Thanhnien – The PXP Vietnam Value Fund will raise as much as $200 million to invest in undervalued stocks, Snowball said.
PXP, the initials of Phan Xi Pang, Vietnam’s highest mountain, is betting that the stock market will recover as inflation eases and the nation’s trade deficit widens at a slower pace. The benchmark VNIndex may double to 750 points by the end of 2009, Snowball said.
“In the long term, the story’s intact,” Snowball, 47, said in an interview in Ho Chi Minh City. “As long as the government handles the development of the economy and the market correctly – so far they’re doing a very good job – then I think we’re fine.