After a 10% rally in Q1 2019, the Vietnamese market then traded broadly sideways, ending the year up 7.7%. Slowing global growth dampened investors’ appetites for emerging and frontier markets for much of 2019. North Asian markets led a Q4 2019 rally on hopes of easing US-China trade tensions, while Vietnam and other ASEAN markets underperformed. While we expect few new domestic policy catalysts in 2020, we believe Vietnam continues to offer a premium structural growth story at undemanding valua