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The investment company said its total return on net asset value per share was 8.7% over the six months to the end of 2017. The Vietnam All Share Index, the company's benchmark, returned 22.2%.
For the full calendar year, VietNam Holding reported a total net asset value return of 17.8%, underperforming the Vietnam All Share Index, which returned 53.6%.
Although it was the first calendar year of underperformance since 2012, VietNam Holding is still outperforming its benchmark over a five-year period, it said.
Share price was up 8.7% to 3.12 US cents per share, representing a 12.5% discount to NAV in the period, which narrowed from 22.1% the prior year.
VietNam Holdings shares were up 0.3% at 2.92 US cents per share on Wednesday.
The company bought back 4.1 million shares since annual general meeting held on September 21, bringing its total shares outstanding at the end of December to 72.1 million.
VietNam Holding Chairman Sean Hurst said: "While the fund trades at a discount to its NAV per share, the board believes that an excellent use of the fund's capital is to repurchase shares at a discount to NAV for immediate cancellation. Such repurchases provide a certain, near immediate and substantial return on the capital used, accreting value to NAV per share."