Insight #1 – Vietnam: Small cracks in an otherwise great story In 2016, I wrote a blog post called “Why Vietnam is the best stock market in the world”. The idea was that Vietnam would benefit from lower-end manufacturing moving from China down south. As farmers become factory workers, their salaries tend to rise. And higher wages tends to lead to S-curve effects in a variety of consumer goods such as autos, home appliances, commodity housing, electronics, life insurance, healthcare spending, etc. Vietnam probably has the best shot of any country to replicate the East Asian export-driven development model of Japan, Korea, Taiwan and China. So far, so good. Vietnam’s
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