The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Vietnam: 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.

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 cheap, it's not going to get much cheaper and it's likely to get more expensive."

At the coal face of foreign direct investment, Tuv Rheinland's general manager, Klaus Ehret, is waiting patiently in Ho Chi Minh City for the necessary government licences to establish a local office of his certification and testing company. Though his company senses opportunity, Ehret feels in no risk of being trampled in the rush of foreign business into the country.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree