AFC Vietnam Fund Presentation 2015.04.09
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Transcript of AFC Vietnam Fund Presentation 2015.04.09
CONFIDENTIALAFC Asia Frontier Fund
September 2013
AFC Vietnam Fund
April 2015
2
Most new funds are launched when markets are “hot” and close to their highs
We see opportunities as the market & economy are at the beginning of a new cycle
Viet Capital - Hanoi Index May 2006 – Dec. 2014
AFC Vietnam Fund
TABLE OF CONTENTS
Executive Summary 4
Why Vietnam 5
AFC Vietnam Fund 25
Fund Performance 26
Directors & Shareholders 28
Investment Strategy 32
Contact Information 35
Disclaimer 36
Appendix 37
3AFC Vietnam Fund
EXECUTIVE SUMMARY
Fund Objective
• Capture the value of growth companies in Vietnam; especially in the small to medium sizecompany segment
Opportunity
• Vietnams GDP growth is accelerating again since H2 2013 and is expected to grow at over6% in 2015.
• Banking reform is under way, such as e.g. the resolution for NPL’s
• Strong FDI inflows are helping to transform Vietnam to a higher value addedmanufacturing destination
• Low oil prices are beneficial for Vietnam and are helping to increase consumer spending
• VND - Currency expected to remain stable.
Potential
• We believe to achieve a significant capital appreciation for at least the next 5 - 7 years.
4AFC Vietnam Fund
5
Vietnam’s Low Correlation to Global Markets
offers significant Diversification Benefits
WHY VIETNAM
0.350.40
0.63
0.820.88
VH Index(Hanoi)
VN Index (HoChi Minh)
MSCI FrontierMarkets
MSCI BRIC MSCIEmergingMarkets
Correlation with the MSCI World Index
Bloomberg . *Based on 10 years monthly data
AFC Vietnam Fund
6
A Land of Opportunities
Valuations
• Vietnam’s overall valuation looks extremely compelling versus its regional peers, but listed“Small/Medium Caps” offer outstanding value
• Reaching the old highs in the next economic and stock market cycle would mean a potentialof several hundred per cent, supported by fundamentals
Growth Prospects
• Very competitive labour costs, but rising individual wealth at CAGR 13.50% over the past 10years
• High foreign remittances (USD 12-13bn), capital account surplus, trade account neutral
• FDI grew by 7.4% and reached USD 12.4bn in 2014
AFC Vietnam Fund
WHY VIETNAM
7
Strong Fundamentals will Support Growth
Sustainable GDP Growth
• GDP is accelerating again at 6.2% (f) 2015, after declining from 8.5% (2007) to 5% (2012)
Competitive Labour Costs
• Low wages with increasing productivity and improvements in human capital
Inflation under Control
• The government managed to successfully lower inflation to 1.86% in Dec. 2014 (recent highin 2008 at 19.9%)
Interest Rates Came Down
• Average lending rate came down from over 20% (2011) to 9% (2014)
Improving Trade Balance
• Trade balance improved from USD -18bn (2008) to USD +2bn 2014
Foreign Reserves Increasing
• Foreign reserves increased from USD 12.5bn (2010) to USD 36bn 2014
Stable Currency for the past 3 Years
AFC Vietnam Fund
WHY VIETNAM
8AFC Vietnam Fund
Competitive Labour Costs
Worldbank
WHY VIETNAM
8.48
4.63
3.87
1.25 1.21 1.19
0.730.56
0.30 0.30
Japan South Korea Hong Kong Malaysia Thailand China Philippines Indonesia Vietnam Laos
Minimum Hourly Wage (USD)
9AFC Vietnam Fund
Increasingly Educated Population
PISA 2012 – assessed the competencies of 15 year olds in 65 countries
WHY VIETNAM
573 561536 531
514 511 506 504 495 494 485 484 481
427 421391 388 375
PISA 2012 - mean score of Mathematics, Reading & Science
Strong FDI Disbursements and Overseas Remittances
10AFC Vietnam Fund
WHY VIETNAM
General Statistics Office of Vietnam
0.0
5.0
10.0
15.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Vietnam FDI 2005 - 2014
FDI Disbursements Overseas Remittances
USD bn
Overseas Remittances
• Vietnam attracted nearly USD 80.4bn of remittances, an average increase of about 39% peryear, during the 1991-2013 period
• Vietnam received about USD 12bn worth of inward remittances in 2014, most of which hasbeen invested in production and business activities
• Overseas remittances, 2nd largest capital source for Vietnam, played an important role in asustainable economic development
11AFC Vietnam Fund
WHY VIETNAM
12
Compelling Valuations (March 2015)
AFC Vietnam Fund
Bloomberg
WHY VIETNAM
P/E P/BDividend Yield
(%)
AFC Vietnam Fund 7.6 1.1 5.8
Philippines 22.2 3.1 1.7
Indonesia 22.1 2.8 1.8
Thailand 20.3 1.3 2.8
Malaysia 17.1 2.1 3.1
Singapore 15.3 1.4 3.2
Vietnam 12.3 1.8 4.0
Vietnam 11.2 1.1 4.4
13AFC Vietnam Fund
GDP Growth - Inflation under control - Trade Surplus
Worldbank / General Statistics Office of Vietnam
WHY VIETNAM
5.5%
4.7%4.4% 4.4%
4.7%5.0% 4.9%
4.3%
3.6%3.2%
2.6%
1.8%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 Consumer Price Index (YoY)
280,000,000
860,000,000
2,000,000,000
2012 2013 2014
Trade Surplus
5.25%
5.42%
5.98%
2012 2013 2014
Yearly GDP Growth
5.06% 5.34%6.07%
6.96%
Q1 Q2 Q3 Q4
Quarterly GDP Growth 2014
14AFC Vietnam Fund
Increasing Foreign Reserves will Support Currency & Balance of Payments
Worldbank
WHY VIETNAM
90%
50%
25% 23%
44%
61%65%
2008 2009 2010 2011 2012 2013 2014
Foreign Reserves in % of External Debt
6.2 79.1
13.4
23.5 23.9
16.5
12.5 13.5
23.6
32
36
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Foreign Reserves (USD bn)
15
Improving Business Environment
Government to Support Economic Recovery
• Lower Lending Rates
• Tax Cuts for Individuals and Corporates
• Stimulus Packages for various Industry Sectors
• Restructuring of 479 SOE’s (State Owned Enterprises) until end of 2015
• Improving Banking Regulatory Framework
• Better Supervision and Severe Punishment of Banking Misconduct
AFC Vietnam Fund
VIETNAM
Restructuring of the Banking Sector
• VAMC (Vietnam Asset Management Company) was created by the government mid 2013and bought until today around USD 6.4bn of NPL’s (Non Performing Loans).
• The Government plans to bring the NPL ratio below 3% in 2015. VAMC is expected to buyanother USD 4.8bn his year.
• There is a good chance that the Vietnamese government will pass a decree which allowsunlimited foreign ownership in weak banks
• Vietnam banking M&A activities will certainly see more actions in 2015. There are 6 M&Atransactions expected in 2015.
16AFC Vietnam Fund
VIETNAM
17
Improving Business Environment
Strong Foreign Investments into Manufacturing (Samsung alone ~USD 5bn)
Key Sectors: Electronics, Textile and Energy
TPP Free Trade Agreement and ASEAN 2015 will Kick-Start Economy
Political Stability
Main Risks
• External economic or political shocks
• Vietnam is still at the very beginning of its various regulatory and government reformsand still a lot needs to be done.
AFC Vietnam Fund
WHY VIETNAM
Vietnam Consumer Confidence
• Vietnam Consumer Confidence numbers are steadily improving
18AFC Vietnam Fund
WHY VIETNAM
Bloomberg / AFC
19
Vietnam is implementing 8 free trade agreements and is negotiating
another 6 FTA’s, including TPP and the Vietnam-EU FTA
WHY VIETNAM
AseanBriefing Oct. 2014
AFC Vietnam Fund
ASEAN – Key Facts
• Viewed as a single entity, ASEAN would be the 7th largest economy in the world with aGDP (2013) of USD 2.4 trillion
• 5.1% average real GDP growth (2000 – 2013)
• 600 million consumers
• An expanding consumer class: 90 million people are expected to move to urban areas by2030, which would double current households from 81 million to 163 million
• 46.7% of Debt to GDP (2013)
• 2.8% Inflation (2013)
20AFC Vietnam Fund
WHY VIETNAM
21AFC Vietnam Fund
Stable Political Environment
WHY VIETNAM
96
88
56
49 48
4037
29 27
1713 12
9
Singapore Brunei Vietnam Laos Malaysia Cambodia Brazil Indonesia China Philippines Myamar India Thailand
World Bank 2013 Political Stability Ranking
22AFC Vietnam Fund
Low Market Cap/GDP relative to Asian Markets
Worldbank 2013
WHY VIETNAM
36% 40% 43% 45%
61%67%
80%92% 92%
160%
250%
Vietnam Indonesia China Brazil India Australia Philippines Thailand Japan Malaysia Singapore
Market Cap in % of GDP
23AFC Vietnam Fund
Stock Market Information
Bloomberg
WHY VIETNAM
Financials 36%
Consumer Staples 18%
Industrials 15%
Utilities 11%
Materials 11%
Energy 7%
IT2%
Sector Breakdown Dec 2014
27 42
195
245
342
455
642
696 702679
733
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Number of listed companies
0
200
400
600
800
1000
1200
1400
1600
19
73
19
74
19
75
19
76
19
77
19
78
19
79
19
80
19
81
19
82
19
83
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
MSCI Emerging Market Index, 1973 - 2014
24AFC Vietnam Fund
Ho Chi Minh Index, 2002 - 2014
Vietnam is at the very beginning of a long term
capital growth trend
Bloomberg / Viet Capital
WHY VIETNAM
25AFC Vietnam Fund
AFC VIETNAM FUND
26AFC Vietnam Fund
FUND PERFORMANCE
NAV as of 31st March 2015
NAV USD 1,372.95
Since Inception +37.30%
Inception Date 23/12/2013
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 USD +2.37% +2.37%
2014 USD +8.75% +4.50% +2.18% -4.65% -0.32% +1.45% +1.86% +5.49% +3.87% +2.83% +2.50% +0.60% +32.50%
2015 USD +0.44% +1.76% -0.96% +1.23%
Monthly Performance (Net) - AFC Vietnam Fund
27AFC Vietnam Fund
FUND PERFORMANCE
Monthly Performance (Net) - AFC Vietnam Fund
930
980
1030
1080
1130
1180
1230
1280
1330
1380
1430
AFC Vietnam Fund USD (Net) VN Index (USD)
28AFC Vietnam Fund
Andreas Karall, CIO of AFC Vietnam Fund, brings with him 25years of experience in fund and portfolio management. He managedseveral public and private funds for various banks and fund managers inEurope. In the early part of his career he was the CEO of a small fundand portfolio management company in Vienna. That was around thetime when he developed an affinity for Asian markets and he started toclosely follow and invest in them. He is constantly looking for attractiveinvestment opportunities, especially when they arise shortly after aneconomic crisis or political turmoil. He successfully invested in the HongKong stock market after the Tiananmen Square protests of 1989, inFinland after the 1991 collapse of the Soviet Union and in Asian marketsafter the 1997 Asian crisis. He sold most positions for his clients in 2007and therefore escaped the financial crisis almost unscathed and was ableto reinvest at bargain prices in 2008/2009. After Vietnamese stockmarket correction of over 70%, Andy is now ready and excited to getinvolved!
DIRECTOR & SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.
29AFC Vietnam Fund
Andreas Vogelsanger, CEO / Head Marketing of AFC VietnamFund, has over 25 years of wide-ranging experience with leadinginstitutions in the finance industry. Prior to joining AFC Vietnam FundAndreas was a Founding Partner and Chairman of a small corporatefinance boutique in Bangkok and he worked for top-level investmentbanks, hedge funds and private banks in Zurich, Geneva, London, HongKong and Singapore. He is passionate in finding the best value solutionsfor clients in tailoring an optimal investment proposition.
Andreas was awarded an AMP diploma from Wharton Business School,University of Pennsylvania and he also holds CEFA (Certified EuropeanFinancial Analyst and Portfolio Manager) and FRM (Financial RiskManager) diplomas.
DIRECTOR & SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.
30AFC Vietnam Fund
Thomas Hugger, COO of AFC Vietnam Fund and Founder ofAsia Frontier Capital, has spent 27 years in private banking where hespecialized in managing portfolios of listed and unlisted equities. He hasbeen investing in Asian and African Frontier Markets since 1993. He is theformer Managing Partner, CFO & COO of Leopard Capital; and waspreviously a Managing Director and Head of Portfolio Management at LGTBank in Hong Kong. He also held senior investment positions at Bank JuliusBaer in Zurich and Hong Kong. Mr. Hugger was the founding shareholderof one of the largest brokerage companies in Bangladesh. He is also aCertified Financial Investment Analyst (CFIA) and Investment Adviser(Switzerland) and a Certified European Federation of Financial AnalystsSocieties (EFFAS) Financial Analyst.
DIRECTOR OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.
Our Team
Thomas Hugger, CEO and Fund Manager,has spent 27 years in private banking and hasbeen investing in Asian and African FrontierMarkets since 1993. He is the formerManaging Partner, CFO & COO of LeopardCapital; and was previously a ManagingDirector and Head of Portfolio Managementat LGT Bank in Hong Kong. Mr. Hugger wasthe founding shareholder of one of thelargest brokerage companies in Bangladesh.He is also a Certified Financial InvestmentAnalyst (CFIA) and Investment Adviser(Switzerland) and a Certified EuropeanFederation of Financial Analysts Societies(EFFAS) Financial Analyst.
Hon. Andrew Fraser, Director, is a graduate ofSt John's College, Oxford after which he heldnumerous posts in the financial sector both inthe City of London and elsewhere. He haspreviously held positions as; CEO of BaringSecurities in the UK, Chairman of EquityPartners Ltd., a Bangladesh investment bank,as well as Chairman of Bridge Securities, aquoted Korean company, amongst other posts.At present he is a global investor based inLondon.
Dr. Marc Faber, is CEO, investment advisor
and fund manager of Marc Faber Limited. He
is the publisher of a widely read monthly
investment newsletter The Gloom, Boom
and Doom report which highlights global
investment opportunities. Dr. Faber is
respected around the world for his market
forecasts over the past three decades.
31
SHAREHOLDERS OF ASIA FRONTIER CAPITAL LIMITED
AFC Vietnam Fund
INVESTMENT STRATEGY
Value Based Bottom Up Stock Selection
• In-house and third party research to identify undervalued companies
• Self-developed Valuation & Earnings model
• Company visits
Risk Mitigation
• In-depth due diligence of investment opportunities
• The fund is well diversified and typically invests in 40 to 60 stocks across various sectors
• Investment limit per position max 9% with top-slicing at 19%
Cash
• Not fully invested in uncertain times and/or excessive valuations
• Holding cash will allow the fund to take advantage of opportunistic investments when theyarise (momentum / news driven)
32AFC Vietnam Fund
AWARDS
33AFC Vietnam Fund
INVESTMENT STRATEGY
Example of Typical Equity Investments
Portfolio Sector Weightings
34AFC Vietnam Fund
Consumer Staples 21.3% Communications 4.3%
Industrials 20.6% Utilities 3.0%
Consumer Discretionary 16.4% Technology 3.0%
Materials 11.5% Energy 2.3%
Financials 9.9% Cash 1.6%
Healthcare 6.2%
Market Cap USD (m)
P/E P/B Div. Yield Pay Out Ratio Sector
Hanoi Education Develop. & Invest. 8 5.46 0.89 12.5% 64% Consumer Services
Son La Sugar 9 3.97 1.02 16.0% 16% Consumer Goods
Vinacomin Coal 8 5.08 0.67 10.4% 10% Basic Materials
Bao Viet Securities 44 10.90 0.75 0.0% 0.0% Financials
Petro Vietnam Technical Services 630 9.10 1.57 5.2% 32% Oil and Gas
35
ASIA FRONTIER CAPITAL (Vietnam) LTD.
c/o Elian Fiduciary Services (Cayman) Limited89 Nexus WayCamana BayGrand Cayman KY1-9007Cayman IslandsTel: +852 3904 1015Fax: +852 3904 1017Email: [email protected]
Investment Enquiries:Andreas VogelsangerMobile: +66 84435 7472Email: [email protected]: andreasvogelsanger
AFC Vietnam Fund
CONTACT INFORMATION
*The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Sharesin Switzerland must exclusively be made to qualified investors. The place of performance and jurisdiction for Shares in the Funddistributed in Switzerland are at the registered office of the Representative.
36
DISCLAIMER
This Presentation is presented solely for purposes of discussion to assist prospective investors in determining whether they have a preliminary interest in the investment opportunity described herein. Under no circumstances is itto be used or considered as an offer to sell, or a solicitation of an offer to buy, any security or other interest in AFC Vietnam Fund, AFC Asia Frontier Fund, AFC Umbrella Fund or any other fund related thereto (the “Fund”). Offersand sales of interests in the Fund will not be registered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. Potential investors must read the entire Offering Memorandumdelivered by the Fund and the disclosure in this Subscription Agreement. Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the part of, any potential investor or theAsia Frontier Capital (the “Fund Sponsors”). The Fund Sponsors reserve the right, in their sole and absolute discretion with or without notice, to alter the terms or conditions of this Presentation and the Fund and/or to alter orterminate the potential investment opportunity described herein. Potential investors are not to construe this Presentation as investment, legal or tax advice. Prior to making any potential investment, potential investors shouldconsult with their own legal, investment, accounting, regulatory, tax and other advisors to determine the consequences of the potential investment opportunity described herein and to arrive at an independent evaluation ofsuch potential investment opportunity.
By accepting this Presentation, the recipient agrees not to copy, distribute, discuss or otherwise disclose this Presentation or the contents hereof (including the potential investment opportunity described) or any other relatedinformation provided by the Fund Sponsors or by its agents to any person other than employees of recipient evaluating this potential investment opportunity on recipient’s behalf without the prior written consent of the FundSponsors.
While the information contained herein has been obtained from various sources which the Fund Sponsors believe, but does not guarantee, to be reliable, the Fund Sponsors do not represent that it is accurate or complete and itshould not be relied upon as such. No person has been authorized to give any information or make any representation or warranty regarding the subject matter hereof, either express or implied, and, if given or made in thisPresentation, in other materials or verbally, such information, representation or warranty cannot and should not be relied upon nor is any representation or warranty made as to the accuracy, content, suitability or completenessof the information, analysis or conclusions or any information furnished in connection herewith contained in this Presentation and it is not to be relied upon as a substitute for independent review of the underlying documents,available due diligence information and such other information as prospective investors may deem appropriate or prudent to review. The Fund Sponsors, their agents, their respective affiliates, and each of their respectiveshareholders, members, officers, directors, managers, employees, counsel, advisors, consultants and agents (“Representatives”), expressly disclaim any and all liability for express or implied representations or warranties thatmay be contained in, or for omissions from or inaccuracies in, this Presentation or any other oral or written communication transmitted or made available to a prospective investor or its Representatives. Without limiting thegenerality of the foregoing, nothing contained herein is or shall be relied upon as a promise or representation as to any matter, including, without limitation, the future performance of the potential investment opportunitydescribed herein. None of the Fund Sponsors, their agents, or their respective Representatives is under any obligation to correct any inaccuracies or omissions in this Presentation. Each prospective investor will have the soleresponsibility for verifying the accuracy of all information furnished in this Presentation and in any other due diligence information furnished to a prospective investor, and each prospective investor shall have the soleresponsibility for determining the value of the potential investment based on assumptions said prospective investor believes to be reasonable. Representatives will from time to time have long or short positions in, act asprincipal in, and buy or sell, the securities, referred to in this document. There shall be no recourse against the Fund Sponsors or any of their Representatives in the event of any errors or omissions in the information furnished,the methodology used, the calculations of values or conclusions. Without limiting the generality of the foregoing, any historical information or information based on past performance included herein is for informationalpurposes only, has inherent limitations and is not intended to be a representation, warranty or guarantee of future performance. All of the information presented herein is subject to change without notice. Actual returns topotential investors may be lower than the figures shown herein. Projected performance data shown constitutes “forward-looking information” which is based on numerous assumptions and is speculative in nature. Actual resultsmay vary significantly from the values and rates of return projected herein. There can no assurance that the Fund will realize its rate of return objectives or return of investors’ capital. Potential investors should have the financialability and willingness to accept the risks (including without limitation the risk of loss and lack of liquidity) characteristic of investments in entities such as the Fund.
AN INVESTMENT IN THE FUND WILL NOT BE APPROPRIATE FOR ALL INVESTORS. INTERESTS IN THE FUND WILL INVOLVE A HIGH DEGREE OF RISK AND ARE INTENDED FOR SALE ONLY TO SOPHISTICATED INVESTORS WHO ARECAPABLE OF UNDERSTANDING AND ASSUMING THE RISKS INVOLVED. INVESTORS MAY LOSE ALL OR SUBSTANTIALLY ALL OF THEIR INVESTMENT. THE INTERESTS IN THE FUND HAVE NOT BEEN REGISTERED UNDER THE U.S.SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE APPLICABLE SECURITIES LAWS OF ANY US. STATE OR ANY NON-U.S. JURISDICTION, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROMTHE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY SUCH APPLICABLE LAWS. INTERESTS IN THE FUND HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE US. SECURITIES AND EXCHANGE COMMISSION OR BYTHE SECURITIES REGULATORY AUTHORITY OF ANY STATE OR ANY OTHER RELEVANT JURISDICTION, NOR HAS ANY OTHER AUTHORITY OR COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS MEMORANDUM. ANYREPRESENTATION TO THE CONTRARY IS UNLAWFUL.
*The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified investors. The place of performance andjurisdiction for Shares in the Fund distributed in Switzerland are at the registered office of the Representative.
** By accessing information contained herein, users are deemed to be representing and warranting that they are either a Hong Kong Professional Investor or are observing the applicable laws and regulations of their relevantjurisdictions.
AFC Vietnam Fund
37
Appendix
AFC Vietnam Fund
38AFC Vietnam Fund
AFC Umbrella Fund (non US), Cayman Islands *
AFC Vietnam Fund
AFC VF Ltd. ****
Investment Firm
Viet Capital Securities
Custodian
Ernst & Young Hong Kong
Auditor
Custom House, Singapore
Fund Administrator
Ogier Hong Kong
Legal Advisor
Asia Frontier Capital (Vietnam)Ltd. **
Investment Manager
Asia Frontier Investments Ltd. (licensed by SFC Hong Kong)***
Investment Advisor
* Directors: Thomas Hugger, Andrew Fraser, Heinrich Looser
** Directors: Thomas Hugger, Andreas Vogelsanger, Andreas Karall
*** Directors: Thomas Hugger, Peter de Vries
**** Directors: Thomas Hugger, Andreas Vogelsanger, Andreas Karall
AFC VIETNAM FUND
39LEOPARD ASIA FRONTIER FUND
TERMS AND CONDITIONS
AFC Umbrella Fund (non US) – AFC Vietnam Fund
AFC Vietnam Fund - USD Class C
ISIN No. KYG0133A1673
CUSIP No. G0133A167
Bloomberg AFCVIET KY
Valoren No. 23095153
FUND DETAILS
39AFC Vietnam Fund
40AFC Vietnam Fund
Viet Capital
Ho Chi Minh Index – 4 Years of Consolidation
WHY VIETNAM
41AFC Vietnam Fund
Worldbank
GDP per Capita Accelerating
WHY VIETNAM
230288
337 361 361 374 402 416 441492
607699
797
919
1,1651,232
1,334
1,543
1,755
1,911
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
GDP per capita (current USD)
42AFC Vietnam Fund
Regional GDP per Capita (current USD)
World Bank 2013
WHY VIETNAM
GDP per
Capita (USD)
Population
(m)
Singapore 55,182 5
Malaysia 10,538 30
China 6,807 1,357
Thailand 5,779 67
Indonesia 3,475 249
Vietnam 1,911 90
Cambodia 1,007 15
Myanmar 824 62
Shift of Production Base from China to Vietnam
43AFC Vietnam Fund
VIETNAM
44AFC Vietnam Fund
WHY VIETNAM
www.transparency.org/cpi
20
21
26
27
28
32
32
35
36
36
37
40
50
55
61
74
75
81
86
0 10 20 30 40 50 60 70 80 90 100
Cambodia (160)
Myanmar (157)
Laos (140)
Bangladesh (136)
Pakistan (127)
Indonesia (114)
Vietnam (116)
Thailand (35)
India (94)
Philippines (94)
Sri Lanka (91)
China (80)
Malaysia (53)
South Korea (46)
Taiwan (36)
Japan (18)
Hong Kong (15)
Australia (9)
Singapore (5)
Corruption Perceptions Index 2013