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.