Vietnam Oppurtunity fund...trading on AIM in US Dollars. From Annual report in Dec 2004

"The economy has continued its impressive run of stable high growth, second only to that of China. This growth is now supported by three legs - most importantly the domestic private sector, but now also increasingly exports and FDI. The domestic private sector expanded 21.8 percent for the first half of 2004, exports grew by 16.9 percent and FDI grew 11.4 percent and is now higher than China as a percentage of GDP. It is encouraging that Vietnam is starting to be seen as a serious investment destination.

Government reforms have continued their slow but steady trajectory, most notably in pushing forward with the privatization effort. The privatization of Vinamilk and Bao Minh insurance heralded the beginning of the final phase of
privatization, with the largest companies in the key sectors being sold down.

In terms of investment opportunities the Company has not been opportunity
constrained. It is encouraging to see Vietnamese companies performing well while valuations are among the lowest in the region and dividend yields among the highest. In fact, the average ROEs of Vietnam's listed companies are almost four times those of average Chinese listed companies. Furthermore, the fledgling real estate market is showing signs of growth as mortgages allow the average citizen to now more easily buy their own homes"

IMHO Vietnam is one of the last South East Asian Tigers that has yet to roar! And when it does it could be huge. Obviously this is a long term investment and not for the risk-averse...but wouldnt it have been nice to get into China when it was just beginning to stir? Well in my opinion this is now possible with Vietnam, and VOF is a great way of having direct access to this very interesting and expanding market! DYOR

Any thoughts/opinions?

Hope you had a good holiday. Its a cheap entry level to expose yourself to Vietnam and managment has been around and their investments appear well thought out, they don't overpay for assets, so you never know, if you take a 3-6month view, may double, I hope!

I was in Vietnam 2 years ago and it is like a bubble waiting to burst. I have been watching Vinaland VNL steadily go up and am delighted to have found your thread. Let's see where it settles and then I am going to buy some.

Investor sentiment seemed to have turned against them and the placing by VNL at a discount probably hasn't helped either.
Early knocks are good to weed out the bad seeds and let us see what the management does.
I have worked with companies and a lot of Asia Pacific companies are investing there, sell if you are uncomfortable, hold if you are.

Hi Fonty, just read about HSBC investing in Vietnam and asking for banks to ease foreign ownership in banks, does this augur well for Vietnam companies in general. Need to look at what valuations HSBC useed in buying up a stake in a bank there. I have shares which is obvious but the reason I bought was after I looked at their portfolio companies on their website. I am not a guru like some of you gentleman and ladies on this site but some of their investee companies seem sound

groov,

Looks like you were right man its on its way back big time.

Maybe the vIETNAM GOV is finally going to sell some cheap assets off?

Transco

Its a patience game at times transco. The government is taking positive steps to encourage investors and the recent placing seems to suggest that they have identified further investments worth acquiring and I will support the placing. There are a lot of Asian investors pouring their money and expertise into this 80million strong population and its a growth story. For my part, I was looking at VOF's investments and it shows managment is astute but please dyor. Sadly like most of my investments, never a a 6 bagger but a gradual slow steady riser!

Groov am I correct in thinking the rights issue appears to have no impact on the SP?
I thinks its XRights now in the 1 for 4 offer but the price has not really dropped as you would expect. is this a bullish sign do your think?

Possibly transco.
It already priced in a discount and at the time of announcement, price was hovering above 4. I took up my rights and hopefully, it will come good in due course, we hope.
There was also an interesting article in moneyweek and one of the researchers actually recommended VOF!
Here is the link http://www.moneyweek.com/file/37011/vietnam-is-truly-exciting--but-dont-jump-in-yet.html

Vietnam lurched closer to a currency crisis as the Government cut the official exchange rate to a record low. UBS analysts said that the countrys economic profile was more extreme than that of Thailand on the eve of the 1997 Asian financial crisis.

a slow safe burner ready to ingnite !! imho

off she goes on banking potential the new growth interest.