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High valuation of Vietnamese stocks?

Over the last couple of month, some investors have started to worry about a supposedly high valuation of Vietnamese stocks. Actually, when looking into more details, one would notice that this concern was only valid for the largest stocks of the indexes (stocks mainly belonging to the Ho Chi Minh VN Index). Mid- to small-cap stocks have much lower Price to Earnings while for many of these stocks dividend yields remain at high level.

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