Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

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<li>
Liquidity Wall:Vietnam is running into a liquidity wall - despite the perception of a positive local investment thesis.  The sovereign has a high level of public debt (near its 65% debt/GDP cap) which constrains spending while the banking system as it converts over to the more stringent Basel II capital regime remains saddled with troubled debt - resulting in systemic balance sheet and liquidity constraints.</li>
<li>
Plans Not Working: Despite the government's half-baked plans to have the Vietnam Asset Management Corporation (VAMC) to offer accounting gimmickry to the banking sector along with the failed plan to privatize the largest state-owned enterprises (SOEs) via the Committee to Manage State Capital at Enterprises (CMSC), this factors are taking a toll on some of Vietnam's largest companies.</li>
<li>
Two Large Troubled Names:  VinGroup (VIC.VN), Vietnam's largest company plans to issue its first THB-denominated bonds after exhausting all of its local funding options in Vietnam and exiting various businesses.  Novaland (NVL.VN) is one of Vietnam's largest real estate developers, which has been under scrutiny for projects with a questionable land-bank acquisition history. </li>
</ul>



Liquidity Wall:Vietnam is running into a liquidity wall - despite the perception of a positive local investment thesis.  The sovereign has a high level of public debt (near its 65% debt/GDP cap) which constrains spending while the banking system as it converts over to the more stringent Basel II capital regime remains saddled with troubled debt - resulting in systemic balance sheet and liquidity constraints.

Plans Not Working: Despite the government's half-baked plans to have the Vietnam Asset Management Corporation (VAMC) to offer accounting gimmickry to the banking sector along with the failed plan to privatize the largest state-owned enterprises (SOEs) via the Committee to Manage State Capital at Enterprises (CMSC), this factors are taking a toll on some of Vietnam's largest companies.

Two Large Troubled Names:  VinGroup (VIC.VN), Vietnam's largest company plans to issue its first THB-denominated bonds after exhausting all of its local funding options in Vietnam and exiting various businesses.  Novaland (NVL.VN) is one of Vietnam's largest real estate developers, which has been under scrutiny for projects with a questionable land-bank acquisition history. 


Vietnam

Ho Chi Minh Development Joint Stock Commercial Bank provides commercial banking services for retail and institutional customers. The Bank offers personal and car loans, overdraft, business financing, term deposits, current accounts, mobile banking, and online bills payment services. Ho Chi Minh Development serves customers in Vietnam.

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HDBank (HDB VN)

Vietnam - Wheels Are Falling Off

Liquidity Wall:Vietnam is running into a liquidity wall - despite the perception of a positive local investment thesis. The sovereign has a high...

Thomas J. Monaco

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52-week Range

Market Cap (USDm)

P/E

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