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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Vietnam Enterprise Investments Limited | VEIL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -2.00 | -0.34% | 595.00 | 16:19:09 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 601.00 | 594.00 | 601.00 | 595.00 | 597.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 12/11/2024 15:04 by 31337 c0d3r RNS Number : 8660LVietnam Enterprise Investments Ltd 12 November 2024 12 November 2024 Vietnam Enterprise Investments Limited ("VEIL" or the "Company") Quarterly Insights VEIL is a London listed investment company investing primarily in listed equities in Vietnam and a FTSE 250 constituent. Vietnam's Opportunities and Challenges in the Wake of Trump's Election Victory Mr Tuan Le, Lead Portfolio Manager The implications of Donald Trump's re-election for Vietnam's trade-driven economy are complex, with a potentially accelerated shift in US economic policy toward national competitiveness likely to inject volatility and uncertainty into emerging markets. Equity Market Outlook In the years leading up to the pandemic under Trump's first term, Vietnam's equity market delivered strong performance, with net profit growth reaching 19.1%. However, the unpredictability of Trump's policies and public statements heightened market volatility, leading to a discount on valuations despite underlying earnings growth. During this period, the VN Index achieved a compounded return of around 15%, slightly trailing profit growth due to those volatility concerns. While Vietnam's economic and trade outlook remains relatively positive, supported by pro-growth domestic policies, the potential strengthening of the dollar could increase foreign selling in emerging markets in favour of US equities. Emerging markets, including Vietnam, may continue to see valuation discounts, as was the case during Trump's previous term. Consequently, expected returns in Vietnam's equity market may lag earnings growth. While this risk is notable, the valuation of our Top-80 universe of stocks remains at 11.6x based on projected 2024 earnings, compared to the five-year historical average of 13.9x, suggesting limited room for further de-rating due to support from domestic investors seeking value. The extent to which Vietnamese investors can offset the potential continuation of foreign outflows, already over US$3 billion year-to-date, will be an important factor in the medium term. Domestic interest rates can also play an important role in supporting local equity flows. Retail deposit rates for 12-month terms are at near all-time lows of approximately 5.7%, making term deposits less attractive compared to potential equity market gains, likely encouraging investors to favour equities. While rates are expected to stay stable as the government supports economic growth through a lower rate environment, potential shifts in Trump's renewed agenda could introduce additional uncertainties. Currency Concerns Exchange rate stability has been a focal point of US monitoring in recent years. In 2020, the US Treasury labelled Vietnam a currency manipulator, citing Vietnam's high trade surplus, a strong current account, and foreign exchange interventions. Although this designation was removed in 2021, Vietnam remains on the US Treasury's monitoring list. To counter concerns about competitive devaluation, the Vietnamese government has taken clear steps to prevent excessive devaluation of the dong. Since 2022, the State Bank of Vietnam has deployed over US$20 billion in reserves to stabilise the currency, signalling its commitment to exchange rate stability and allay concerns over competitive devaluation. Potential Impact of New Tariffs Trump's election could reintroduce high tariffs and renegotiations of trade agreements, thereby amplifying market volatility but simultaneously enhancing Vietnam's role as an alternative manufacturing hub. Trump's economic agenda, including tax cuts, deregulation, and increased deficit spending, may strengthen the dollar, which presents a mixed scenario for Vietnam's capital markets and export-oriented sectors. These sectors may face heightened trade barriers but could also benefit from redirected trade flows due to shifts in global manufacturing. Among Trump's proposed policies are a 60% tariff on Chinese imports and an additional 10-20% tariff on imports from other trade-surplus nations. While a blanket tariff on all imports is unlikely given the potential impact on US consumers, we believe targeted tariffs on sectors with high export volume to the US may become a reality. Vietnam, with a strong presence in industries like electronics and textiles, may be at risk of such targeted measures. To offset potential trade restrictions, Vietnam could work toward narrowing its trade surplus with the US by increasing imports of high-value goods such as aircraft, energy, and technology, contributing to a more balanced trade relationship. The government is also actively addressing transhipment risks, particularly for goods suspected of being re-routed through Vietnam to bypass US tariffs on Chinese products. For instance, Vietnam's Ministry of Industry and Trade has launched investigations into steel imports from China and South Korea to deter illegal re-export practices and reinforce its commitment to legitimate trade. Implications for the Road Ahead With China accounting for 32% of global manufacturing and Vietnam at 2-3%, Trump's re-election may prompt further shifts in supply chains away from China. As new trade barriers pressure Chinese exports, countries like Vietnam are positioned to benefit, much as they did during Trump's first term. However, this opportunity comes with a likely increase in scrutiny of Vietnamese goods, particularly in sectors with strong FDI links to China or those at risk of transhipment issues. On balance, the outlook appears positive for Vietnam, with opportunities to capture a larger share of the global supply chain as production diversifies. Vietnam's government is expected to take proactive steps, drawing on experience to implement pre-emptive measures. This environment could provide momentum for key policy shifts, such as formal agreements with the US to clarify rules of origin, address transhipment concerns, and promote accelerated localisation within Vietnamese industries. Greater localisation would strengthen supply chain resilience and create the potential for domestic firms to move beyond OEM manufacturing toward capturing more value in direct-to-consumer markets. [Table does not tabulate correctly in ADVFN posts. See original news article here] Top Ten Holdings (59.4% of NAV) Source: Bloomberg, Dragon Capital NB: All returns are given in total return USD terms as of 30 September 2024 For further information, please contact: Vietnam Enterprise Investments Limited Rachel Hill |
Posted at 19/7/2024 10:03 by 31337 c0d3r New research report on VEIL."Vietnam looks set for a year of recovery in 2024, with corporate earnings rebounding after two weak years, buoyed by notable recovery in export growth, domestic manufacturing and consumption. Vietnam Enterprise Investments’ (VEIL’s) new manager Tuan Le has positioned the portfolio for this recovery..." Full article: |
Posted at 31/7/2023 10:33 by hpcg arja - VOF, which I also hold, has PE/VC investments, so a) the NAV is less reliable, b) some investors don't like them. On the flip side they provide a lot of juice in good times. Ultimately the answer is always flows, and if an institution has decided to back Vietnam through VEIL then it will close the discount much faster. It is why I ultimately decided to choose both. Strategically I don't like a hedged option because over time the Dong will appreciate over sterling, even if over the short term, e.g. since October 2022, this can be a headwind. |
Posted at 15/7/2023 11:19 by hpcg The Investor Meet presentation last week was informative. Indicators for the next half year are decent even if not totally favourable. The weaker dollar will help EMs. With China falling out of favour and flows into broad EM index based funds reversing as a result it would be nice if they could move Vietnam up from Frontier to Emerging to counter that. Getting the status upgrade will be a huge catalyst to all the Vietnam funds. |
Posted at 27/4/2022 18:34 by sf5 I think so. I joined the webinar late but was sent this today. The welcome doesn't say much. For the main presentation YouTube it probably helps to have the slides open:''Thank you for joining the VEIL Presentation in London. Please find below links to the recordings of the presentations and slides used in the webinar. If you have any further questions please contact our Marketing and Investor Relations Team who will be happy to assist. Topic Recording Presentation Welcome by Sarah Arkle, Director of Vietnam Enterprise Investments Ltd (VEIL.LN) Presentation by Dominic Scriven, Director of VEIL and Co- Founder of Dragon Capital Group Q&A Once again, we thank you for your participation and we look forward to hosting you again in the future. With best regards, Marketing/ Investor Relations Will Ross willross@dragoncapit Rachel Hill rachelhill@dragoncap Ailsa Cuthbert ailsacuthbert@dragon Kenji Hamada kenjihamada@dragonca Steven Mantle stevenmantle@dragonc |
Posted at 25/4/2022 17:55 by sf5 Ooops! Ramin Nakisa. Writes the informative PensionCraft blog and youtube on mainly macro issues. so far I subscribe just to the free version but might upgrade. |
Posted at 25/6/2019 12:35 by hydrogen economy CNBC doing a series of specials in Vietnam this week, focusing on supply chain shifting there from China, looking at the industries affected etc. All sounds very positive about prospects for the country and may well encourage more investors to Vn stocks which will be good for VEIL and VOF which have been pretty static of late, not working yet today, both well down!. |
Posted at 08/4/2019 08:28 by cfro Taken from today's report:With our domestic market's valuation having experienced its recent correction to a more reasonable level, we are confident of our ability to execute on the strong long-term buying opportunity that has been created. With our top 60 companies expect to deliver 10.1% EPS growth of 12.9x forward earnings in 2019, below regional peers such as Thailand, the Philippines, Malaysia and Indonesia, we are able to offer investors good downside protection amidst sensitive global macro factors, all of which is underpinned by our unique expertise that will to allow us to unlock value for the benefit of shareholders. |
Posted at 07/3/2019 08:10 by hydrogen economy Well this livened things up, not in a good way, knocking 8%+ off the SP!PRESS RELEASE 07 March 2019 Accelerated bookbuild offering of approx. 37 million existing shares in Vietnam Enterprise Investments Ltd Further to the announcement released on 6 March 2019, Jefferies International Limited ("Jefferies") announces that funds managed and advised by APG Asset Management NV (the "APG Funds") have sold 37,028,177 existing ordinary shares in Vietnam Enterprise Investments Ltd ("VEIL"), representing 16.9% of VEIL's issued share capital, to institutional investors pursuant to an accelerated bookbuild process at a price of 415.5p per share (the "Transaction"). Jefferies acted as sole global coordinator and bookrunner on the Transaction. Proceeds from the Transaction are payable in cash and closing of the Transaction will occur on a T+3 basis on 12 March 2019. Following the closing of the Transaction, the APG Funds will no longer own shares in VEIL. VEIL will not receive any proceeds from the Transaction. |
Posted at 13/4/2018 06:05 by andyj I see John Rosier, PI Diary from Investors Chronicle has bought here. He is a shrewd investor, not often I get in before him! |
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