Market Strategy – THE CREDIT CYCLE IN VIETNAM IS BOUND TO MATURE SOON
- 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 2018 GDP growth targets are achievable.
- Keep a close watch on stocks that are sensitive to rising rates and slowing credit growth. Given a potential maturing of this credit cycle, we advocate keeping a close eye on banking, brokerage and property stocks
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