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Vietnam, with almost mln inhabitants, is becoming one of the fastest growing internet economies in the world. Vietnam internet economy value USD bln.

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A lot of international E-commerce players, such as Lazada, Shopee, Tiki and Sendo, have dipped their toes into Vietnam in order to explore this promising market. The booming E-commerce market also helped another industry to flourish - the delivery business. Many companies and investors are investing heavily in this sector in order to capture the enormous growth.

Currently some of the key players are:. The two traditional delivery companies, VNpost and Viettel, which were set up in and respectively, have built a wide delivery network in 63 provinces in Vietnam, including in very rural mountainous and forested regions. However, their disadvantages are low technology penetration and long delivery times.

Therefore, most of the clients are offline business retailers. Recently, VNpost and Viettel started to work with E-commerce platforms such as Lazada, Shopee, Sendo or Tiki, but the volume is still small, mainly due to unreliable customer care services. Most of them started their businesses along with the E-commerce boom.

They offer a full range of services from pick up, delivery, COD services and insurance. Their superior technologies allow them to capture this fast-growing business segment better. Barcode scanning, online tracking, compensation claims and fast delivery customer care services are high-level services well appreciated by retailers and E-commerce platforms. Technology companies, such as Grab and Goviet, are ride hailing apps. Based on their client data, they have started offering fast delivery, within an hour, but only inside major cities.

Obviously, the fee is comparably high and is calculated based on distance. Among the three business segments, only traditional ones are making some profit. The two other segments are burning money aggressively in favour of fast expansion and they are also reducing fees in order gain market share.

According to an expert in this sector, it is impossible to make a profit with the current delivery fee structure. Total cost for the shipper is therefore VND 7, per item. In other words, 4 delivered goods are necessary to make one dollar before all other costs!

Cost structure for delivering an item within Ho Chi Minh City. Of course, this amount is unable to cover all of their expenses. In order to reduce operational costs, most delivery companies do not sign labour contracts with shippers delivery men to avoid social contributions and other unexpected costs. Furthermore, they also do not need to invest in typical delivery vehicles such as motorbikes. Instead, shippers have to use their own motorbikes to apply for a job. DHL in Paris. Besides high expansion and operational costs, these companies strongly depend on the growth of E-commerce platforms.

In other words, if E-commerce companies face difficulties, these delivery companies will get into trouble as well. Furthermore, E-commerce companies such as Lazada or Tiki also want to reduce the influence of these delivery companies on their business. A successful order strongly depends on the — sometimes questionable - attitude of a shipper who does not have a committed labour contract with the logistics company. Consequently, E-commerce companies have to build their own delivery companies. Besides reducing the influence of delivery companies, E-commerce platforms also want to speed up delivery to within hours.

TikiNow versus Lazada Express Delivery. Lazada Vietnam CEO. Regardless of losing money in these delivery companies, venture investors are still investing aggressively as they are making investments into technology start-ups. With new injected capital, GHN will increase its appearance in all provinces, including remote mountainous areas. If they fail it will just be an adventure for them. The portfolio was invested in 62 names and held 3. If you would like any further information, please get in touch with me or my colleagues at This email address is being protected from spambots.

The margin of victory 1. Gotabaya Rajapaksa and the SLPP gained a lot of political momentum over the past year, especially after the political crises in the fourth quarter of and the Easter Sunday attack of April Gotabaya Rajapaksa campaigned on the platform of greater security for the country from extreme elements as well as more stable and decisive policymaking which may have swayed voters towards the SLPP due to the lack of direction for the economy over the past few years. Who is Gotabaya Rajapaksa?

Under the previous administration of Mahinda Rajapaksa, he served as the Secretary to the Ministry of Defence and Ministry of Urban Development from What can we expect from Gotabaya Rajapaksa? Hence, once a new government is in power investor expectations will tilt towards seeing more economic reforms, stable and consistent tax policies and greater support for promoting the tourism industry and the infrastructure sector.

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From a foreign policy perspective though, former President Mahinda Rajapaksa built close relations with China, and we believe the incoming President will adopt a more balanced foreign policy given the changing nature of geopolitics in the region. Impact on the stock market and economy. With a decisive win and change of guard in the country and expectations of stable and consistent policy making, Sri Lanka could witness the beginning of a positive trend as investors would now expect the economy to get back on track.

This election victory is a key trigger for the stock market and we expect equities to rally in the near term as investor sentiment will see a big improvement. Election win expected to boost soft stock market performance. Business and consumer sentiment are also expected to improve as spending decisions were being delayed in light of the elections. With a clear majority for Gotabaya Rajapaksa we can expect a more vibrant business and consumer sentiment to trickle down to the overall economy which should have a positive impact on economic growth in Next steps for the country.

The presidential election is one of two electoral processes that are now complete and the next step is the upcoming parliamentary elections. The President has the power to dissolve parliament six months before its tenure ends in August Hence, we expect Gotabaya Rajapaksa will dissolve parliament in February and call for parliamentary elections in March As political momentum is now with the SLPP it would not be surprising to see it gain a majority in parliament as well, which would be another big positive for Sri Lanka.

With the incumbent government having a weaker than expected show in the presidential elections it is unlikely they would support a call for early elections before March Any measures to bring this number down will be viewed positively by investors. For further reading below are some important links related to Sri Lanka:. I hope you have enjoyed reading this update. If you would like any further information about the AFC Asia Frontier Fund, please get in touch with me or my colleagues.

With kind regards, Thomas Hugger Fund Manager. This email address is being protected from spambots. Market sentiments continue to improve in Pakistan and Sri Lanka.

This month witnessed a significant improvement in sentiment in both Pakistan and Sri Lanka as each country moves towards macro and political stability respectively. Both markets now look good with a three to five-year perspective and as a result, the AFC Asia Frontier Fund has been increasing its weight to Sri Lanka over the last few months and has also increased its weight to Pakistan this month read more about this in the AFC Asia Frontier Fund manager comment below.

Valuations continue to be extremely attractive in Asian frontier markets. The talk will be focussed on the perception, opportunities and risks while investing in Asian frontier markets. Readers in Hong Kong interested to join the event can register here: registration page.

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On 30th April and 1 st May we will be conducting site and boardroom meetings with publicly listed companies in the sectors of chemicals, pharmaceuticals and financial services to understand how these businesses operate in the local capital market environment on a daily basis. For the final part of the trip, on 2 nd May we will visit the ancient Silk Road City of Samarkand for the day, taking the Afrosiab bullet train around trip.

If you are interested to join this tour please email us This email address is being protected from spambots. Below please find the manager comments relating to each of our 4 funds for the month of October Later this month we will share with you a travel report from CEO and fund manager Thomas Hugger providing an update of his experiences in Mongolia.

President Mirziyoyev focused on enhancing Uzbek capital markets:.

We have already met several companies in the financial services, consumer goods and manufacturing industries which are increasingly researching the potential of an IPO. As currently only commercial banks can buy government bonds, the market is expected to be liberalized in the coming months where local retail and institutional investors will be able to participate. By creating more demand for government debt, the government intends to create a local yield curve which will make it easier for corporates to issue debt.

A further catalyst for the development of the domestic debt and equity markets will be a change in legislation which currently prohibits banks from investing in the stock market expected to change in the near future. With new institutional interest in the stock exchange, this could add further liquidity to the market.

GDP grows 5. During October the Hilton Hotel and adjacent convention centre had its completion ceremony, while the Radisson is under construction along with multiple shopping malls, office buildings and roughly 20, apartment units. Source: AFC. We are seeing an incremental improvement in sentiment in both Pakistan and Sri Lanka as the macro situation stabilises in the former while upcoming presidential elections lead to possibilities of impending positive change in the latter.

Pakistan and Sri Lanka trading at a large discount to historical valuations. Sri Lanka was the biggest positive contributor to fund performance this month and as discussed in previous manager comments, the fund has been increasing its weight to Sri Lanka due to extremely attractive valuations and a higher probability of positive political changes.

Similar to Sri Lanka where we are seeing cheap valuations, Pakistan also has valuations which are looking very attractive when taking a three to five-year view. Cyclical names in the auto and cement sectors have corrected significantly over the last two years both in absolute terms and also in terms of valuations. Furthermore, profitability metrics for companies in these sectors are close to the bottom as the charts below show. With expectations of interest rate cuts in , cyclical names could see greater investor interest. The fund purchased an auto and cement stock in Pakistan this month keeping in view the above points.

During the month of November, the fund has continued to increase its weight to Pakistan. Pakistani cement company gross margins are bottoming. Pakistani auto company gross margins are close to bottoming. VRE is the largest retail mall operator in Vietnam with plans to expand capacity rapidly over the next few years as modern retail in Vietnam remains under-penetrated.