Sunday, October 13, 2013

Vietnam Investment Climate Statement 2013

invest in emerging Vietnam


2013 Investment Climate Statement
February 2013

Vietnam has been very successful in attracting foreign direct investment, sustaining FDI levels around USD 10-11 billion a year over the last five years, up from almost nothing just a decade ago. Vietnam’s attractiveness to foreign investors resulted in large part from the country’s open government policies encouraging FDI, geographical position near global supply chains, political and economic stability, and abundant labor resources. Recently, however, international investors have voiced concerns that the investment climate has deteriorated. Problems include corruption and a weak legal infrastructure, financial instability, inadequate training and education systems, and conflicting and detrimental bureaucratic decision-making. Investors have called for immediate reforms and the development of sound economic policies in order for Vietnam to continue to attract good-quality foreign investment.
Openness to, and Restrictions Upon, Foreign Investment
Vietnam officially encourages foreign investment as part of its development strategy and the government has stated its commitment to improving the country’s business and investment climate. The Investment Law of 2005 provides the legal framework for foreign investment in Vietnam.
Vietnam became the 150th member of the World Trade Organization on January 11, 2007. Vietnam’s commitments under the WTO increase market access for exports of U.S. goods and services and establish greater transparency in regulatory and trade practices as well as a more level playing field between Vietnamese and foreign companies. Vietnam undertook commitments on goods (tariffs, quotas, and ceilings on agricultural subsidies) and services (provisions of access to Foreign Service providers and related conditions). It has also committed to implement agreements on intellectual property (TRIPS), investment measures (TRIMS), customs valuation, technical barriers to trade, sanitary and phyto-sanitary measures, import licensing provisions, anti-dumping and countervailing measures, and rules of origin. Vietnam has made progress in implementing its bilateral and international obligations; however, concerns remain in many areas such as protection of intellectual property rights (IPR) and effectiveness of the court/arbitration system.
The government of Vietnam (GVN) holds regular “business forum” meetings with the private sector, including both domestic and foreign businesses and business associations, to discuss issues of importance. Foreign investors use these meetings to draw attention to investment impediments in Vietnam. These fora, together with frequent dialogues between GVN officials and foreign investors, have allowed foreign investors to comment on many legal and procedural reforms.
Despite the GVN’s stated commitment to improving the country’s business and investment climate, Vietnam is still transitioning from a centrally planned economy to a more market-oriented and private sector-based model. As indicated by the World Bank’s Doing Business 2013 rankings below, the overall ease of doing business in Vietnam has not improved. An October 2011 survey of the business community in Vietnam showed business morale at a three-year low, although most companies reported being optimistic about Vietnam’s long-term economic prospects. Vietnam still faces development challenges that affect foreign investors, including poorly developed infrastructure, inadequate and cumbersome legal and financial systems, an unwieldy bureaucracy, non-transparent regulations, high start-up costs, arcane land acquisition and transfer regulations and procedures, a shortage of skilled personnel and pervasive corruption. Most investors make provisions for international arbitration so they do not have to rely exclusively on an under-developed and unreliable judicial system to uphold contracts. Foreign companies report delays in obtaining investment licenses, and licensing practices can vary among provinces. Investors frequently face policy changes related to taxes, tariffs, and administrative procedures, sometimes with little advance notice, making business planning difficult. Because Vietnam’s labor laws and implementation of those laws are not well developed, companies sometimes face difficulties with labor management issues. Corruption became more prevalent as evidenced by Vietnam’s dropping 11 places in the Transparency International Corruption Perceptions index.
Following are Vietnam’s rankings according to various indices:

More detail please read:

Why should you invest in Vietnam?


During last week’s visit to Singapore, I met a hedge fund manager who struck me as very smart, experienced, detail-oriented, and honest. 
I could be wrong in my assessment of him, but after years investing in Asian companies, he had an interesting thought – Indonesia, which has been thought of as a great place to invest in the last year or so, is passé and the best opportunity in the region for 2012 is to invest is Vietnam. 
It’s impossible for the average Main Streeter not to have heard of Vietnam.  After all, we fought a war there starting under JFK in the 1960s and ending on April 30, 1975 under Gerald Ford with the famous helicopter evacuation of the American embassy in Saigon.
But in the last 37 years, Vietnam has recovered nicely from our invasion and the hedge fund manager thinks stocks there are cheap.  Specifically, he said he had found 20 stocks with Price/Earnings ratios of 2, cash flow growth of 14, and dividend yields of at least 12.
For those who have not been trained in the fine art of securities analysis, let me take a moment to explain how great those numbers are.  The idea of value investing depends on the investor’s ability to find stocks whose prices relative to their earnings are lower than their expected earnings growth.
This is known as growth at a reasonable price (GARP). In the investing world according to GARP, if cash flow – the money left over after paying expenses – is growing faster than the P/E ratio, then the stock is cheap. 
But if the hedge fund manager’s figures are correct, stocks he found in Vietnam are extremely cheap – that’s because I consider stocks reasonably valued if the ratio between a stock’s P/E and its earnings growth – or Price/Earnings to Growth (PEG) is 1.0 or below. By that measure, stocks in Vietnam are a screamingly cheap 0.14 – dividing the P/E of 2 by the cash flow growth of 14.
But this hedge fund manager points out an additional benefit of stocks in Vietnam – a very high dividend yield – the ratio of dividends to the stock price.  The 12% yield is extremely high – particularly compared to the sub-1% rates that we are used to earning on our bank accounts.
And the high dividend yield is unlikely to persist.  Either the stock prices will go up and the dividend payments will stay the same or the companies will decide that they are paying out too much in dividends – perhaps because they need the cash for other purposes – and will cut the dividends.
However, it is also likely that even if those dividend yields drop to 8%, they still offer investors an attractive annual cash payment in exchange for the risk of holding on to the shares.
Part 2 :

Friday, August 30, 2013

Когда вкладывать деньги в валюту вьетнамских донгов?

Это сообщение на японском языке: ベトナムドンの通貨に投資するか?
Это сообщение на китайском:  当投资在越南盾货币?

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