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MEKONG CAPITAL and VINACAPITAL T&I Asia: 5Th Annual Vietnam Symposium T&I Asia: 5th Annual Vietnam Symposium. VI ETNAM PART ONE OF TWO [ ] SPONSORED BY MEKONG CAPITAL and VINACAPITAL T&I Asia: 5th Annual Vietnam Symposium. PART ONE OF TWO 2 © T&I 2010. Contact: [email protected] T&I Asia: 5th Annual Vietnam Symposium. PART ONE OF TWO on Lam, VinaCapital (DL): I think, for those of Chris Freund, Mekong Capital (CF): Currently we’re you not familiar with Vina and what we do, holding twenty companies. And from the perspective Dwe currently manage four funds; the largest of those twenty companies, 2009 is actually the best fund is our Vietnam Opportunity Fund which is year that we’ve ever had, from the perspective of the focused on both listed net profit growth rates for those companies, so we’re and un-listed equity, on track to have weighted average, net profit growth, private equity and real of some 69% this year; of those 20 companies, 15 are estate; the second fund on track to meet their annual target for growth, with VinaLand, focuses only only four that are not on track, but there are a few on direct investments in that are doing better than their targets which real estate (there is no basically compensates for the few that aren’t doing as acquisition of shares well in their performance. In terms of growth rates, from this fund); the they’ve actually been very good across the board and a substantial improvement from 2008. Part of that I DL: 2008 WAS A TRANSITIONAL would say, is due to the fact that a lot of our YEAR FOR ALL OF US IN VIETNAM investments are consumer facing and consumer facing businesses are generally doing very well. Retail third fund led by my colleague here today (gestures to sales are doing well; all sorts of consumer products Tony Hsun), is the Vietnam Infrastructure Fund; and sales are up. That has been the stable part of our fourth fund, which is a traditional LP/GP Vietnam’s economy throughout the entire global structured technology fund, is a joint venture with DFJ economic crisis. A lot of in the US. With that brief introduction let me now these businesses are look back at 2008. Coming out of that year, was very fragmented; retail transitional for all our industry, but especially for for example is very those of us fund managers based in Vietnam. Vina fragmented, but in the Capital came out of the crisis of that year not too case of consumer badly. We’re currently managing close to $ 1.8 billion products, new product dollars in Vietnam, which is good. We’re down from categories are being $2.2 billion at our peak NAV but it’s still a good created all the time, so number, compared to some of our colleagues in the market. Going in to 2009, the market saved us, CF: FROM THE PERSPECTIVE OF OUR because it went up so quickly; both the capital market COMPANIES, 2009 IS OUR BEST YEAR and real estate went up, so some of the pressure was relieved on our fund management business, in a sense there is a lot of low hanging fruit in terms otherwise, all of our shareholders would have been of companies putting together strong teams that can asking us to close up and redeem their shares but we execute and create growth. It’s been a good year for were quite lucky. During the first six to nine months us too. the market continued to come back and looking Craig Martin, Prudential Vietnam (CM): Dickens said ahead into 2010 we think that the market will have it, “It’s the best of time, It’s the worst of times.”And I stabilized or that we’ll have renewed growth. think that as Don said, it’s been a challenging year for 3 © T&I 2010. Contact: [email protected] T&I Asia: 5th Annual Vietnam Symposium. PART ONE OF TWO for the industry as a whole. At Prudential in Vietnam raised 18 months or so ago. And that is one of the we manage four funds with assets under manage- challenges that we find in the market; I think that to ment of just under $1.5 billion dollars. That’s a date people have been successful in mobilizing retail capital for Vietnam and the challenge now is how to CM: A MIXTURE OF INSTITUTIONAL mobilize institutional capital. I’m not sure yet, AND RETAIL. DIFFERENT BEASTS… whether the case for institutional investment has mixture of institutional been proven for Vietnam, whether the country is and retail money and robust enough; I think in some ways because of the those are two very volatility, that we’ll need to see the market settle different beasts with down more before we see institutional capital different challenges and emerging to do new deals. Where the money seems different behaviors, to be coming in over the last year, is into funds, particularly when things playing to the discount to NAV. This is a subject that are more volatile or we’ve been observing now for some 18 months and I challenging. Of the think that this discount of share price to NAV has money that Prudential been a catalyst for at least one fund liquidation in manages here in Vietnam, about $400 million of that Vietnam and potentially for another. That is is in what we consider to be alternative assets; private something that we have to keep an eye on for the equity but also in real estate in a portfolio of about 18 year ahead. I think that times remain uncertain, that companies, that is 18 sets of challenges, 18 boards to there is some clarity and patches of blue sky, but work with and 18 sets of co-shareholders with whom there is some indication that the storms of the recent we have to hold hands during difficult times, so that past are either leaving or coming back. I think that as Chris was saying, it’s a mixed story, with some of there is an eye on the funds here in Vietnam, from the the portfolio having challenges, some of them funds market, to see how the market here delivers, to significant, but the majority are in very good shape see how funds have and this growth which comes through is in some ways emerged through this surprising, because we’ve seen both top level and difficult time. People are bottom level growth, in an environment where, if you looking at those funds look at the macro level, it should be worse than it is. where there have been So there are some strange things happening in the visible challenges, but also market and at the same time it is a very fragmented looking at a couple of market, so that if you have a portfolio company with particular investments, scale and a strong market leading position, it’s a that have alerted winner takes all kind of thing. And where you’ve got investors that perhaps all weaknesses, the business is perhaps in a minority position and it’s struggling to gain economies of scale FB: WE STARTED OUT THE YEAR or market share, we’ve seen issues. Our focus this WORRYING WHAT WAS TO HAPPEN year has been on the day to day business of managing is not well in the Vietnam investment market . those companies in our portfolio. We haven’t been Frederic Burke, Baker & McKenzie Vietnam (FB): I’m out raising new money, we’ve been focusing on the Managing Partner for Baker & McKenzie, an deploying some institutional real estate funds that we international law firm here in Vietnam where we have 4 © T&I 2010. Contact: [email protected] T&I Asia: 5th Annual Vietnam Symposium. PART ONE OF TWO a full service trade and investment law practice that because we can’t control them; we want to have does M&A, securities, including public and private firms investing in Vietnam who operate in Vietnam, markets and private equity. And all of the things that with Vietnamese prudential standards, on Vietnam go along with those; the nuts and bolts of making books, not books abroad. And yet they haven’t done investments here, the issues on the ground of labor, that. Why? They need the money. They appreciate intellectual property, a lot of land and property the role that foreign funds play in the economy and development work, especially these days. This past the generation of new interest that they bring into year has been a rollercoaster, I think for everybody in Vietnam. So the government has taken the the room. We started out the first six or seven considered position, at least for the time being that months of the year, really holding on by our they need to continue allowing foreign investors in fingernails, worrying about what was going to happen Vietnam. There are a lot of ways in which the industry to the global financial system. And when we got out continues to be favored. Tax standards, for example; of that, then we had to address how we got out of with the taxes on cross border investments being less what was looking at first like a recession, but later like if you make money, than a local guy investing in the a depression and while at the moment it looks like same shares who has to pay full capital profits tax things are picking up. The question right now is that rather than just the flat tax that a foreign investor we have this stimulus package that looks like it has pays.
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