Breakingviews - Corona Capital: Vietnam, Vaccine investment

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Catch up on the latest pandemic-related financial column by Breakingviews, from Vietnam’s bounce back to Singapore’s vaccine bet

ON THE MEND. Vietnam’s economy eked out 0.36% growth in the second quarter compared to the same period a year earlier, a rare bright spot in Asia, where most countries are forecast to shrink this year. Hanoi has successfully contained Covid-19, and while tourism is unlikely to recover anytime soon – weighing on a tenth of GDP – there are green shoots: industrial output for June was up an encouraging 7%.

BOOSTER SHOT. Temasek is hoping for extra bang from its vaccine investment buck. The Singapore sovereign wealth fund, along with other investors, ploughed $250 million into BioNTech, a German firm working on barriers to Covid-19. Unlike other developers, BioNTech is working on four vaccines simultaneously, an approach it reckons gives it an edge. Its drugs target a specific protein found in the deadly virus and activate antibodies when vaccinated people are infected.

Temasek’s timing looks smart. BioNTech is preparing to release data from a human trial in Germany and America that started in April. If the results prove promising, other investors may want to pile in. The $14 billion Nasdaq-listed group’s shares are already up 54% since the beginning of the year. $24 billion rival Moderna, which has released phase one data using similar technology, has seen its share price treble over the same period.

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