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Vietnam Primer

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Vietnam Primer VIETNAM PRIMER Primer by Michel Tosto, Institutional Sales +84 90 805 7002, [email protected] Company summaries by VinaSecurities Research Team +848 3827 8278, [email protected] August 2009 VinaSecurities SunWah Tower, 5F 115 Nguyen Hue, District 1, Ho Chi Minh City, Vietnam T: +848 3827 8278 F: +848 3827 8368 E: [email protected] W: www.vinasecurities.com Bloomberg: VNSC <GO> Institutional Sales Rob Hughes, Head of Brokerage Michel Tosto, Institutional Sales T: +848 3827 8278 F: +848 3827 8368 E: [email protected] Retail Sales Vu Dinh Tam, Head of Retail Hoang Thanh Le, Retail Sales & Trading T: +844 3936 6436 F: +844 3936 6430 E: [email protected] Equity Research Adrian Cundy, Head of Research - Conglomerates Bui Cam Van, Analyst - Consumers Dinh Thi Thuy Duong, Analyst - Energy & Transportation Doan Thi Van Anh, Analyst - Basic Materials Ho Hong Hai, Analyst - Financials T: +848 3827 8278 F: +848 3827 8368 E: [email protected] Corporate Finance Ngo Ha Linh, Equity Capital Markets Hoang Vu Binh, Debt Capital Markets T: +848 3827 8278 F: +848 3827 8368 E: [email protected] 1 2 Abbreviations Organisations ADB Asia Development Bank CIA Central Intelligence Agency (USA) GSO General Statistic Office (of Vietnam) IFC International Finance Corporation IMF International Monetary Fund MOF Ministry of Finance (of Vietnam) MPI Ministry of Planning and Investments (of Vietnam) SBV State Bank of Vietnam S&P Standard and Poor’s WTO World Trade Organisation Terms BTA Bilateral Trade Agreement FCY Foreign Currency FDI Foreign Direct Investments GDP Gross Domestic Product LCY Local Currency LT Long-Term NDF Non-Deliverable Forward VGB Vietnam Government Bonds YOY Year on year 3 4 Foreword Vietnam has been the second-fastest growing economy in Asia for the past ten years, second only to China, and has now entered the ranks of middle-income countries with a GDP per capita soaring from USD375 in 1999 to USD1,040 in 2008. Vietnam’s cities are bright and bustling. Its workforce is young, literate, and eager to work. Private consumption forms the bedrock of the economy at 65% of GDP, while investments, supported by a high rate of domestic savings and foreign capital inflows, along with rapidly developing international trade, constitute the bulk of economic growth. Everything is in place for Vietnam to enjoy a multi-year economic boom – one you do not want to miss if you’re not already here. Established in April 2007 with offices in Hanoi and Ho Chi Minh City, VinaSecurities is a premier investment bank fully licensed to operate as a broker-dealer in Vietnam. As a member of the VinaCapital Group, the largest investment management company in Vietnam with over USD1.7 billion in assets under management, VinaSecurities is well capitalized and able to leverage on a strong network of relationships to present the best of Vietnam to our distinguished clients. Continuous investments in our people and technologies keep us at the leading edge, enabling us to provide the highest standard in research, brokerage, and corporate finance services. In line with our commitment to bring you the best that Vietnam has to offer, we are pleased to present this Vietnam Primer. It contains essential information to make informed decisions about Vietnam’s fundamental drivers – its people, heritage, economy, equities and fixed income markets, listed companies and technical details to quickly gain exposure to Vietnam’s wealth of opportunities. Yours Sincerely, Hunt Macnguyen Chairman and CEO 5 Contents 1. Executive Summary 8 2. Economic Confluence 12 2.1. Asia’s second-fastest-growing economy 12 2.2. Changing economic structure 14 2.3. Industrialisation and trade lead growth 16 2.4. Soaring foreign investments 19 2.5. Good fiscal position 23 2.6. Government committed to reforms 26 2.7. Favourable Demographics 27 3. Stock Market 32 3.1. Two bourses, one system 32 3.2. Rapid ascension to stardom 33 3.3. Dramatically improved market conditions 34 3.4. Market composition 36 3.5. Foreign investment regulations 37 3.6. Taxation 37 4. Fixed Income Market 40 4.1. Heavily skewed towards government bonds 40 4.2. Quickly developing market 41 4.3. Policy development 43 4.4. High yields 44 4.5. Foreign investment regulations 46 4.6. Taxation 46 6 5. How to invest in Vietnam 50 Financials 7.11. Asia Commercial Bank 90 5.1. Opening an account 50 7.12. Bao Viet Securities 92 5.2. Market mechanics 51 7.13. Tan Tao Investment Industry 94 5.3. Capital flows 54 7.14. PetroVietnam Finance 96 5.4. Taxes 54 7.15. PetroVietnam Insurance 98 5.5. Foreign ownership limits (FOL) 55 7.16. Saigon Securities 100 5.6. Other important notes for shareholders 56 7.17. Sai Gon Thuong Tin Commercial Bank 102 5.7. Banks offering custodial services in Vietnam 57 7.18. Bank for Foreign Trade of Vietnam 104 6. Country Fundamentals 60 7.19. Vietnam National Reinsurance 106 7.20. Imexpharm Pharmaceutical 108 6.1. Geography 60 Healthcare 6.2. Brief History 61 7.21. Binh Minh Plastic 110 6.3. People 62 Industrials 6.4. Political landscape 62 7.22. Hoa Phat Group 112 6.5. Legal System 66 7.23. Tien Phong Plastic 114 7. Company Fact Sheets 70 7.24. Petroleum Technical Services 116 7.25. PetroVietnam Transportation 118 Basic Material 7.26. Refrigeration Electrical Engineering 120 7.1. PetroVietnam Fertilizer & Chemical 70 7.27. Song Da Urban & Industrial Zone Dev. 122 7.2. Dong Phu Rubber 72 7.28. Vietnam Container Shipping 124 7.3. Tay Ninh Rubber 74 7.29. Vietnam Tanker 126 Consumer Goods Oil and Gas 7.4. An Giang Fisheries 76 7.30. PetroVietnam Drilling and Well Services 128 7.5. Minh Phu Seafood 78 Telecommunications 7.6. Tuong An Vegetable Oil 80 7.31. FPT Corp 130 7.7. Vinh Hoan Corp 82 Utilities 7.8. Viet Nam Dairy Products 84 7.32. Pha Lai Thermal Power 132 7.9.. PetroVietnam General Services 86 7.33. Vinh Son - Song Hinh Hydropower 134 7.10. Phu Nhuan Jewelry 88 7 1.0 ExecutiveSummary Asia’s second-fastest Booming investments, solid consumption and rising exports are behind growing economy Vietnam’s phenomenal growth. In the past 10 years, Vietnam has been the region’s second fastest growing economy. Real GDP growth has exceeded 7.5% per year on average and per capita income has grown at an outstanding pace of 11.2% per year. The economy has proven resilient to shocks and negative impacts from SARS, avian influenza, natural disasters, high commodity prices, rampant inflation, and anti-dumping suits. Nationwide, income per capita rose from US$375 in 1999 to US$1,040 in 2008 and Vietnam has now entered the ranks of middle income countries. A new Asian tiger is on the prowl. Shooting out of Vietnam’s cities are bright and bustling and the countryside, where much poverty of the country’s population of 87 million people still live, seem hardly less developed than that of officially much wealthier Thailand. A country once on the brink of famine, Vietnam has transformed itself into one of the largest exporters of farm products. Collectivisation has been scrapped, farmers now work their own land and agricultural prices were liberalised. Rural population growth is peaking while urban centers are taking off while the share of agricultural output in the nation’s GDP has declined from 46.3% to 21% between 1988 and 2008. On track to Already the poster-child of the Washington consensus (free markets, free prosperity trade, and so on), Vietnam has progressed well along the path to achieving the Millennium Development Goals – the UN’s anti-poverty roadmap. Population growth has eased to an average of 1.1% over the past decade from 2.3% in the 1980s as reliance on informal social insurance mechanisms declines, and poverty has been slashed. Solid domestic Accounting for 65% of GDP, private consumption is the pillar of the foundation domestic economy, but investments and trade receipts are the real growth drivers. High levels of domestic savings, phenomenal foreign capital inflows and growing overseas remittances are driving rapid growth in investments, which now account for 41.6% of GDP from 27% in 1995, the world’s second highest rate after Singapore. Increasingly Aside from investment inflows, soaring export earnings are another primary growth driver for Vietnam, reaching 77% of GDP in 2008. integrated with the Principal manufactured exports include garments, footwear, electronic world economy components, and wooden furniture products, reflecting the comparative advantage of Vietnam’s low-cost labour force. While access to external markets has improved with formal trade relations and Vietnam has become the de facto “+1” in multinational investors’ “China+1” strategy, the supply response of Vietnam-based enterprises has been enabled by domestic reforms that have facilitated the private sector and strengthened the investment climate. 8 Inthepast10years,Vietnamhas beentheregion’ssecondfastest growingeconomy. Rising importance of The share of the state sector in manufacturing activity has declined from the private sector 52% in 1995 to under 35% in 2006 – a trend largely attributable to the emergence of a vibrant private sector. Although the state sector retains a key role in sectors of strategic importance, the playing field has been substantially levelled for private domestic and foreign companies alike. Reasonable fiscal Including off-balance sheet items, Vietnam’s budgetary position is based deficit and on a comparatively high revenue collection of more than USD21 bn, or 20% of GDP, which compares very well against many neighbouring debt burden economies. The fiscal deficit has recently increased to 5.8% of GDP due to the government’s stimulus measures, but total debt remains at a manageable level of 39% of GDP.
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