Core Insights - The report provides an overview of the Tianhong Vietnam Market Equity Fund (QDII) for the second quarter of 2025, highlighting its investment strategies and performance metrics [1][2][3]. Fund Overview - The fund aims to capture opportunities arising from Vietnam's economic growth while seeking to outperform its benchmark [3]. - The total number of fund shares at the end of the reporting period was approximately 2.82 billion [3]. - The fund employs various investment strategies, including asset allocation, stock investment, and fixed income strategies [3]. Financial Performance - The fund's net asset value (NAV) for the A, C, and D share classes as of June 30, 2025, were 1.4321, 1.4111, and 1.4108 RMB respectively [13]. - The performance metrics for the reporting period showed negative returns: A class at -2.56%, C class at -2.66%, and D class at -2.69%, while the benchmark returned 5.34% [13]. - Over the past three months, the A class underperformed the benchmark by 7.90% [5]. Investment Strategy and Market Conditions - The fund reduced its exposure to financial stocks in response to macroeconomic uncertainties and regulatory changes in Vietnam [12]. - The Vietnamese economy showed resilience with a GDP growth of 7.6% in the second quarter, leading to a cumulative growth of approximately 7.3% for the first half of the year [10]. - The government is accelerating domestic reforms to reduce reliance on external markets, particularly in light of the high tariffs imposed by the U.S. [10]. Portfolio Composition - The fund's assets are predominantly invested in common stocks, accounting for 89.16% of the total assets [15]. - The financial sector represents the largest portion of the portfolio at 54.72%, followed by basic materials at 11.16% [15]. - The fund has no holdings in bonds or asset-backed securities as of the reporting date [18]. Compliance and Governance - The fund management has established fair trading practices and has not encountered any violations of these principles during the reporting period [8][9]. - The fund management is committed to transparency and has not engaged in any unfair trading activities [9].

在美上市范达越南ETF（VNM）涨0.04%，美国贸易代表Greer宣称，刚刚与越南会谈。 ...

"热、落后、人口密集，像80年代的中国"，是不少人对越南的刻板印象。但近几年， 越南经济在出 海浪潮中飞速发展： 2024 年，越南 GDP 增速达 5.8% ，领跑东南亚主要经济体，制造业出口额突破 4000 亿美元，跻身全 球制造中心前列。 同时，中越经贸往来密愈发密切，双边贸易额达 2000亿美元 ，中国 对越投资项目数量居 首。越 南还首次超越日本，成为 中国第三大出口目的地 。 美的集团越南基地 不仅中国企业，苹果、三星、特斯拉等跨国巨头也纷纷在越南设厂。 越南从 "代工厂" 摇身一变， 成了企业眼中的投资热土。 Becamex工业园区 尽管越南市场充满机遇，但许多出海企业在落地过程中也遭遇了重重挑战： 出海，并非单纯市场扩张，而是异国环境下的 "二次创业"。因此， 企业需要的不只是资金和市 场，而是一名熟知当地法律与商业规则的 "领航员"。 有鉴于此，我们深知企业出海越南面临的挑战与困惑，并邀请一众法律、商业专家大咖于 4月20-23 日奔赴越南 ，交流学习，帮助企业探路越南市场！ 在胡志明市设立分公司，结果发现本地银行开户流程极为复杂，耽误业务推进； 雇佣当地员工后，才发现劳动合同与中国完全不同 ...