HSBC’s reasons range from the healthy state of foreign direct investment (FDI), rising share of global exports, the country’s impressive handling of the COVID-19 crisis, and higher levels of government investment to policy reforms which will increase foreign ownership limits and a consistent reduction in debt levels among listed companies. Stocks are cheap, too. Photo: Pho Vietnam – Vietnamese beef noodle The one caveat is that the Vietnamese market is driven by local retail investors, so near-term movements are not always based on fundamentals. Having said that, any decline should be seen as an opportunity to accumulate. Given the strong growth momentum, foreign investors do not have to dig deep to generate alpha. From past performances, they are better off sticking to market leaders. Also, large-cap stocks are best positioned to handle the disruption caused by COVID-19 and should benefit from the country’s rosy long-term economic prospects. FDI – the key driver of Vietnam’s growth 1) Vietnam is party to a number of free trade agreements (FTA); 2) Outside China, the country is one of the most attractive destinations for overseas companies; 3) Vietnam is moving up the value-added ladder; 4) It provides an attractive trade-off between cost and productivity; and 5) COVID-19… Read full this story
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