INVESTORIES (เล่า) เรื่องลงทุน : EP16 เจาะลึกโอกาสลงทุน ‘เวียดนาม’ ทะยานรับเศรษฐกิจโตแกร่ง
Short Summary:
This episode of "INVESTORIES (เล่า) เรื่องลงทุน" delves into the investment opportunities in Vietnam's rapidly growing economy. The discussion centers on Vietnam's potential to surpass Thailand's economic growth due to its larger and increasingly higher-quality population. Two guests, a value investor with 10 years of experience in Vietnam (Professor Niwet Hemwachirarut) and an Asset Plus investment officer (Jui), share their insights. They highlight Vietnam's market economy, large population, and improving human capital as key drivers of growth. While acknowledging market volatility, particularly a period of correction around the 1500 index point, both guests maintain a long-term optimistic outlook, anticipating Vietnam's transition from a frontier to an emerging market and emphasizing the importance of selecting high-quality, growth-oriented companies for long-term investment. Specific sectors mentioned include banking, retail, technology, and infrastructure. Asset Plus's new SP เด EQ ข AI fund, focusing on a concentrated portfolio of high-growth Vietnamese companies, is introduced.
Detailed Summary:
The episode begins by introducing the topic of investing in Vietnam and highlighting its potential for significant growth exceeding that of Thailand. Professor Niwet, a value investor with a decade of experience in the Vietnamese market, is the first guest.
Section 1: Professor Niwet's Vietnam Investment Journey: Professor Niwet explains his initial investment in Vietnam 10 years ago, driven by concerns about Thailand's aging economy and slow growth. He explored ASEAN markets, choosing Vietnam based on its potential for growth fueled by a market economy, large population, and improving human capital. He initially invested broadly but later shifted to a concentrated portfolio of 5-6 high-quality companies, a strategy he credits with significant success. He predicts Vietnam will eventually surpass Thailand economically. A key quote: "What I bet on is that Vietnam will grow and surpass Thailand because they have a much larger population and better human quality. If you choose the wrong competitor, you'll fail; if you choose the winner, you'll be rich."
Section 2: Asset Plus's Perspective: Jui from Asset Plus corroborates Professor Niwet's assessment, emphasizing the similar growth trajectory to Thailand's early stages. Asset Plus also initially saw the limitations of the Thai market and identified Vietnam's potential. They highlight similar sectors to Professor Niwet's choices (banking, retail, infrastructure) but also emphasize the technology sector's potential. They discuss the increasing sophistication of the Vietnamese market, including the rise of institutional investors and the growing availability of investment products like ETFs. Jui anticipates Vietnam's imminent upgrade to emerging market status.
Section 3: Addressing Market Volatility: The discussion addresses a period of market correction in Vietnam a few years ago, around the 1500 index point. Both guests view this as a normal occurrence in a rapidly growing market, similar to past episodes in Thailand's development. They emphasize that such corrections present buying opportunities for long-term investors.
Section 4: Sector Selection and Risk Assessment: Professor Niwet details his value investing approach, focusing on "super stocks" – companies poised for sustained, high growth with strong competitive advantages. He emphasizes the importance of identifying companies likely to dominate their sectors, contrasting them with those facing obsolescence. Jui discusses Asset Plus's approach, focusing on large-cap companies in finance, real estate, and retail, while also highlighting the technology and infrastructure sectors.
Section 5: Risks and Future Outlook: Both guests acknowledge the inherent risks in investing in Vietnam, primarily political and regulatory uncertainty. However, they believe these risks are manageable, particularly given Vietnam's ongoing economic progress and the government's commitment to growth. Jui highlights the volatility stemming from the high proportion of retail investors in the Vietnamese market. Both guests express strong confidence in Vietnam's long-term growth potential. Asset Plus introduces its new SP เด EQ ข AI fund, a concentrated portfolio designed for long-term investors seeking exposure to Vietnam's leading companies. The episode concludes with both guests reiterating their positive outlook on Vietnam's future and the investment opportunities it presents.