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Vietnam’s Economy Is on Fire. Why Its Stocks Aren’t.

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Vietnam’s economy is growing, but there still aren’t many stocks for investors to choose from, even 35 years after Communist leaders launched market reform.

The index gatekeepers at MSCI are sticking with the country’s “frontier market” status for the foreseeable future, preventing many emerging markets funds from investing there—and for good reason.

Vietnam is nibbling at China’s supremacy in the semiconductor supply chain with new investments by packaging/testing specialist Amkor Technology and data infrastructure provider Marvell Technology , says Dylan Patel, chief analyst at SemiAnalysis. Multinationals dominate the burgeoning export sector, accounting for three-quarters of Vietnam’s foreign sales. That leaves a domestic bourse overly exposed to banks and real estate developers , which in turn are exposed to financial and administrative growing pains.

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