Vietnam Share Discussion Threads

[don muang] 02/6/2007 11:03

OK.... thanks noted.....

[grippa] 01/6/2007 23:48

Subscription deadline is the 15th June with trading to start on 29th June.

[don muang] 31/5/2007 15:13

yep, saw in one of the Vietnamese newspapers mention of the new infrastructure fund being set-up by Vina.... could be interesting .... any idea when it'll be listed...?

[grippa] 31/5/2007 13:48

Good idea. I know you are not in VOF or VNL anymore, but Vinacapital are raising another fund...an infrastructure fund to be called VIL...one to keep an eye on. I had a meeting with one of the managers of this new fund the other day and the picture could not be more bullish on Vietnam for the medium/longterm. So the bottom draw should be adequately compensated!!

VNH should be due a rise sometime soon...or is everyone already bored with Vietnam?

[don muang] 31/5/2007 09:54

grippa.... yes, nice to see. VNH is my only Vietnam holding now .... so it's a bottom draw job ..... I'll keep it there for the next few years...

[grippa] 31/5/2007 08:50

And some more buying!

31 May 2007



Vietnam Holding Limited


Directors dealing


Vietnam Holding Limited (the "Company") wishes to announce that on 24 May 2007 a
director of the Company, John J. Hoey, acquired 50,000 ordinary shares of $1.00
each (the "Ordinary Shares") at a price of $2.18 per share and on 29 May 2007
acquired a further 50,000 Ordinary Shares at a price of $2.19 per share.


Following these share purchases, Mr. Hoey holds 100,000 Ordinary Shares
representing 0.18 per cent. of the total voting rights of the Company.

[don muang] 28/5/2007 16:39

Well, guess it was only seen by those close to the market as a temorary blip on the longtern trend of Vietnam's rise - therefore a buying opportunity for VNH.

Another Vietnam fund is coming in Q3. The 'Lion Discovery One' Fund will target sectors including consumer goods, financial services, infrastructure, tourism, real estate, energy, telecoms and media. Website for 'em isn't up yet but temp homepage is at

[grippa] 28/5/2007 13:50

The directors are confident!!

Vietnam Holding Limited



Directors dealing


Vietnam Holding Limited (the "Company") wishes to announce that on 22 May a
director of the Company, Min-Hwa Hu Kupfer, and an associate, jointly acquired
10,000 ordinary shares of $1.00 each (the "Ordinary Shares") at a price of $2.11
per share.



Following this share purchase, Min-Hwa Hu Kupfer and her associate hold 10,000
Ordinary Shares representing 0.02 per cent. of the total voting rights of the
Company.

[don muang] 22/5/2007 15:24

'Nice' to see the local VN Index above 1,000 again ( @ 1,107.52 ) - so existing holdings should be at least maintaining value - and plenty of cash available for all the forthcoming opportunities.

Good to see there will also be a new 'international' index available:
"Citigroup and index provider FTSE Group have jointly developed and launched a Vietnam equity index, called FTSE Vietnam Accessible Index, targeted at foreign institutional investors."

[grippa] 15/5/2007 11:59

VNH is only 32% invested at the moment, so with the Index come back down towards earth, they should be able to pick up some cheaper companies...I like their strategy!

[don muang] 08/5/2007 17:25

Given todays NAV vlaue RNS, and taking into account the rise of the market again over last few days, then trading at only a small premium now. Positive sentient seems to have returned to VN again as HCMC Index closed up 3.23% today at 1015.43. Let's see if it stays permanently above 1,000 now....

[don muang] 26/4/2007 17:19

and 'someone' thinks the bpresent bottom reached - they've picked-up 122,609 shares at $2.15....

[don muang] 20/4/2007 17:44

I'd give it 2 to 4 years to this to generate a 'handsome' return on todays share price
Happy lo leave some of my VNH for that timescale. Looking at it as effectively being an Investment Trust style investment.

Have a good weekend ....

[grippa] 20/4/2007 17:30

Longterm hold and accumulate for me too. Lets return to this board in 10 yrs time!

[don muang] 20/4/2007 14:12

Guess it all comes down to sentiment .... even if on smallish volume then they can drop the price if Vietnam is no longer flavour of the month ....
Still good long term prospects but wouldn't think anything spectacular likely to happen short term.
But as it has become a buy and long term hold now then I decreased my interest in it - luckily before the recent decline. So put the remaining ones in the bottom draw - filed and forgotten for now....

[grippa] 20/4/2007 09:58

This fall is not warranted. Yes the HCM index has softened, but VNH is still only partially invested...not sure of the exact amount but should be around 30% (please correct me if i am wrong) If anything the share price should be going up when the index falls as the fund will be able to buy cheaper shares and thus make a bigger longterm profit. Strange.

[don muang] 05/4/2007 13:12

Nice n'early with the NAV for last month ...... they seem to be getting a quicker with calculating / releasing the NAV. So NAV now at a premium of about 8.2% compared with present mid-price of share...

[grippa] 02/4/2007 13:40

Industrial & Commercial Bank of Vietnam Targets Oct. Share Sale
2007-04-02 07:46 (New York)


By Jason Folkmanis
April 2 (Bloomberg) -- Industrial & Commercial Bank of
Vietnam, the country's fourth-largest state-owned commercial
bank, said it plans to hold an initial share sale in October.
The company is one of four state-owned banks that Vietnam's
government said in January it planned to sell shares in. The Bank
for Foreign Trade of Vietnam, the second-biggest state-owned
commercial bank, is planning an initial share sale by August with
a listing on Vietnam's stock market to follow six to eight weeks
after that.
Share sales by state-owned companies in the country are the
key to easing a supply constraint that has pushed up valuations
on Vietnam's equity market, JPMorgan Chase & Co. said in a
presentation last month. Banks are likely to be among the most
sought-after industries in Vietnam by foreign investors, HSBC
Holdings Plc said in a report last year.
Industrial & Commercial will hold its ``initial public
offering in October 2007,'' the bank said, in an undated posting
on its Web site. The share sale will ``considerably improve
Industrial & Commercial's business capabilities,'' the bank said.
Seven international financial-services companies are
candidates to become advisers for the share-sale process,
according to the statement. The seven are Lehman Brothers
Holdings Inc.; Merrill Lynch & Co.; JPMorgan Chase; UBS AG;
Morgan Stanley; Macquarie Bank Ltd.; and Daiwa Securities Group,
Inc., Industrial & Commercial said.
In February, Vietcombank selected Credit Suisse Group to
oversee its share-sale process.
The government may sell as many as 49 percent of its shares
in Industrial & Commercial Bank to investors, the bank's General
Director Pham Huy Hung said in a telephone interview today.
Vietcombank has said the government's initial plans are to sell
30 percent of its shares.
To date, all state-owned companies in Vietnam that have held
initial public offerings have done so prior to any subsequent
listing on the Ho Chi Minh City Securities Trading Center.

Total Assets

Industrial & Commercial has assets of about 150 trillion
dong ($9.4 billion), according to Hung. The Bank for Foreign
Trade of Vietnam, known as Vietcombank, reported assets of 170
trillion dong as of the end of last year.
Vietnamese Prime Minister Nguyen Tan Dung sent a directive
telling government agencies to simplify paperwork and push
through planned share sales of major state-owned companies, the
Vietnam Investment Review reported today.
Dung's directive cited companies including three of
Vietnam's four biggest state-owned commercial banks, according
to the report. The three are Vietcombank, Industrial &
Commercial, and the Bank for Investment & Development of Vietnam.

More Sales Planned

Other companies cited by the prime ministerial directive
included Hanoi Beer-Alcohol-Beverages Corp. and Saigon Beer-
Alcohol-Beverages Corp., as well as mobile-phone operators
Vinaphone Telecommunication Services Co. and Vietnam Mobile
Telecommunication Services Co., the newspaper said. The
companies are also expected to list their shares on Vietnam's
equity market, according to the report.
``Vietnam has a much more professional approach now to IPOs
than they've had in the past,'' said Juerg Vontobel, chairman of
the U.K.-listed fund Vietnam Holding Ltd., citing improvements
in information disclosure and in giving investors sufficient
prior warning about share sales.
The four biggest state-owned banks in Vietnam have non-
performing-loan ratios ranging from 3 to 4 percent, though the
figures may be higher if international accounting standards are
used, Fitch Ratings said in a report released last month. State-
owned banks in Vietnam hold about 75 percent of system-wide
assets, according to the credit ratings company.

[grippa] 09/3/2007 10:12

Vietnam Market Surge Risk Can be Mitigated by More Share Sales
2007-03-09 04:41 (New York)


By Jason Folkmanis
March 9 (Bloomberg) -- Vietmam should raise the pace of share
sales in state-owned companies to mitigate the risks posed by a
surge this year on the country's main stock market, the
International Monetary Fund told the nation's government.
The Ho Chi Minh City Securities Trading Center's VN Index has
surged 54 percent this year, and the market value of the 107
companies on the bourse has climbed more than 30 times since the end
of 2005 to $16.2 billion, buoyed by a higher profile for a nation
which hosted the Asia-Pacific Economic Cooperation forum summit in
2006 and this year joined the World Trade Organization.
The bourse's ``feverish'' development has pushed price-earnings
ratios past those of markets such as China and Indonesia at similar
stages of their development, and may threaten weaker banks with
large exposures to stock-market risk, the IMF said in a report to
the government, which the State Securities Commission posted this
week on its Web site.
``To the extent that the extraordinary increase in Vietnam's
stock prices over the last year reflects increased investor demand
for Vietnamese securities, it provides an opportune environment for
the government to step up implementation of its equitization
programs of state-owned enterprises and state-owned commercial
banks,'' the IMF said.
``Equitization'' is the Vietnamese government term for the sale
of shares in government-owned companies. Almost all of the companies
on the Ho Chi Minh City exchange were initially wholly state-owned,
and two of the four biggest companies on the bourse are majority-
owned by the government.

Share-Sale Plan

The Bank for Foreign Trade of Vietnam, the country's second-
biggest commercial bank, plans an initial share sale by August, to
be followed within eight weeks by a listing on the Ho Chi Minh City
bourse. The Bank for Investment and Development of Vietnam, the
third-biggest bank, plans a fourth-quarter share sale, Lao Dong
newspaper reported last month.
``We do have a number of very large initial issues in the
pipeline,'' said Juerg Vontobel, the Switzerland-based chairman of
Vietnam Holding Asset Management Co., citing banks, insurers and
telecommunications companies. ``If you look at the parallel
experiences in markets like China, the interest in the banks will be
very heavy.''
Strong demand for stocks amid a limited supply of new listings
has led to overvaluation, the IMF said.
``Unchecked bank lending for the purchase of stocks, together
with surging portfolio capital inflows, may continue fueling the
stock market boom, thus simultaneously increasing the banking
system's exposure to stock market risk and the likelihood of a major
stock-market correction down the road,'' the lending agency said.

Capital Inflows


A sudden reversal of capital inflows may make a possible
current-account deficit difficult to sustain, while continued large
portfolio inflows may complicate the conduct of monetary and
exchange-rate policies, the IMF said.
Vietnam's government has responded to the increased interest in
its equity markets by limiting the scope for new bank lending to buy
stocks, tightening market-transparency regulations and asking
securities companies and fund managers to provide more information
on their recent operations on the bourse.
Still, Prime Minister Nguyen Tan Dung last month rejected a
proposal by the State Bank of Vietnam to take measures to control
foreign portfolio flows, saying in a letter that such a move was
``not yet necessary.'' The IMF note said any future decision to set
capital controls would need to be ``carefully weighed'' against
likely costs.

[grippa] 06/3/2007 18:43

Market is still up massively. It now stands at 1133 and was around 750 at the beginning of the year! What is amazing is that given the recent NAV announcment of $2.29...this is now trading at a discount. The growth story for Vietnam is very compelling, obviously this share and others had gotten ahead of themselves, and yes there is somewhat of a frenzy in the Vietnam market...but longterm this is a solid hold. Corrections along the way are inevitable...but longterm Vietnam is a great story.

[simon gordon] 05/3/2007 11:47

Marc Faber on Bloomberg the other day was reckoning that the Vietnam market could have a 40% correction.

How is the market doing right now?

[grippa] 28/2/2007 08:58

4.48% premium to last months NAV!! Much better value!

[don muang] 12/2/2007 16:30

note also that "VNH will also strive to improve the social welfare of Vietnam's children through the work of its charitable Foundation"

[grippa] 12/2/2007 16:27

I went on VNH website for the first time today. Great photos! very nice website.