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Vietnam capital markets Sept 12

VIETNAM
Capital Markets
September 12, 2007
Investors await delayed IPO
Foreign investors are waiting to put upwards of $2 billion into initial public offerings of Vietnam's big state-run enterprises, whose debuts on the emerging stock market have been delayed, fund managers said.

"People want the big ones, that's what all the money is there for, to buy blue chips. It's not there to buy any old rubbish," Kevin Snowball, director of PXP Asset Management said in an interview at a investment conference on Wednesday.

The growth of Vietnam's two stock markets has surged since 2006 as scores of small state-owned and private companies went public, fueling foreign interest and a frenzy of domestic retail investment.

The Vietnam Index had the fastest growth in Asia in the first quarter, up 42.5 percent after rising 144 percent in all of 2006. Reuters reports

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