Macroeconomic Data Reinforcing Bearish View On Assets

Revisions to trade data from December have confirmed our view that the 3% devaluation of the dong on November 25 has done little to address Vietnam's underlying balance-of-payments problems. A monthly trade deficit consistently above US$2bn would most likely prompt another devaluation and a tightening of fiscal and monetary policy. We thus maintain our bearish short-to-medium term view on Vietnamese assets.

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