6 1.3 3.8% 23% Construction
Refrigeration Electrical Engineering 449 5.9 1.1 4.7% 36% Utilities

20. Legal Structure: Open End
Style: Value / Growth
Domicile: Cayman Islands
Initial Minimum Investment: USD 10,000 / USD 1,000 subsequent purchases
Launch Date: 23
rd
December 2013
Subscription Frequency: Monthly, 5 business days before end of month
Redemption: Monthly, 30 days prior notice
Fees: Management: 1.8% p.a. of NAV
Performance: 12.5% p.a. of NAV appreciation
High Water Mark: Yes (performance fee only applies to net profits)
Auditor: EY, Hong Kong
Legal Advisor: Ogier, Hong Kong
Custodian:
Bank:
Viet Capital Securities, Ho Chi Minh City
DBS Bank (Hong Kong) Limited, Hong Kong
Fund Administrator: Trident Fund Services, Hong Kong
Investment Manager: Asia Frontier Capital (Vietnam) Limited, Cayman Islands
Security Number / Ticker: ISIN: KYG0133A1673 / Valor: 23095153 / Bloomberg: AFCVIET KY
CUSIP: G0133A167 / Reuters: LP6824 5961
20AFC Vietnam Fund
AFC VIETNAM FUND

21. 21AFC Vietnam Fund
FUND PERFORMANCE
NAV as of 31st July 2020
NAV 1,632.94
Since Inception +63.29%
Inception Date 23/12/2013
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 USD +2.37% +2.37%
2014 USD +8.75% +4.50% +2.18% -4.65% -0.32% +1.45% +1.86% +5.49% +3.87% +2.83% +2.50% +0.60% +32.50%
2015 USD +0.44% +1.76% -0.96% +1.93% -0.48% +0.06% +0.22% -4.57% +1.18% +6.90% -1.82% +0.25% +4.62%
2016 USD -0.10% +3.30% +1.28% +3.17% +1.40% +4.97% +3.00% +0.13% +0.11% -1.83% +0.88% -1.76% +15.29%
2017 USD +1.90% +1.10% +1.94% +1.03% +2.96% +4.52% +1.94% -4.38% +1.09% -0.75% +1.47% +0.01% +13.33%
2018 USD +0.41% +0.42% +0.58% -0.93% -3.24% -0.12% -1.28% +0.79% +3.02% -2.15% +0.45% -2.05% -4.17%
2019 USD -1.63% +2.90% +1.58% +0.82% -3.35% +1.98% +1.18% +1.63% −1.89% −2.34% −2.22% +2.31% +0.70%
2020 USD -1.41% −3.93% −18.44% +12.72% +4.28% −0.28% +0.78% −8.74%
Monthly Performance (Net) - AFC Vietnam Fund

22. 22AFC Vietnam Fund
FUND PERFORMANCE
Monthly Performance (Net) - AFC Vietnam Fund
1,633
900
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
1,900
2,000
2,100
2,200
VN Index (USD) AFC Vietnam Fund USD (Net)

23. 23AFC Vietnam Fund
Vicente Nguyen, Fund Manager of AFC Vietnam Fund, has over
10 years of experience in finance. Prior to joining Asia Frontier Capital
(Vietnam) Ltd., Vicente was the CEO of HVS Securities, a brokerage
company in HCMC. He also spent several years at the HCMC office of
Mirae Asset Group, a global investment management firm, as an
Investment Manager.
Vicente holds an MBA from Ecole de Management Strasbourg in France
and a Bachelor diploma in audit and accounting from Ho Chi Minh City
University of Economy, Vietnam.
SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

24. 24AFC Vietnam Fund
Andreas Vogelsanger, CEO / Head Marketing of AFC Vietnam
Fund, has over 25 years of wide-ranging experience with leading
institutions in the finance industry. Prior to launching the AFC Vietnam
Fund Andreas was a Founding Partner and Chairman of a small corporate
finance boutique in Singapore and he worked for top-level investment
banks, hedge funds and private banks in Zurich, Geneva, London, Hong
Kong and Singapore. He is passionate in finding the best value solutions
for clients in tailoring an optimal investment proposition.
Andreas was awarded an AMP diploma from Wharton Business School,
University of Pennsylvania and he also holds CEFA (Certified European
Financial Analyst and Portfolio Manager) and FRM (Financial Risk
Manager) diplomas.
DIRECTOR & SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

25. 25AFC Vietnam Fund
Thomas Hugger, Director of Asia Frontier Capital (Vietnam)
Limited and Founder of Asia Frontier Capital, has spent 27 years in
private banking where he specialized in managing portfolios of listed and
unlisted equities. He has been investing in Asian and African Frontier
Markets since 1993. He is the former Managing Partner, CFO & COO of
Leopard Capital; and was previously a Managing Director and Head of
Portfolio Management at LGT Bank in Hong Kong. He also held senior
investment positions at Bank Julius Baer in Zurich and Hong Kong. Mr.
Hugger was the founding shareholder of one of the largest brokerage
companies in Bangladesh. He is also a Certified Financial Investment
Analyst (CFIA) and Investment Adviser (Switzerland) and a Certified
European Federation of Financial Analysts Societies (EFFAS) Financial
Analyst.
DIRECTOR OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

26. Our Team
Thomas Hugger, CEO and Fund Manager,
has spent 27 years in private banking and has
been investing in Asian and African Frontier
Markets since 1993. He is the former
Managing Partner, CFO & COO of Leopard
Capital; and was previously a Managing
Director and Head of Portfolio Management
at LGT Bank in Hong Kong. Mr. Hugger was
the founding shareholder of one of the
largest brokerage companies in Bangladesh.
He is also a Certified Financial Investment
Analyst (CFIA) and Investment Adviser
(Switzerland) and a Certified European
Federation of Financial Analysts Societies
(EFFAS) Financial Analyst.
Lord Fraser of Corriegarth, Director, is a
graduate of St John's College, Oxford after
which he held numerous posts in the financial
sector both in the City of London and
elsewhere. He has previously held positions as;
CEO of Baring Securities in the UK, Chairman of
Equity Partners Ltd., a Bangladesh investment
bank, as well as Chairman of Bridge Securities,
a quoted Korean company, amongst other
posts. At present he is a global investor based
in London.
Dr. Marc Faber, is CEO, investment advisor
and fund manager of Marc Faber Limited. He
is the publisher of a widely read monthly
investment newsletter The Gloom, Boom
and Doom report which highlights global
investment opportunities. Dr. Faber is
respected around the world for his market
forecasts over the past three decades.
26
SHAREHOLDERS OF ASIA FRONTIER CAPITAL LIMITED
AFC Vietnam Fund

27. AWARDS
27AFC Vietnam Fund

28. 28
ASIA FRONTIER CAPITAL (Vietnam) LIMITED
c/o Intertrust Cayman Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman KY1-9005
Cayman Islands
Tel: +852 3904 1015
Fax: +852 3904 1017
Email: info@asiafrontiercapital.com
Investment Enquiries:
Andreas Vogelsanger
Mobile: +66 84435 7472 / +852 5989 8324
Email: av@asiafrontiercapital.com
Skype: andreasvogelsanger
AFC Vietnam Fund
CONTACT INFORMATION
* The representative of the AFC Vietnam Fund in Switzerland is ACOLIN Fund Services AG, succursale Geneve, 6 Cours de Rive, 1204 Geneva. NPB
Neue Privat Bank AG, Limmatquai 1 / am Bellevue, CH – 8024 Zürich, Switzerland is the Swiss Paying Agent. In Switzerland, shares shall be
distributed exclusively to qualified investors. The fund offering documents, articles of association and audited financial statements can be obtained
free of charge from the Representative. The place of performance with respect to shares distributed in or from Switzerland is the registered office of
the Representative.

29. 29
DISCLAIMER
This Presentation is presented solely for purposes of discussion to assist prospective investors in determining whether they have a preliminary interest in the investment opportunity described herein. Under no circumstances is it
to be used or considered as an offer to sell, or a solicitation of an offer to buy, any security or other interest in AFC Vietnam Fund, AFC Asia Frontier Fund, AFC Umbrella Fund or any other fund related thereto (the “Fund”). Offers
and sales of interests in the Fund will not be registered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. Potential investors must read the entire Offering Memorandum
delivered by the Fund and the disclosure in this Subscription Agreement. Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the part of, any potential investor or the
Asia Frontier Capital (the “Fund Sponsors”). The Fund Sponsors reserve the right, in their sole and absolute discretion with or without notice, to alter the terms or conditions of this Presentation and the Fund and/or to alter or
terminate the potential investment opportunity described herein. Potential investors are not to construe this Presentation as investment, legal or tax advice. Prior to making any potential investment, potential investors should
consult with their own legal, investment, accounting, regulatory, tax and other advisors to determine the consequences of the potential investment opportunity described herein and to arrive at an independent evaluation of
such potential investment opportunity.
By accepting this Presentation, the recipient agrees not to copy, distribute, discuss or otherwise disclose this Presentation or the contents hereof (including the potential investment opportunity described) or any other related
information provided by the Fund Sponsors or by its agents to any person other than employees of recipient evaluating this potential investment opportunity on recipient’s behalf without the prior written consent of the Fund
Sponsors.
While the information contained herein has been obtained from various sources which the Fund Sponsors believe, but does not guarantee, to be reliable, the Fund Sponsors do not represent that it is accurate or complete and it
should not be relied upon as such. No person has been authorized to give any information or make any representation or warranty regarding the subject matter hereof, either express or implied, and, if given or made in this
Presentation, in other materials or verbally, such information, representation or warranty cannot and should not be relied upon nor is any representation or warranty made as to the accuracy, content, suitability or completeness
of the information, analysis or conclusions or any information furnished in connection herewith contained in this Presentation and it is not to be relied upon as a substitute for independent review of the underlying documents,
available due diligence information and such other information as prospective investors may deem appropriate or prudent to review. The Fund Sponsors, their agents, their respective affiliates, and each of their respective
shareholders, members, officers, directors, managers, employees, counsel, advisors, consultants and agents (“Representatives”), expressly disclaim any and all liability for express or implied representations or warranties that
may be contained in, or for omissions from or inaccuracies in, this Presentation or any other oral or written communication transmitted or made available to a prospective investor or its Representatives. Without limiting the
generality of the foregoing, nothing contained herein is or shall be relied upon as a promise or representation as to any matter, including, without limitation, the future performance of the potential investment opportunity
described herein. None of the Fund Sponsors, their agents, or their respective Representatives is under any obligation to correct any inaccuracies or omissions in this Presentation. Each prospective investor will have the sole
responsibility for verifying the accuracy of all information furnished in this Presentation and in any other due diligence information furnished to a prospective investor, and each prospective investor shall have the sole
responsibility for determining the value of the potential investment based on assumptions said prospective investor believes to be reasonable. Representatives will from time to time have long or short positions in, act as
principal in, and buy or sell, the securities, referred to in this document. There shall be no recourse against the Fund Sponsors or any of their Representatives in the event of any errors or omissions in the information furnished,
the methodology used, the calculations of values or conclusions. Without limiting the generality of the foregoing, any historical information or information based on past performance included herein is for informational
purposes only, has inherent limitations and is not intended to be a representation, warranty or guarantee of future performance. All of the information presented herein is subject to change without notice. Actual returns to
potential investors may be lower than the figures shown herein. Projected performance data shown constitutes “forward-looking information” which is based on numerous assumptions and is speculative in nature. Actual results
may vary significantly from the values and rates of return projected herein. There can no assurance that the Fund will realize its rate of return objectives or return of investors’ capital. Potential investors should have the financial
ability and willingness to accept the risks (including without limitation the risk of loss and lack of liquidity) characteristic of investments in entities such as the Fund.
AN INVESTMENT IN THE FUND WILL NOT BE APPROPRIATE FOR ALL INVESTORS. INTERESTS IN THE FUND WILL INVOLVE A HIGH DEGREE OF RISK AND ARE INTENDED FOR SALE ONLY TO SOPHISTICATED INVESTORS WHO ARE
CAPABLE OF UNDERSTANDING AND ASSUMING THE RISKS INVOLVED. INVESTORS MAY LOSE ALL OR SUBSTANTIALLY ALL OF THEIR INVESTMENT. THE INTERESTS IN THE FUND HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE APPLICABLE SECURITIES LAWS OF ANY US. STATE OR ANY NON-U.S. JURISDICTION, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY SUCH APPLICABLE LAWS. INTERESTS IN THE FUND HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE US. SECURITIES AND EXCHANGE COMMISSION OR BY
THE SECURITIES REGULATORY AUTHORITY OF ANY STATE OR ANY OTHER RELEVANT JURISDICTION, NOR HAS ANY OTHER AUTHORITY OR COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS MEMORANDUM. ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
* The representative of the AFC Vietnam Fund in Switzerland is ACOLIN Fund Services AG, succursale Geneve, 6 Cours de Rive, 1204 Geneva. NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue, CH – 8024 Zürich, Switzerland is
the Swiss Paying Agent. In Switzerland, shares shall be distributed exclusively to qualified investors. The fund offering documents, articles of association and audited financial statements can be obtained free of charge from the
Representative. The place of performance with respect to shares distributed in or from Switzerland is the registered office of the Representative.
** The AFV Vietnam Fund is registered for sale to investors in Japan, Switzerland (qualified investors), Hong Kong & UK (professional investors), Singapore (accredited investors) and USA (accredited investors and qualified
purchasers).
*** By accessing information contained herein, users are deemed to be representing and warranting that they are either a Hong Kong Professional Investor or are observing the applicable laws and regulations of their relevant
jurisdictions.
AFC Vietnam Fund

30. 30
Appendix
AFC Vietnam Fund

31. 31AFC Vietnam Fund
AFC Umbrella Fund (non
US), Cayman Islands *
AFC Vietnam Fund
AFC VF Limited ****
Investment Firm
Viet Capital Securities
Custodian
Ernst & Young Hong Kong
Auditor
Trident Fund Services,
Hong Kong
Fund Administrator
Ogier Hong Kong
Legal Advisor
Asia Frontier Capital
(Vietnam) Limited **
Investment Manager
Asia Frontier Investments Ltd.
(licensed by SFC Hong Kong)***
Investment Advisor
* Directors: Thomas Hugger, Lord Fraser of Corriergarth, Heinrich Looser, Ari-Pekka Hildén
** Directors: Thomas Hugger, Andreas Vogelsanger
*** Directors: Thomas Hugger, Peter de Vries
**** Directors: Thomas Hugger, Andreas Vogelsanger
AFC VIETNAM FUND

32. 32
Vietnam’s Low Correlation to Global Markets offers significant
Diversification Benefits
WHY VIETNAM
Bloomberg . Based on 10 years monthly data
AFC Vietnam Fund
0.35
0.42
0.72
0.82
0.87
VH Index
(Hanoi)
VN Index (Ho
Chi Minh)
MSCI Frontier
Markets
MSCI BRIC MSCI
Emerging
Markets
Correlation with the MSCI World Index

33. 33AFC Vietnam Fund
Stable Political Environment
WHY VIETNAM
98.6
88.1
60
54.3 53.8
51.4
36.6
27.6
19.5
14.7 12.8
10.5
Singapore Japan Laos Malaysia Vietnam Cambodia China Indonesia Thailand India Philippines Myanmar
World Bank 2017 Political Stability Ranking

34. 34AFC Vietnam Fund
Stock Market Information
Bloomberg
WHY VIETNAM
195 245
342
455
642
696 702
821 832
914
1,093
1,382
1,564
1,625
14
32
13
34
38
26
37
47
55
71
97
156
176 179
0
200
400
600
800
1000
1200
1400
1600
1800
0
80
160
240
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
# of listed companies HCMC, Hanoi & UpCOM market cap (USD bn)
Finance 26.5%
Real estate 22.0%
F&B 12.0%
Utilities 7.6%
Transportation & logistics 6.6%
Others 5.7%
Manufacturing 2.9%
Wholesale 2.8%
Construction material 2.5%
Construction 2.4%
Agriculture 2.4%
Retail 2.2%
Mining 1.2%
Chemicals 1.1%
Health care 1.1%
Aquatic products 0.5%
Plastic & Packages 0.4%
IT 0.2%
Sector Breakdown Feb 2020

35. 35AFC Vietnam Fund
Viet Capital - HCMC Index July 2000 – Feb 2020
Ho Chi Minh Index
WHY VIETNAM
VN30 Index
Viet Capital - VN30 Index Feb 2012 – Jan 2019

36. 36AFC Vietnam Fund
Worldbank
GDP per Capita Accelerating
WHY VIETNAM
Worldbank - GDP per capita (current USD)
230288337361361374402416441492
607
699
797
919
1,165
1,232
1,334
1,543
1,755
1,909
2,052
2,111
2,214
2,343
2,569
2,746
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019

37. 37AFC Vietnam Fund
Regional GDP per Capita (current USD)
World Bank 2018
WHY VIETNAM
GDP per
Capita (USD)
Population (m)
Singapore 64,582 6
Malaysia 11,373 32
China 9,771 1,393
Thailand 7,274 69
Indonesia 3,894 268
Philippines 3,103 107
Vietnam 2,567 96
Cambodia 1,510 16
Myanmar 1,326 54

38. Shift of Production Base from China to Vietnam
38AFC Vietnam Fund
VIETNAM

39. 39AFC Vietnam Fund
VIETNAM
www.transparency.org/cpi