Vietnam Business Forecast Report Q4 2014

Core Views The Vietnamese government will continue to face a myriad of challenges over the coming years, and despite China’s recent decision to move its oil rig out of the disputed waters, the relationship between Hanoi and Beijing will remain at the centre of foreign policy. Meanwhile, we expect Vietnamese authorities will continue to also focus on economic and business environment reforms in an effort to stimulate growth and attract foreign direct investment. We have downgraded Vietnam’s growth forecast from 5.9% to 5.7% in 2014 on the back of weaker-than-expected H114 growth numbers, combined with the risk of an economic backlash from China. That said, we have maintained our forecast for growth to come in at 6.4% in 2015, and we continue to believe that the economy will be driven by growth supportive government policies, as well as a strong outlook for foreign investment and exports. Vietnam’s balance of payments will continue to strengthen over the coming years, and could eventually post a surplus in both the current and financial accounts, a sign of improving macroeconomic performance and stability. Such a scenario would likely result in a strengthening of the currency. That being said, downside risks emanate from weaker-than-expected global growth, or a rapid rise in bond yields on the back of the end of the US Fed’s QE programme. The monetary authorities in Vietnam will maintain a dovish bias following the cut to the benchmark interest rate in March and the minor devaluation of the Vietnamese dong in June. As such, we continue to see downside risks to our forecast for interest rates to end the year unchanged at 6.50%, particularly if growth disappoints in the second half of the year. We continue to forecast a slow improvement in Vietnam’s fiscal accounts over the coming years as tax collection rises and expenditure growth is reined in. This will see the government budget deficit narrow over the forecast period. Given these dynamics, we forecast… The Vietnam Business Forecast Report helps businesses with market assessment, strategic planning and decision making to promote growth and profitability in Vietnam and is an essential tool for CEOs, Chairmen, Finance Directors/CFOs, Managing Directors, Marketing/Sales Directors with commercial interests in this emerging market. An influential new analysis of Vietnam’s economic, political and financial prospects through end-2017, just published by award-winning forecasters, Business Monitor International (BMI). Key Uses Forecast the pace and stability of Vietnam’s economic and industry growth through end-2017. Identify and evaluate adverse political and economic trends, to facilitate risk mitigation. Assess the critical shortcomings of the business environment that pose hidden barriers and costs to corporate profitability. Contextualise Vietnam’s country risks against regional peers using BMI’s country comparative Risk Rankings system. Evaluate external threats to doing business in Vietnam, including currency volatility, the commodity price boom and protectionist policies. The Vietnam Business Forecast Report by Business Monitor International (BMI) includes four major sections: Economic Outlook, Political Outlook, Business Environment and Key Sector Outlook. Economic Outlook: How will the Vietnam economic policy-making and performance impact on corporate profitability over 2013-2017? BMI provides our fully independent 5-year forecasts for Vietnam through end-2017 for more than 50 economic and key industry indicators. We evaluate growth, and also forecast the impact of economic management. Economic Outlook Contents The Vietnam Business Forecast Report features BMI’s forecasts with supporting analysis for 2013 through to end-2017, set against government views and BMI’s evaluation of global and regional prospects. Key Areas Covered: Data: Full 10-year forecasts with data – for key macroeconomic variables including GDP (real growth and per capita), population, inflation, current account balance and the exchange rate. BMI’s comprehensive Risk Rankings system – rates each country worldwide for economic and political risk, and rates the business environment, within a global and regional context. Written Analysis: Economic Activity – real GDP growth, employment, inflation, consumption (retail sales and confidence). Balance of Payments – trade and investment, current and capital account. Monetary Policy – interest rate trends (bank lending and deposit rates) and inflation (producer price and consumer price). Exchange Rate Policy – currency controls, foreign investment flows, exchange rates and foreign exchange reserves. Fiscal Policy – macroeconomic strategy and policies, government finance and tax reforms. Foreign Direct Investment – approvals, inflows and climate. External Debt – debt profile (short and long-term plus public and private sector exposure). Global Assumptions – forecasts for each year to end-2017 covering: major commodities, growth in key regions, inflation, and interest and exchange rates, in the United States, Japan, China and the eurozone. Key Benefits Rely upon BMI’s 100% independent forecast scenarios for Vietnam and underlying assumptions – we take no advertising and are privately-owned. Exploit the benefits of BMI’s comprehensive and reliable macroeconomic database on Vietnam, sourced and fully maintained by BMI from an extensive network of private sector, government and multilateral contacts. Gain key insights into the current and future direction of government economic policy, which could significantly affect your company’s business prospects, from BMI’s team of analysts and economists. Political Outlook: What are the political risks to doing business in Vietnam over the next 5-years? BMI’s Vietnam country Risk Rankings evaluate the short- and medium-term threats to political stability. Political Outlook Contents SWOT Analysis for the Vietnam Market – Political Strengths, Weaknesses, Opportunities and Threats facing Vietnam. Political Stability and Risk Assessment – BMI’s Risk Rankings assess explicit short- and long-term risks to political stability; latest ankings, rankings and trends for Vietnam’s risk are compared with regional and global averages. Current Administration and Policy-making BMI assesses the threats to the continuity of economic policy, and likely changes to the business operating environment. Key Benefits Benchmark Vietnam’s risk profile against its neighbours, the global and regional average, allowing easy comparison of risks between key business markets. Identify, evaluate and anticipate political and security risks to the business environment, and to your company’s current operations and future plans. Gain valuable insights into government and policy-making, through BMI’s specialist team of analysts and economists, and their network of private and public sector sources. Business Environment Business Environment Risk Rankings with SWOT Analysis – Business Environment Risk Rankings for Vietnam, benchmarked against rankings for regional neighbours. Country Competitiveness – Competitiveness of Vietnam’s business operating environment in supporting corporate growth and profitability, compared with regional neighbours. Business Environment Contents Domestic Environment – Transparency, cronyism and corruption; labour market flexibility; corporate tax burden; interest rate levels; sophistication of banking sector and stock market; levels of business confidence; infrastructure and IT. Foreign Direct Investment – Analysis of foreign investment regime; foreign ownership laws; attractiveness of business environment to foreign investors. Foreign Trade – Analysis of trading environment, government trade policy, liberalisation measures, tariffs and membership of trade areas. Key Benefits Assess your company’s evolving exposure to country specific operational and business risks, using BMI’s in-depth analysis of the legal and regulatory business environment. Understand your market’s comparative strengths and weaknesses in the key areas of commercial infrastructure and business institutions, using BMI’s proprietary global Business Environment Risk Rankings. Key Sector Outlook Which industry sectors in Vietnam will grow fastest, and where are the major investment opportunities in the market? BMI’s identifies investment opportunities in Vietnam’s high growth industries including automotives, defence & security, food & drink, freight transport, infrastructure, oil & gas, pharmaceuticals & healthcare and telecommunications & IT. Key Areas Covered: Market Overview – Size and value of each industry with developments over 2008-2012, covering major industry key performance indicators (KPIs) that have impacted company performance. 5-year Industry Forecasts – Forecasts for each year over 2013-2017, using BMI’s proprietary industry modeling technique, which incorporates all key domestic and international indicators – including economic growth, interest rates, exchange rate outlook, commodity prices and demographic trends – to provide fully integrated forecasts across, and within, each industry. Demand- and Supply-Side Data/Forecasts – BMI’s industry data covers both the output of each industry and the domestic demand, offering clear analysis of anticipated import/export trends, as well as capacity growth within each industry. Key Benefits Target strategic opportunities in high growth industries, which are benefiting from global mega trends, and thus offer strong investment and growth opportunities. Compare the growth path of different industries to identify which are best placed to benefit from domestic and international economic prospects, and which have historically suffered from volatile growth trends – a key indicator of future risks.

TABLE OF CONTENTS Request Details Related Executive Summary Core Views Chapter 1: Political Outlook SWOT Analysis BMI Political Risk Ratings Domestic Politics Pushing Ahead With Reform, But Large Challenges Remain table: Political Overview Long-Term Political Outlook Key Political Challenges Over The Coming Decade Chapter 2: Economic Outlook SWOT Analysis BMI Economic Risk Ratings Economic Activity Economy Still On Track To Hit 2014 Growth Forecast of 5 table: ECONOMIC ACTIVITY table : FOREIGN DIRECT INVESTMENT BY COUNTRY OF ORIGIN (TOP FIVE) Balance Of Payments External Sector To Remain Stable table: Current Account table : FOREIGN DIRECT INVESTMENT BY COUNTRY OF ORIGIN (TOP FIVE) Monetary Policy Downside Risks To Interest Rate Forecast table: Monetary Policy Fiscal Policy Fiscal Deficit To Be Slowly Reined In table: Fiscal Policy Chapter 3: 10-Year Forecast The Vietnamese Economy To 2023 A New Focus On Quality Growth table: Long-Term Macroeconomic Forecasts Chapter 4: Business Environment SWOT Analysis BMI Business Environment Risk Ratings Business Environment Outlook Institutions TABLE: BMI Business And Operation Risk Ratings TABLE: BMI Legal Framework Rating Infrastructure TABLE: Labour Force Quality Market Orientation TABLE: Asia Annual FDI Inflows TABLE: Trade And Investment Ratings Operational Risk Chapter 5: Key Sectors Defence table: Defence Expenditure 2010-2018 Freight Transport Table: Road Freight, 2011-2018 Table: Inland Waterway Freight, 2011-2018 Other Key Sectors table : Oil & Gas Sector Key Indicators table : Pharma Sector Key Indicators table : Autos Sector Key Indicators table : Telecoms Sector Key Indicators table : Food & Drink Sector Key Indicators TABLE: Infrastructure Sector Key Indicators Chapter 6: BMI Global Assumptions Global Outlook Growth Increasingly Polarised Table: Global Assumptions Table: Developed States, Real GDP GrowtH, % Table: BMI VERSUS BLOOMBERG CONSENSUS REAL GDP GROWTH FORECASTS, % Table : Emerging Markets , Real GDP Growt h, %

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