Vietnam Stocks Electrified as Deals Prompt ‘Re-Rating’ of Market
Motorcyclists travel along a road during sunset in Ho Chi Minh City.
Photographer: Linh Luong Thai/BloombergThis article is for subscribers only.
Vietnamese stocks have taken off in November -- with the benchmark VN Index rising almost 10 percent -- as foreign investors rushed to expand their footprints in the fast-expanding Southeast Asian economy.
Mall operator Vincom Retail JSC has surged 26 percent since its exchange debut on Nov. 6 after strong demand for its share sale resulted in the offer pricing at the top of the range. The market then got another boost when Hong Kong conglomerate Jardine Matheson Holdings Ltd. last week increased its stake in Vietnam Dairy Products JSC, the country’s biggest company that’s known as Vinamilk, to 10 percent and said it was keen to buy more.