Tiền mới của ETF là từ những bài thế này đây






Vietnam: Growing and Cheap

By MICHAEL SHARI | MORE ARTICLES BY AUTHOR
The country's growing faster than its stock market suggests. Is it the next Korea?



There definitely are more familiar, less risky places than Vietnam in which to put your hard-earned savings to work. But a number of respected emerging-market fund managers say the Southeast Asian maritime nation's prospects are compelling enough for them to buy Vietnamese stocks.
It's not hard to see why. The dynamic, resource-rich country is the world's second-largest exporter of coffee, after Brazil, and of rice, after Thailand, and it's a net crude-oil exporter, too. Taking a page from China's consumer playbook, its middle class is rising rapidly from a young and well-educated population of 88 million. But they're willing to work for lower wages than the Chinese, so manufacturing accounts for about half of an economy that's growing 6% a year.
Vietnamese stocks also are cheap, underscoring the country's many attractions. Fast-growing food, pharmaceutical, and rubber-plantation companies trade at five to seven times earnings, which makes them 30% to 50% cheaper than their peers in other developing countries, estimates Mark Mobius, executive chairman of Templeton Emerging Markets. They also offer 4% to 6% dividend yields. "The key word for Vietnam at this stage of the game would be valuation," says Mobius. "Generally speaking, it's quite attractive."
THE EASIEST WAY TO INVEST is via the 3½-year-old Market Vectors Vietnam exchange-traded fund (ticker: VNM). It spreads risk across about 30 companies, 70% of which are Vietnam-listed. The remaining 30% are companies in other countries that do at least half of their business in Vietnam, says Rafael Cordero, marketing director of Van Eck Global, which manages the ETF. The $295 million fund was up 19.19% in the 12 months through Dec. 28, falling somewhat short of the Vietnam Ho Chi Minh Stock Index's 22.98% climb.
Then there's Mobius' Templeton Frontier Markets (TFMAX), a mutual fund that has 3.8% of its $695 million in assets invested in Vietnam. The MSCI Frontier Markets Index's weighting for Vietnam is about 2%. The Templeton fund rose 24.18% in the 12 months through Dec. 28, and it offers diversification to investors.
More adventurous? Try buying individual stocks through a broker. But be warned, the Vietnamese market has been plagued by scandals in which powerful business people borrowed heavily from banks to invest in a real-estate bubble. When the loans went bad, the banks got stuck with them. The government also has been slow to privatize state-owned enterprises, and foreign investors aren't allowed to own more than 49% of a Vietnamese company.