Vietnam101The2019CountryHandbookSoutheastAsiaandEmergingMarketsEquityStrategistRajivBatraAC(91-22)6157-3568Rajiv.j.batra@jpmorgan.comBloombergJPMABATRAJ.P.MorganIndiaPrivateLimitedSeetheendpagesofthispresentationforanalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.AsiaPacificEquityResearch27March20192CountryoverviewKeyfactsandourviewEquitymarketsSectorsnapshotAppendices3CountryOverviewVietnamislocatedinthecenteroftheSouthEastAsiaregion,andborderstheGulfofThailand,GulfofTonkin,andPacificOcean,alongwithitsneighborsChina,Laos,andCambodia.Withtotalareaof331,212squarekm,thecountryranksasthethirdlargestcountryinASEANand65thglobally.Vietnamishometo94.7millionpeople,thirdlargestpopulationinASEANand15thglobally.Avg2012-1620172018f2019fRealGDP,%change5.96.87.16.3Consumption*4.74.44.34.7Fixedinvestment*1.60.91.41.4Nettrade*-0.31.51.40.1Consumerprices,%oya4.63.53.51.8%Dec/Dec4.02.63.02.0Governmentbalance,%ofGDP-5.3-5.8-3.7-3.6Merchandisetradebalance($bil.)0.32.16.83.1Exports147.1215.1243.5247.8Imports146.8213.0236.7244.7Currentaccountbalance5.23.69.74.1%ofGDP3.11.63.91.5Internationalreserves,($bil.)30.040.559.261.8VietnammainregionsVietnamKeyMacroforecastsSource:J.P.MorganResearchSource:NationalStatisticsOffice,J.P.Morganestimates4CountryOverview:10thingstoknowVietnamisthefifthfastestgrowingeconomyintheworld,withfiveyearaverageGDPgrowthat6.5%p.a.Thereare63administrativeunitsincludingfivemunicipalitiesand58provincesinVietnam,whichindividuallyhaveahighdegreeoffiscaldecentralization.Thecountryhasasizeableyounglaborforce(55mninworkingage,averageage31years),whichistransformingintoamiddle-incomeconsumercrowd.Macro-economicstabilityprioritizedbythecentralbankregime,theSta...
