Vietnam Trip Report part 2: Ho Chi Minh slowly getting its groove back

  • Many positive structural factors: manufacturing, low tariffs, urbanisation, education, tourism, demographic sweet spot

  • But headwinds: slow global growth hits exports, real estate drags on banks, government policy (power, logistics, reform)

  • Our top Small EM equities pick: Vietnam has outperformed year to date but valuation still looks attractive
September 12th, 2023
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