Which
country can benefit from the trade war?
country can benefit from the trade war?
Definitely
not Singapore.
not Singapore.
We are very
dependent on trade of these two countries and it’s going to be disruptive to
our economy.
dependent on trade of these two countries and it’s going to be disruptive to
our economy.
But one
country that can benefit is Vietnam.
country that can benefit is Vietnam.
Background
of Vietnam
of Vietnam
Vietnam is
a country that is very similar to China few decades ago. It is a communist
country gradually being more and more open. They are very friendly to foreign
investors. People are getting more and more educated. Labour force is still
extremely competitive in the manufacturing sector, with GDP per capita in
Vietnam is fairly low at 2.6KUSD p.a., from 100 million population. Vietnam’s
economy grew consistently 6-7% yearly in the last decade or so. Nominal GDP of
Vietnam reached ~250 BUSD end 2018. Vietnam’s Foreign Direct Investment (FDI) is
between 3-4 BUSD and not exceed 5 BUSD in the last decade. There is definitely
enough rooms to grow in terms of GDP and FDI.
a country that is very similar to China few decades ago. It is a communist
country gradually being more and more open. They are very friendly to foreign
investors. People are getting more and more educated. Labour force is still
extremely competitive in the manufacturing sector, with GDP per capita in
Vietnam is fairly low at 2.6KUSD p.a., from 100 million population. Vietnam’s
economy grew consistently 6-7% yearly in the last decade or so. Nominal GDP of
Vietnam reached ~250 BUSD end 2018. Vietnam’s Foreign Direct Investment (FDI) is
between 3-4 BUSD and not exceed 5 BUSD in the last decade. There is definitely
enough rooms to grow in terms of GDP and FDI.
My
experience in Vietnam
experience in Vietnam
Since 2007,
I had business relationships with many Vietnamese companies and making many
trips to Vietnam, whether its Ho Chi Minh or Hanoi. Thereby, also making many
good Vietnamese friends there with decade-long relationships. In the last 2-3
years, I also made many trips to Vietnam each year.
I had business relationships with many Vietnamese companies and making many
trips to Vietnam, whether its Ho Chi Minh or Hanoi. Thereby, also making many
good Vietnamese friends there with decade-long relationships. In the last 2-3
years, I also made many trips to Vietnam each year.
Clever
people
people
My first
business trip to Vietnam is in 2007. I was already impressed by the people there.
They are very clever, but of course wide-spread corruptions are making business
extremely complicated. It took me close to 3-4 years of lobbying in the country
before securing my first contract there.
business trip to Vietnam is in 2007. I was already impressed by the people there.
They are very clever, but of course wide-spread corruptions are making business
extremely complicated. It took me close to 3-4 years of lobbying in the country
before securing my first contract there.
Complexity
of business
of business
Most big
companies are state-owned, like China. Smaller companies are often set-up to be
the trading / importing arm of the bigger state-owned companies. Therefore,
many business contracts are dealt with the middle-man companies, while
technical discussions can be done jointly with the state-owned end-user and
trading companies. It is all about relationships and who you know in Vietnam.
Being a foreigner, it is unlikely to know first time, who has a better
relationship with the end-user and, or who is telling the truth.
companies are state-owned, like China. Smaller companies are often set-up to be
the trading / importing arm of the bigger state-owned companies. Therefore,
many business contracts are dealt with the middle-man companies, while
technical discussions can be done jointly with the state-owned end-user and
trading companies. It is all about relationships and who you know in Vietnam.
Being a foreigner, it is unlikely to know first time, who has a better
relationship with the end-user and, or who is telling the truth.
Progress,
just like China
just like China
Despite
being country where business dealings are not the simplest, it has progressed a
lot in the last decade. Each time I went to Vietnam over a few years, I see
improvements. Economy continue to grow. More and more buildings. Infrastructure
has improved. I remember in 2008 from HCM to Vungtau, the roads are so bumpy.
But nowadays the roads from HCM are great. Reminding me very much of China when
I use to travel from Shanghai to the outskirt provinces. The capital of Vietnam
is in HCM with state government in Hanoi, likened Shanghai and Bejing
respectively.
being country where business dealings are not the simplest, it has progressed a
lot in the last decade. Each time I went to Vietnam over a few years, I see
improvements. Economy continue to grow. More and more buildings. Infrastructure
has improved. I remember in 2008 from HCM to Vungtau, the roads are so bumpy.
But nowadays the roads from HCM are great. Reminding me very much of China when
I use to travel from Shanghai to the outskirt provinces. The capital of Vietnam
is in HCM with state government in Hanoi, likened Shanghai and Bejing
respectively.
Debts’
headroom
headroom
Most
Vietnamese still purchase property without leveraging on bank’s borrowings.
Typically, in the City, a 100sqm apartment can cost approx. 150-250KUSD. I
remember asking friends there how much down-payments and how much bank loans?
They were confused because they paid 100% of the property with cash. One reason
is the mind-set of debt-free for the older generation, and the other is the
high mortgage rate >5%. Gross savings rate was measure at ~25.5% in Dec
2017.
Vietnamese still purchase property without leveraging on bank’s borrowings.
Typically, in the City, a 100sqm apartment can cost approx. 150-250KUSD. I
remember asking friends there how much down-payments and how much bank loans?
They were confused because they paid 100% of the property with cash. One reason
is the mind-set of debt-free for the older generation, and the other is the
high mortgage rate >5%. Gross savings rate was measure at ~25.5% in Dec
2017.
Education
and open mind-set
and open mind-set
Vietnamese
are getting more and more educated and in general those in the 40s are driving
the business environment with very open mind and well-mix of knowledge outside
and inside the country. Lots of emphasis is placed on their children’s
education with majority of the younger generations being proficient in English.
are getting more and more educated and in general those in the 40s are driving
the business environment with very open mind and well-mix of knowledge outside
and inside the country. Lots of emphasis is placed on their children’s
education with majority of the younger generations being proficient in English.
Conclusion
Foreign
investors already considered Vietnam’s factory districts as alternative to
China. But Vietnamese government need to balance between FDI and the effect of
trade with China worsening.
investors already considered Vietnam’s factory districts as alternative to
China. But Vietnamese government need to balance between FDI and the effect of
trade with China worsening.
Vietnam is
definitely like a mini-China of the past. I think if Singaporeans are smart
enough, they can benefit from Vietnam’s growth going forward. For those who
does not know, flight from Singapore to HCM is 2h and flight from Hanoi to HCM is
also 2h. This makes Singapore strategically placed in terms of distance also.
definitely like a mini-China of the past. I think if Singaporeans are smart
enough, they can benefit from Vietnam’s growth going forward. For those who
does not know, flight from Singapore to HCM is 2h and flight from Hanoi to HCM is
also 2h. This makes Singapore strategically placed in terms of distance also.
I told one
of my very good Vietnamese friends who is a business man in Vietnam, that the
next time I am there, I will definitely extend my trip to discuss potential
investments together. My friend is welcoming. I am definitely positive about
the future of Vietnam.
of my very good Vietnamese friends who is a business man in Vietnam, that the
next time I am there, I will definitely extend my trip to discuss potential
investments together. My friend is welcoming. I am definitely positive about
the future of Vietnam.
Hi Rolf,
Buy Vietnam ETF? Lol
Hi SI,
Did a check, only 1 reputable ETF so far for Vietnam stock ex, and may not be as truly representing the economy based on the components.
You have any good suggestion?
hi there Rolf,
Vn will definitely benefit from the trade war. i can see the massive potential there. i bought a ptty there couple years ago as i have vested interest in the country. and in the midst of selling it off, since it has TOP this year.
word of advice, the redtape is mind boggling, and cash buffer needs to be higher than usual. language can be barrier, sometimes, as words tend to get lost in translation.
i am also on a lookout for non-ptty investments. (slowly weaning off the dependence on our current volatile industry, if you know what i mean)..
if you need co-investors for a potential investment. i might be keen.
Interesting to know that u have already vested prop in VN. Sure to keep u in mind for co-investors.
But buying prop for foreigners in VN is not as lucrative bcos of the man restrictions on foreigners. E.g. leasehold period is much shorter compare to local with th same pricing. Also, if I am not going VN often, it can be difficult to keep track.
For me bcos I have a good and reliable friend there (local Vietnamese) who is my ex-colleague, now in his own biz for many years. Hence I was thinking possibly can discussed on how to invest. Eg. set up company etc or doing biz together or set up company to own properties etc.
yes, it is 50 years lease for foreigners. but there is a little unknown sub market for that. the main purpose was actually to get my feet wet and see how things work in the country.
i think before doing any biz, a good first step is to establish a PLC or LLC (if they have) and a local bank account. this will prevent any confusion or discrepancy down the road.
i do have an existing lead from a current colleague (also local Vn too) but its outside my circle of competency and i'm not confident to undertake it myself (on top of current job), unless i can find more people to partner with.
i'd say, it will be interesting to bounce ideas off you guys. hope to hear from you soon..
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