DOCSLIB.ORG

Time to Double Down on Quality

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Time to Double Down on Quality Navigating Vietnam Time to double down on quality IN ALLIANCE WITH January 2019 IN ALLIANCE WITH Navigating 2019 STRATEGIST'S NOTE In our 2018 strategy report published at the start of last year, we highlighted the fact that Vietnam’s 2017 stock market performance would be a tough act to follow. We expected the market to peak shortly after breaching the 1,100 point high-water mark largely due to a whole host of global factors which we categorized into the “predictable” (US Federal Reserve rate hikes) and the “black swans” (largely unknown, by definition, although we alluded to US- North Korea tensions and a hard landing in China’s economy). Nonetheless, we reiterated our confidence in Vietnam’s macro economy and consequent strength in corporate earnings. We saw continued strength in cyclical names with overweight ratings on the banking sector and flagged the textiles and fishery sectors based on their strong export prospects and the automotive sector for its recovery from a policy-induced trough in 2017. Finally, we alerted investors to the growing divergence between mid-cap and large cap valuations which we thought was unsustainable. Fast-forward a year and we were right to be cautiously optimistic. The VN-Index peaked at 1,200 points, the Fed rate hikes triggered an era of equity market volatility and more than a handful of black swan risks surfaced including the US-China trade tensions and a disorderly Brexit. Meanwhile, Vietnam’s economy continued to power on to register a decade-long high of 7.08% while corporate earnings across the listed universe are likely to have surged by around 25% in 2018, on a market capitalization-weighted basis. Banking and property led the pack in terms of stock price performance but the way investors dumped construction and materials stocks caught us by surprise given their cyclical nature. Meanwhile, our views on the textile, fishery and automotive sectors proved accurate. Finally, mid-cap and large cap valuations did converge again driven more by a large cap de-rating than by a mid- cap re-rating. For 2019, the picture remains nuanced. We see growing headwinds for the global economy and lurking “black swan” risks. But the sharp correction in Vietnam’s stock market has rendered valuations rather appealing in light of continued strong earnings growth. We also see a marked shift away from momentum-driven investing and into a focus on both growth and value. However, in an environment of heightened global uncertainty and an ageing economic upcycle and equity bull market, we believe a sharp re-rating of Vietnam’s stock market is rather unlikely. Corporate earnings will decelerate this year from a high base last year but remain firmly in double-digit territory and this should carry the VN Index back towards the 1000 point psychological level. For all the bullishness out there on emerging markets, we rule out a miraculous resurrection of the bull market. However, value abounds and there has been no better time to double down on solid long-term bets on Vietnam’s fantastic growth story. Happy Investing! Sincerely, Anirban Lahiri Head of Institutional Business & Head of Research www.vndirect.com.vn 1 IN ALLIANCE WITH Navigating 2019 TABLE OF CONTENTS STRATEGIST'S NOTE ................................................................................................................................................. 1 EXECUTIVE SUMMARY .............................................................................................................................................. 4 VIETNAM ECONOMY: POWERING AHEAD THROUGH BUILDING HEADWINDS ................................................. 6 2018 REVIEW: ROBUST GROWTH AND MODERATE INFLATION ......................................................................... 6 High and broad-based economic growth .............................................................................................................. 6 Inflation dynamics changed but overall inflation rate remained contained due to government intervention 6 2019 OUTLOOK: VIETNAM’S GROWTH TO MODERATE ........................................................................................ 8 Global macro outlook: A synchronised slowdown is looming ........................................................................... 8 Vietnam macro outlook: Slightly Slower but Balanced Growth and Muted Inflation ........................................ 9 We see three key themes shaping the macro outlook in 2019: ......................................................................... 15 Theme #1: Could US-China trade tensions benefit Vietnam? We think so, barring a further escalation of trade tensions. ........................................................................................................................................................ 15 Theme #2: External pressures from Fed rate hikes should abate but China’s slowdown could pose headwinds to exports ............................................................................................................................................ 18 Theme #3: Could the domestic private sector become the next economic growth engine? Perhaps but don’t expect miracles. ............................................................................................................................................ 20 STOCK MARKET 2018 REVIEW: A BASS TONE AFTER HIGH NOTES ............................................................... 22 STOCK MARKET OUTLOOK: TIME TO ROTATE INTO MORE HIGH QUALITY AND DEFENSIVE NAMES ...... 28 Market trends in 2019: We foresee a flight to quality. ........................................................................................ 29 VIETNAM OFFERS SUPERIOR PROSPECTS TO MSCI FRONTIER MARKETS AND SMALLER EMERGING MARKETS (EM).......................................................................................................................................................... 30 Most frontier markets are inferior to Vietnam, but Bangladesh is a notable rival ........................................... 32 BANKING: NEUTRAL OUTLOOK ON THE BACK OF TIGHTENING MONETARY POLICY ................................. 34 MILITARY BANK (MBB) ........................................................................................................................................... 49 VIETCOMBANK (VCB) ............................................................................................................................................ 51 ASIA COMMERCIAL JSB (ACB) - INITIATION ....................................................................................................... 53 VPBANK (VPB) ........................................................................................................................................................ 56 LIENVIET POST BANK (LPB) .................................................................................................................................. 58 REAL ESTATE: SUPPLYSIDE HEADWINDS DENTING TOPLINE GROWTH PROSPECTS ................................ 60 NAM LONG INVESTMENT CORP (NLG) ................................................................................................................ 69 VINHOMES JSC (VHM) ........................................................................................................................................... 73 CONSTRUCTION: SLOWDOWN IN INFRA AND RESIDENTIAL SEGMENT BUT INDUSTRIAL AND NON- RESIDENTIAL BUILDING SHOW VIGOR ................................................................................................................. 76 COTECCONS JSC (CTD) ........................................................................................................................................ 81 CONSTRUCTION STEEL: SUPPLYSIDE CONSOLIDATION TO GATHER PACE ................................................ 83 HOA PHAT GROUP JSC (HPG) .............................................................................................................................. 87 CONSUMER: SLOWER BUT ROCK SOLID GROWTH ........................................................................................... 89 QUANG NGAI SUGAR (QNS) ............................................................................................................................... 101 www.vndirect.com.vn 2 IN ALLIANCE WITH Navigating 2019 PHU NHUAN JEWELRY (PNJ) .............................................................................................................................. 103 MOBILE WORLD INVESTMENT CORP (MWG) ................................................................................................... 105 VIETTEL POST (VTP) ............................................................................................................................................ 107 AUTOMOTIVE: RECOVERY TO GO INTO FULL GEAR........................................................................................ 109 VEAM CORP (VEA) ............................................................................................................................................... 115 AVIATION: A FANTASTIC LONG-TERM STORY DESPITE NEAR TERM HEADWINDS .................................... 117 AIRPORTS CORPORATION OF VIETNAM (ACV) ............................................................................................... 125 POWER: GROWTH WITH DEFENSIVE ATTRIBUTES .......................................................................................... 127 POWER CONSTRUCTION JSC NO.1 (PC1)
Load more

Recommended publications
  • Poreionymic Backronyms
    © 2020 Lege artis. Language yesterday, today, tomorrow Research article LEGE ARTIS Language yesterday, today, tomorrow Vol. V. No 2 2020 POREIONYMIC BACKRONYMS: AMBIT, FORMATION, AND DIVERSITY1 Dmytro Borys* Kyiv National Linguistic University, Kyiv, Ukraine Olena Materynska Taras Shevchenko National University of Kyiv, Kyiv, Ukraine *Corresponding author Bibliographic description: Borys, D. & Materynska, O. (2020). Poreionymic backronyms: Ambit, formation, and diversity. In Lege artis. Language yesterday, today, tomorrow. The journal of University of SS Cyril and Methodius in Trnava. Trnava: University of SS Cyril and Methodius in Trnava, 2020, V (2), December 2020, p. 2-52. ISSN 2453-8035 Abstract: The present paper examines the nature, formation patterns, types, and correlations of poreionymic backronyms, i.e. phrases serving as alternative interpretations of acronyms and non- acronyms designating transport brands, namely cars, both on theoretical and empirical planes. Since backronyms are likely to be confused with other linguistic phenomena, such as acrostics, apronyms, disabbreviations, and recursive acronyms, the differences between these notions are also analysed in the article. Key words: backronym, poreionym (transport brand name), acronym, non-acronym, acrostic, apronym, disabbreviation, recursive acronym, language game. 1. Introduction The postmodernism era is often said to be "marked by a shift from truth to fiction and narrative, by a change from the world of experience to that of language, and by the 1 This publication is also part of a sociolinguistic diversity investigation within Project № 2020.02/0241 (Ecolinguistic Modes of Ukrainian Discursive Space in the European Multicultural Continuum) supported by the National Research Foundation of Ukraine as "Leading and young scientists research support". 2 ISSN 2453-8035 demise of the three great metanarratives of science, religion and politics with their replacement by local language-games" (Lecercle 1990: 76).
    [Show full text]
  • 越南汽車產業之分析A Study of Automotive Industry in Vietnam
    財金論文叢刊 2018 年 6 月，第 28 期，63-78 越南汽車產業之分析 A Study of Automotive Industry in Vietnam 陳建宏( Chien-Hung Chen ) 朝陽科技大學財金系 阮德日(DucNhat Nguyen) 朝陽科技大學財金系 摘要 汽車產業是工業的骨幹，因為汽車產業包含很多基礎工業，汽車產業的發展可以 帶動其他產業的發展，有助於國家工業化、現代化與保障國防安全。因此汽車產業是 越南國家經濟發展的重要政策，隨著國家經濟的快速發展，汽車業越來越受重視。因 此本研究主要探討 2000～2016 年間越南汽車產業的發展及銷售現況，並分析影響越 南國內汽車製造量的因素，以瞭解未來越南汽車產業的發展方向。實證結果如下： 外國直接投資對越南國內汽車製造數量的影響為正向，表示外國直接投資增加， 促使越南汽車製造業成長，汽車製造數量會增加。總平均人口的影響為正向，表示人 口越多，汽車需求越高，汽車製造數量會增加。越南人均 GDP 對越南國內汽車製造數 量的影響為先減後增，即隨著人均 GDP 的增加、工資提高、成本增加、使汽車生產量 下降。但因工人的技術可能越來越熟練，以致汽車生產量增加。 而越南汽車進口關稅的影響為正向，表示進口關稅越高，對國內汽車有保護效 果，以致國內汽車製造數量增加。但由於東協自由貿易協定(AFTA)於 2018 年 1 月 1 日 起生效，屆時東協會員國產製汽車輸往越南將適用 0%關稅，對越南國內組裝汽車產業 經營將造成重大影響。為因應來自泰國及印尼產製汽車之市場衝擊，未來越南政府應 協助提升國內汽車組裝廠商生產及營運能力，調降汽車零組件之進口關稅及企業營所 稅，並加強吸引外國直接投資，以促進國內汽車業的發展。 關鍵詞：越南、汽車產業、外國直接投資 64 財金論文叢刊，2018 年 6 月，第 28 期 Abstract Automobile industry is the important policy of national economic development in Vietnam. With the rapid development of national economy, more and more attention is paid to the automobile industry. Therefore, this research mainly discussed the current development and sales of automobile industry during the period from 2000 to 2016 in Vietnam and analyzed the factors affecting Vietnam’s automobile manufacturing quantity, so as to understand the future development direction of Vietnam’s automobile industry. The empirical results are shown as below: Foreign direct investment has the positive effect on Vietnam’s automobile manufacturing quantity. It means that the increase in foreign direct investment will promote Vietnam’s automobile manufacturing industry to grow and the automobile manufacturing quantity will increase. The total average population has the positive effect on Vietnam’s automobile manufacturing quantity. It means that the larger population will cause the higher demand for automobile. Thus, the automobile manufacturing quantity will increase.
    [Show full text]
  • Sales Record of Vehicles Assembled in Vietnam in 2014 Month
    Sales record of vehicles assembled in Vietnam in 2014 Month: November 14 August-14 Sales - Nov 2014 Sales - YTM 2014 Maker Segment Model name Type Seat Share Share North Central South Total North Central South Total Mekong Pronto SUV 7 2 2 9 6 26 41 SUV/MPV Mekong Sub-total MPV/SUV/Cross-over 2 2 9 6 26 41 Mekong Premio Pick-up 5 1 1 4 6 12 15 31 58 Mekong Paso 990BE Truck 2 1 2 3 6 1 19 26 Mekong Paso 990 D Truck 2 1 2 3 10 32 42 0.2% 0.2% Mekong CV Paso 1.5TD Truck 1 6 7 1 5 18 24 Mekong Paso 2.0TD Truck 3 3 3 3 36 39 Mekong Paso 2.5TD Truck 3 1 1 2 2 Mekong Sub-total CV 3 2 18 23 19 34 138 191 Mekong Sub-total 3 2 20 25 28 40 164 232 VMC LIFAN520 PC 5 VMC Cherry PC 5 PC VMC Riich M1 PC 5 2 2 VMC Sub-total PC 2 2 0.0% VMC SUV/MPV Nissan Grand Livina MPV 7 VMC Sub-total SUV/MPV VMC Sub-total 2 2 GM Vietnam Spark Lite LT 0.8 PC GM Vietnam Spark 1.0 PC 5 29 17 58 104 334 178 702 1214 GM Vietnam Spark 1.2 PC 5 GM Vietnam Aveo LT PC 5 52 24 34 110 269 193 388 850 PC GM Vietnam Lacetti 1.6 PC 5 9 9 58 35 26 119 GM Vietnam Cruze LS PC 5 9 9 50 68 193 236 549 978 GM Vietnam Cruze LT Z PC 5 7 3 33 43 88 32 255 375 GM Vietnam Sub-total PC 106 53 175 334 942 674 1920 3536 GM Vietnam Captiva LT 2.4 SUV 7 3.1% 3.9% GM Vietnam Captiva LTZ 2.4 SUV 7 1 7 8 23 10 53 86 GM Vietnam SUV/MPV Orlando LT MPV 7 GM Vietnam Orlando LTZ MPV 7 2 12 14 37 10 63 110 GM Vietnam Sub-total MPV/SUV/Cross-over 3 19 22 60 20 116 196 GM Vietnam Spark Lite Van 0.8 Van 2 16 18 22 56 251 186 263 700 GM Vietnam CV Colorado Pick-up 5 1 6 7 22 25 52 99 GM Vietnam Sub-total CV
    [Show full text]
  • Chevrolet Captiva
    Chevrolet Captiva Chevrolet Captiva Overview Manufacturer General Motors Also called Daewoo Winstorm Holden Captiva Production 2006–present Assembly Kazakhstan: Ust-Kamenogorsk Russia: Kaliningrad[1] South Korea: Bupyeong-gu, Incheon(GM Korea) Thailand: Rayong Uzbekistan: Asaka (GM Uzbekistan)[2] Vietnam: Hanoi (GM Vietnam) Shanghai, China (Shanghai GM) Body and chassis Class Mid-size SUV Body style 5-door wagon Layout Front-engine, front-wheel drive Front-engine, four-wheel drive Platform GM Theta platform Related Opel Antara Powertrain Engine 2.0 L VCDi I4 (t/c diesel) 2.2 L VCDi I4 (t/c diesel) 2.4 L Ecotec I4 (petrol) 3.0 L SIDI V6 (petrol) 3.2 L Alloytec V6 (petrol) Transmission 5-speed automatic 5-speed manual 6-speed automatic Dimensions Wheelbase 2,707 mm (106.6 in) Length 4,637 mm (182.6 in) Width 1,849 mm (72.8 in) Height 1,720 mm (67.7 in) The Chevrolet Captiva is a compact SUV developed by GM Daewoo (now GM Korea), the South Korean subsidiary of General Motors (GM), and sold under theChevrolet brand. The Captiva utilises the GM Theta platform and derives from the Chevrolet S3X concept car revealed in 2004. The Theta platform also underpins the Opel Antara, the Captiva's mechanical derivative also built by Daewoo. Sold internationally as the "Chevrolet Captiva", South Korean-market cars were badged Daewoo Winstorm up until 2011, when the international name was adopted. Australasian-specification models are badged Holden Captiva. Overview 2004 Chevrolet S3X concept 2006–2011 Chevrolet Captiva LS (Germany) 2006–2011 Designated C100 by Daewoo and CG in Holden's terminology, the Captiva was launched in 2006.[3][4] Styling of the Captiva was inspired by the 2004 Chevrolet S3X concept car.[5] The S3X concept was developed by GM Daewoo's design center in Bupyeong-gu, Incheon and is based on the GM Theta platform.
    [Show full text]
  • ACCELERATING AHEAD How We Are Sustainably Moving the World Contents GM 2015 SUSTAINABILITY REPORT
    GM 2015 SUSTAINABILITY REPORT ACCELERATING AHEAD How We Are Sustainably Moving The World Contents GM 2015 SUSTAINABILITY REPORT Accelerating Ahead How We Are Sustainably Moving The World IN THIS REPORT 8 Leadership 28 Approach 127 Reporting Chairman & CEO Message 9 Accelerating Ahead (Q&A) 30 About 129 North America 13 Sustainability Strategy 34 GRI Content Index 132 South America 15 Stakeholder Engagement 36 UNGC Index 142 Europe 17 Governance 40 142 Data International 19 Ethics 41 Financial 143 China 21 Environmental Management 44 Vehicle 144 22 At-A-Glance 47 Impacts Environmental 145 Corporate Profile 24 Customer Satisfaction 49 Social 146 Highlights 26 Fuel Efficiency & Emissions 56 Regional 147 Commitments 27 GM People 67 151 Statement of Assurance Vehicle Safety 77 Diversity & Inclusion 82 Operational Impact 95 Supply Chain 103 Community Impact 111 Innovation 121 2 Accelerating Ahead GM 2015 SUSTAINABILITY REPORT AHEAD Lifelong Customer Relationships We listened closely to our customers – some of the most satisfied electric-vehicle owners in the industry – to help us develop the next-generation Chevrolet Volt. 2016 Chevrolet Volt THEY SAID WE DELIVERED A nearly 40% increase in electric driving range, Extended range from 38 to 53 miles* and total range more than 400 miles on a full charge and full tank of gas A reduction in the drive unit weight by Greater efficiency 100 lbs (45 kg) and up to 12% increase in drive unit efficiency A two-motor drive unit design, enabling More power 19% improvement in electric acceleration from 0-30 mph *EPA estimated 3 Accelerating Ahead GM 2015 SUSTAINABILITY REPORT AHEAD The Next Generation of Scientists and Engineers We are addressing the talent gap in Science, Technology, Engineering and Math (STEM) education – both in number of students and in proficiency – by supporting programs around the world that range from kindergarten through college level.
    [Show full text]
  • Vinfast Mondial De L'automobile 2018 Dossier De Presse
    VinFast Mondial de l’Automobile 2018 Dossier de Presse Sommaire 1. Traduire l'esprit vietnamien et le transmettre au monde ................................................. 3 2. Style de design italien de classe mondiale, influencé par le peuple vietnamien ............... 6 3. Créer des produits de classe mondiale ............................................................................ 11 4. Tout nouveau complexe de production ultramoderne .................................................... 14 5. Les modèles « LUX », pionniers de l’industrie automobile vietnamienne ....................... 17 6. Améliorer le style de vie du peuple vietnamien .............................................................. 20 7. Spécifications techniques des véhicules .......................................................................... 22 2 1. Traduire l'esprit vietnamien et le transmettre au monde • Deux premières mondiales dévoilées par VinFast au Mondial de l’Automobile • VinFast incarne la fierté, l’esprit et la ténacité du peuple vietnamien • Un design de classe mondiale capture la beauté naturelle du Vietnam • La nouvelle usine est l’un des plus grands projets industriels du Vietnam. • La production de la nouvelle berline LUX A2.0 et du SUV LUX SA2.0 débutera à partir de septembre 2019 VinFast est le premier constructeur automobile vietnamien et le premier à participer à un grand salon automobile international. Exploitant l’esprit vietnamien, VinFast développe et fabrique au Vietnam sa propre gamme de véhicules innovants et de classe mondiale, qui seront commercialisés dans le monde entier. VinFast fait ses débuts au Mondial de l’Automobile 2018, avec deux premières mondiales - la berline LUX A2.0 et le SUV LUX SA2.0. Ces modèles haut de gamme incarnent la philosophie de la société vietnamienne : «Style - Sécurité - Créativité - Pionnier». La design de ces deux premières voitures a été influencée par le vote des vietnamiens. Cela a renforcé le sentiment de fierté nationale dans ces produits, qui rendent hommage à la beauté naturelle du pays.
    [Show full text]
  • Car in Vietnam Arve Hansen Centre for Development and the Environment, University of Oslo, Norway
    JOURNAL OF CONTEMPORARY ASIA, 2016 VOL. 46, NO. 4, 551–569 http://dx.doi.org/10.1080/00472336.2016.1151916 Driving Development? The Problems and Promises of the Car in Vietnam Arve Hansen Centre for Development and the Environment, University of Oslo, Norway ABSTRACT ARTICLE HISTORY The private car comes with promises of modernity and comforta- Published online ble mobility for the growing middle class in Vietnam. Vietnam’s 26 February 2016 government has also targeted the domestic automobile industry KEYWORDS as a “spearhead industry” in an attempt to achieve industrial automobile industry; upgrading. Paradoxically, the government is simultaneously development; mobility; cars; restraining the market for this industry through imposing high motorbikes; Vietnam taxes and fees on cars, making them available only to a limited number of people. This article discusses the promises and pro- blems of the automobile in Vietnam. It analyses policies related to the development of the automobile industry, and discusses the reasons for the relative failure of the project. The article argues that the failure is linked to weaknesses in Vietnamese develop- ment strategies, but also to the potential problems an expansion in car ownership in Vietnam would lead to. The article contends that the car represents a development dilemma between indus- trialisation and urban mobility, and that environmental, energy and social concerns add to the rationale for limiting car ownership. Furthermore, although forces promoting car-driven industrialisa- tion appear to be gaining ground, the requirements for regional economic integration may challenge the future of the infant auto- mobile industry. The car is in many ways a contested commodity.
    [Show full text]
  • Q2 2014 Vietnam
    Q2 2014 www.businessmonitor.com VIETNAM AUTOS REPORT INCLUDES 5-YEAR FORECASTS TO 2018 ISSN 1749-0286 Published by:Business Monitor International Vietnam Autos Report Q2 2014 INCLUDES 5-YEAR FORECASTS TO 2018 Part of BMI’s Industry Report & Forecasts Series Published by: Business Monitor International Copy deadline: January 2014 Business Monitor International © 2014 Business Monitor International Senator House All rights reserved. 85 Queen Victoria Street London All information contained in this publication is EC4V 4AB copyrighted in the name of Business Monitor United Kingdom International, and as such no part of this Tel: +44 (0) 20 7248 0468 publication may be reproduced, repackaged, Fax: +44 (0) 20 7248 0467 redistributed, resold in whole or in any part, or used Email: [email protected] in any form or by any means graphic, electronic or Web: http://www.businessmonitor.com mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Business Monitor International makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.
    [Show full text]
  • General Motors from Wikipedia, the Free Encyclopedia
    General Motors From Wikipedia, the free encyclopedia [1] General Motors Company, which is commonly known as GM, is an American multinational General Motors Company corporation headquartered in Detroit, Michigan, that designs, manufactures, markets and distributes vehicles and vehicle parts and sells financial services. The current company, General Motors Company LLC, ("new GM"), was founded in 2009, after the bankruptcy of the General Motors Corporation ("old GM"). The new, smaller, company purchased many of the assets of "old GM", including the name "General Motors". The old company changed its name to Motors Liquidation Company and was liquidated. The new company retained four of its major brands: Chevrolet, Cadillac, GMC, and Buick, 3600 out of 6000 of its US dealerships, and some of its US plants, eliminating the jobs of 20,000 of its 80,000 current employees.[6] Contents 1 Business units 2 History 2.1 Chapter 11 Bankruptcy 3 Corporate governance 3.1 Financial results 4 World presence 4.1 North America The GM Renaissance Center in Detroit, Michigan. 4.2 South America Type Public Traded as NYSE: GM 4.3 Europe (https://www.nyse.com/quote/XNYS:GM) S&P 500 Component 4.4 Asia Industry Automotive 4.5 Africa Founded General Motors Corporation September 16, 1908 4.6 Oceania General Motors Company[1] August 11, 2009 5 Motorsports Founder William C. Durant 6 Research and development Charles Stewart Mott Frederic L. Smith 7 Small car sales Headquarters Detroit, Michigan, U.S. 8 Environmental initiatives Number of 396 facilities on six continents[2]
    [Show full text]
  • Vingroup 2018 Annual Report
    XZ ANNUAL REPORT 2018 SHAPING THE FUTURE SHAPING THE FUTURE SHAPING 2018 ANNUAL REPORT CHAPTER VINGROUP 2018 AND MESSAGE CHAPTER CORPORATE GOVERNANCE CONTENT FROM THE CEO • Vingroup Governance Structure 98 01 • Vision, Mission, Core Values 8 04 • Report of the Board of Directors 100 • 2018 at a Glance 10 • Report of the Supervisory Board 104 • 2018 Achievements 12 • Governance Report 106 • 2018 Awards and Accolades 16 • Internal Auditing Report 108 • Message from the CEO 18 • Risk Management 109 • 2014 – 2018 Financial and Operational Highlights 20 • Share Information and Investor Relations 113 CHAPTER ABOUT VINGROUP CHAPTER SUSTAINABLE DEVELOPMENT • Vingroup Profile 24 • Vingroup’s Vision for Sustainability 124 02 • Corporate Milestones 28 05 • Sustainability by the Numbers 126 • Businesses 30 • 2018 Highlights 128 • Corporate Structure 48 • 2018 Sustainability Report 132 • Board of Directors 50 • Managing Sustainability 148 • Management 52 • Supervisory Board 54 • Development Strategy 55 CHAPTER MANAGEMENT REPORT CHAPTER CONSOLIDATED FINANCIAL STATEMENTS ON 2018 BUSINESS PERFORMANCE AND 2019 PLAN OF ACTION • General Information 154 03 06 • Report of Management 156 • 2018 Economy and 2019 Macroeconomic Outlook 60 • Independent Auditors’ Report 157 • Vingroup Operations and Financial Performance in 2018 68 • Consolidated Balance Sheet 158 • Blueprint for 2019 90 • Consolidated Income Statement 162 • Consolidated Cash Flow Statement 163 • Notes to the Consolidated Financial Statements 165 • Appendix 1 – The Group Structure as at 31 December 2018 227 www.vingroup.net ANNUAL REPORT 2018 VINGROUP 2018 CHAPTER AND MESSAGE FROM THE CEO 8 Vision, Mission, Core Values 01 10 2018 at a Glance 12 2018 Achievements 16 2018 Awards and Accolades 18 Message from the CEO 20 2014 – 2018 Financial and Operational Highlights THE VINGROUP ECOSYSTEM IS LARGE BUT THERE IS STILL A LOT OF WORK TO BE DONE.
    [Show full text]
  • Development of the Vietnamese Automotive Industry and EDI
    IFEAMA SPSCP Vol.4 pp.80-95 IFEAMA All right reserved Development of the Vietnamese Automotive Industry and EDI Infrastructure ICHIDA, Yozi College of Commerce, Nihon University [email protected] Abstract Production and sales of automobiles in Asian nations have expanded recently. However, car sales in Vietnam were just 7% of those of Thailand, and Vietnam’s production volume was just 3.7% of Thailand’s in 2013. Cars made in Indonesia and Thailand will begin to be imported into Vietnam when import tariffs within the ASEAN region go to zero in 2018. In order to promote the automotive industry, the Vietnamese government has taken various policy measures. However, these policy measures do not go far enough, and inconsistent sales and production of cars is expected. Recently, the government has promoted policies to attract and cultivate support industries for the automobile industry. Development of a supply chain in the country is essential to the development of the automotive industry. However, the antiquated method of using e-mail with an attached PDF document is now the popular means of exchanging information in the automotive industry in Vietnam. To form a smooth supply chain, the author discusses the importance of EDI infrastructure as a platform for better communication of digital data. Key words: automotive EDI, communication infrastructure, supply chain in automotive industry, automotive parts trade, EDI in SME 1. Introduction The author has focused on the role of EDI in the development of the automotive industry for many years, focusing on Japan, the United States, and Europe. Sales and production of cars in emerging countries in Asia have been increasing in recent years, but there has been little research related to EDI in this area.
    [Show full text]
  • Afc Vietnam Fund Update
    15th October 2019 AFC VIETNAM FUND UPDATE Fund Category Vietnam Public Equities The first few trading days of October were uneventful. Again, volatility was very low Country Focus Vietnam compared to other markets. Even news about progress in the trade talks between Monthly at NAV (five business China and the USA had little impact on the Vietnamese stock market. The indices in Subscriptions days before month end) HCMC and Hanoi moved in the opposite direction with -0.4% in HCMC and +0.9% Monthly at NAV Redemptions Hanoi respectively. Small and mid-cap stocks were also little changed and so was also 30 days’ notice our portfolio, which is up +0.1% to USD 1,833, according to internal calculations. Benchmark VN Index Fund Manager Vicente Nguyen Market Developments Asia Frontier Capital (Vietnam) Investment Manager Limited, Cayman Islands Trading was concentrated in a few groups of stocks, such as banks, the family of Asia Frontier Investments Investment Advisor Vingroup stocks and FLC Faros Construction (ROS), which alone has been responsible Limited, Hong Kong for more than 10% of the total turnover on the Ho Chi Minh Stock Exchange for the Fund Base Currency USD past few weeks, and rising. Meanwhile, turnover on both the Hanoi Stock Exchange and UPCOM is around 20% lower than the average for the past 12 months and Minimum Investment USD 10,000 valuations are getting cheaper as a consequence of weak market breadth. Subsequent Investments USD 1,000 Ho Chi Minh City Hanoi UPCOM Management Fee 1.8% p.a. of NAV Mkt cap (USD bln) 144.1 8.0 42.2 12.5% p.a.
    [Show full text]