February 2001
Small but perfectly formed
Vietnam’s newly created stock market boasts only five stocks, yet one foreign investor reckons its dematerialized system is far superior to London’s. Strong economic growth rates are attracting direct and portfolio investors. Enthusiasts reckon valuations are at their lowest and likely to rise before long.
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Ho Chi Minh City: Vietnam boasts
impressive growth but must
compete for capital with China |
There's a renewed buzz of activity in the foreign
investment community in Vietnam. The more adventurous portfolio
investors are attracted by low valuations and foreign corporations
are being drawn in by growth potential. In contrast to most other
Asian countries, growth rates are picking up. Yet Vietnam is a
small economy in a region just embarking on reform. Its stock
market is new and tiny.
Opinion is divided as to whether Vietnam will remain an exotic
destination for small amounts of specialist emerging market
investment, or is on the brink of becoming a serious option for
foreign businesses. Dominic Scriven, a director of UK investment
company Dragon Capital, which is prominent in equity trading in
Vietnam, is in no doubt. "If you blow away all the hot air and
verbiage and stress it is a fairly simple proposition," he says.
"It's...
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