- Investment company VietNam said its net asset value had fallen around 3.5% in February following a global stock market rout caused by the coronavirus.

The company said the largest impact from its top-10 holdings from the virus was likely to be in Saigon Cargo Services as international cargo accounts for about 90% of its revenue.

'Although it is not clear how widespread the virus's impact will be for Vietnam, or how long disruptions will persist, when normality eventually returns, there is likely to be a rapid rebound in domestic confidence, which would likely be reflected favourably in the domestic equity markets,' VeitNam said.

'After SARS, in 2003, China and other economies in Asia experienced a 'V' shape recovery, and this might be the same if and when Covid-19 is eventually brought under control.'

'Vietnam ended 2019 on a high-note, with record levels of foreign currency reserves, and this can help buffer some of the short-term impacts.'

The company also noted that all 16 people in Vietnam initially reported as having contracted the virus had now recovered, and that Vietnam 'appears to have been successful in containing the virus'.

At 1:27pm: [LON:VNH] Vietnam Holding share price was 0p at 155p

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