Stability the pillar for thrust to emerging market spot (photo: Shutterstock) Late last month at a ceremony held to celebrate the 20th anniversary of the Vietnamese stock market at the Ho Chi Minh City Stock Exchange, Prime Minister Nguyen Xuan Phuc urged the country to strive for rapid growth in this area in order to reach emerging market (EM) status. “This would turn Vietnam into a reliable destination for international financial institutions and major investors both in the region and globally,” PM Phuc explained. The local equity market is currently largely dominated by banking, real estate, and consumer stocks that make up 70 per cent of the country’s stock market cap. Retail investors play a major part in the game, while foreign indirect investment still pales in comparison. Overseas investors are seeking ways to diversify funds to more sectors. Devendra Joshi, equity strategist of ASEAN and Frontier Markets at HSBC. said, “Given the strong growth momentum of Vietnam’s sound economy, we believe 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 disruption caused by COVID-19 and should benefit from… Read full this story
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