Vietnam was one of the best performing markets in January. Is it simply because it’s off a low base? And do you think it will continue?
Keep in mind that 2011 started with rapidly rising inflation and expectations that the state bank would hike interest rates, which they did aggressively. Not surprisingly, markets crashed as financing became scarce. Inflation peaked in September, but then markets became oversold as fears that banks wouldn’t be able to cope with rising non-performing loans (NPLs) led to panic selling.
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