Research Center

Trade tensions are here to stay Despite the recent announcement of low-level trade talks between the US and China, a “slow-burn” trade war is likely to persist. Following the Trump administration’s first wave of tariffs against US$34bn worth of Chinese…

A diversified capital base could prolong the health of the Vietnam airline industry Vietnam is one of the most dynamic aviation markets in Asia-Pacific, with passenger volume rising by a 4-year CAGR (2013-17) of 19.9%. We believe a relaxation on…

The US Fed raised policy rates for the second time this year in the last meeting held in mid-June and they expect to follow through with two further rate hikes within the rest of 2018. The faster-than-expected return in inflation…

Inflation remains under control but is accelerating driven by rising oil prices and continued strong GDP growth. We foresee credit growth decelerating in the second half of 2018 driven by more hawkish talk by the SBV and the fact that…

Several external factors have coincided to catalyze a market rerating such as : a tightening of global liquidity, strengthening US dollar, rising oil prices, select large source countries of foreign portfolio capital into Vietnam are seeing improving domestic prospects.  We…

Vietnam’s stock market is in a continuing correction phase. Even though corporate earnings for 2018 should be strong, lower valuation multiples might be the “new normal”. Vietnam’s stock market P/E has historically seen a strong inverse correlation with government bond…

Vietnam’s stock market is entering choppy waters after a stellar first quarter run. Progress on Vietnam’s path to an MSCI Emerging Markets upgrade is unlikely to be dramatic. Heavy-weighted large caps are skewing the market valuation multiples; a vast number…

Vietnam is one of the world’s most dynamic aviation markets, being the growth leader in the fastest growing region. Vietnam’s aviation boom is being driven by the confluence of four long-term structural trends. Trend 1: A surge in international tourist…

Rising global trade tensions, bubbly asset prices and sky-high levels of corporate leverage are bringing back global risk aversion. The sharp recent corrections and heightened volatility in global equity markets are reflections of the diminishing appetite for risk assets. Rising…

The sharp global market correction has ushered in a new era of volatility Before the Lunar New Year, a big bout of jitters in the global equity markets triggered by the specter of accelerating inflation in the US ushered in…