Vietnam Index hits three month low

"We have been very busy buying stocks these days," says Andy Ho, CIO at VinaCapital, as the decline in Vietnamese stocks has brought valuations low relative to the rest of Southeast Asia. The best performer in Asia through late March, the VN Index has tumbled 8.6% since, bringing its P/E ratio to 13.3x vs. 16x in Thailand, 20x in the Philippines, and 22x in Indonesia.

There are rising tensions with China over disputed waters and macro worries like Ukraine also find their way into markets there, but the economy is still expected to grow a robust 5.8% this year and inflation should be stable in the 6% range.

VNM +1.2% today

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