Vietnam Holding (VNH) has just marked its 20th anniversary. Both VNH and Vietnam have made significant progress over the past two decades, with successes and some challenges along the way. Over the long term, VNH’s investment strategy has outperformed local benchmarks. Recently, however, its focus on quality growth and ESG has been less popular. While its companies continue to post strong results, supported by Vietnam’s robust economy, this is not yet reflected in their valuations. Vietnam’s ....