Big Hill To Supply A Third Of Vietnam Plant Feedstock

Western Australian’s Big Hill tungsten deposit may be in a position to supply a third of Hazelwood Resources’ requirements for a new ferrotungsten plant in Vietnam, an integrated prefeasibility study has shown.


Last month Hazelwood took a 60 per cent stake in the plant.

In the first phase the plant would have a capacity of 2.4-million kilograms of contained tungsten, in the form of 80% grade ferrotungsten, and would rely on feedstock from external sources. The first stage will be ready by the end of this year and the plant is scheduled to commence production early next year.
Stage two will double capacity to 4.8-million kilograms of contained tungsten and Big Hill is slated to provide around a third of the feedstock.


“The ferrotungsten business in Vietnam requires a long-term supply of high-purity feedstock and the development of Big Hill will allow us to increase the scale and quality of production,” said Hazelwood MD Terry Butler-Blaxell.



“We are currently conducting extensive pilot test work trials for process optimisation and product certification,” he added.


A definitive feasibility study of the Big Hill deposit will be completed by the second half of this year.


The Vietnam plant will be the largest producer of ferrotungsten outside China, capable of 25 per cent of global demand for the product.

Vietnam Ferromanganese Plant Hit By Delay

Delay In Site Choice Halts FeMn Project

Plans to build a $10.8 million ferromanganese plant in the Vung Ang Economic Zone in Vietnam’s Ha Tinh province have been hit by a delay in choosing a site for the plant.

Vietnam’s Manganese Mineral Joint Stock Company and the Taiwanese-backed Chinese company Stanco International Corporation signed a memorandum of understanding on establishing the joint venture in December 2009, however despite working with the Vung Ang zone authority to find a suitable site for the project the partners have not been back to the area for two months.

“The locations they temporarily chose have already been given to other investors, who are quickly expediting the construction of their projects,” said the authority’s Thaii Van Hoa, who is also director of the Ha Tinh Investment Promotion Centre.

“The slowness of this project could mean they [the firms] may not have an opportunity to do business here,” Mr Hoa said. Manganese Mineral director Nguyen Dinh Lan said that the two companies were designing the project and its environmental protection report.

“It is expected that the designing will be completed soon and will be licenced and constructed within this year. The province’s authorities said they wholly supported this joint venture,” Mr Lan said. However Mr Hoa responded that the authority cannot wait too long for the ferromanganese project to commence as other investors are keen to move into the zone.

“At present, most of the zone’s land has already been filled with many projects,” he said.

On completion the plant will manufacture more than 50,000 tonnes a year of ferromanganese per year, which would eventually be supplied for steel-making projects within the zone. However, much of the initial output will be sold to other steelmaking companies in Vietnam as the Vung Ang steelmaking projects have yet to be completed.

The Vung Ang ferromanganese project will use raw materials from Ha Tinh’s manganese ore mines and is the latest steel-related project to be given the go-ahead in Vietnam.

On Friday, Japan’s Kobe Steel announced that it would build a $1 billion iron ore nugget plant in the northern province of Nghe And. In November 2009, the Cao Bang Manganese Joint Stock Company in northern Vietnam signed a $1.72 million deal with a Chinese company to build a ferromanganese manufacturing factory in Cao Bang province’s Hoa An district; and in October, 2009, Thai Nguyen province announced the construction of a $15.13 million ferromanganese and siliconemanganese manufacturing factory in the Song Cong Industrial Park, expected to come online by late 2010.

Kobe Steel To Build Plant In Vietnam

$1 Billion Nugget Plant To Start Production In 2013

Japan’s Kobe Steel Ltd. has been granted permission to build a $1 billion steel factory in Vietnam. The plant will use Kobe’s technology to produce nuggets from low-grade iron ore providing feedstock for electric-arc furnaces that usually use scrap steel.

It is envisaged that the plant will serve Vietnam and the rest of south-east Asia.

In a statement on Friday, Kobe said that the factory will be built in the northern province of Nghe And. Construction will begin in January 2011 with production scheduled to commence in 2013. On completion of the secondary phase of construction the plant will have a capacity of 2.4 million metric tonnes of nuggets. A wholly-owned subsidiary of Kobe will conduct a feasibility study for the project.

Iron ore for the plant will be sourced from Vietnam’s Thatch He mine which has a high zinc content and isn’t suitable for blast furnaces.

Hazelwood Buys 60 Per Cent Stake In Ferrotungsten Project

Australian miner, Hazelwood Resources, has acquired a 60% interest in a new ferrotungsten plant in Vietnam as part of its vertical integration strategy. The plant is expected to be commissioned towards the end of this year and will be located near the port of Haiphong in northern Vietnam.

Hazelwood will pay $825,000 to acquire 60% of the share capital of Hong Kong Based Asia Tungsten Products Company Ltd and will contribute 60% of the capex and provide working capital as a loan. Capex for the first stage the project is approximately $US16.3m.

The plant will have the capability of providing 25% of the world’s ferrotungsten and will be able to operate on feedstock from multiple sources, including concentrate from Hazelwood’s Big Hill Tungsten Project in Western Australia.

At full capacity projected annual turnovers are $US150m at the current ferrotungsten price of $US31.50/kg. Profit after tax for ATC HK is projected at $US32m per annum from 2012. The project is anticipated to be cashflow positive late 2011/early 2012.

Formosa Plastics Secures Vietnam Iron Ore Supplies

Taiwan’s Formosa Plastics Group, has said that it has secured iron ore supplies for its planned Vietnamese steel mill.

An un-named official from the company says it has signed a letter of intent for an annual supply of 12 million metric tonnes from BHP Billiton, Rio Tinto and Vale.

The supply is scheduled to start from 2013, when the Vietnamese steel complex begins operations.

The group will invest 280 billion Taiwan dollars (nine billion US dollars) in a steel complex with an initial annual capacity of 7.5 million tonnes in central Vietnam’s Ha Tinh province.

Construction is planned to begin soon after Vietnamese authorities transfer the land needed for the steel plant, which they have committed to do by the end of April.

Formosa Plastics Group has interests in petrochemicals, semiconductors and biochemicals.

Vietnames Firm To Sell 1 Million Tonnes Of Iron Ore To China

The chairman of Vietnamese conglomerate, Hoang Anh Gia Lai Joint-Stock Co, has said that his company will sell 1 million metric tons of iron ore to China next year.

Doan Nguyen Duc said that the company, whose interests span real-estate, mining, rubber and hydropower in Vietnam, Laos and Cambodia has iron ore reserves of 60 million tonnes and has already signed contracts with Chinese mills to sell 400,000 tonnes this year at the spot price. The sales will add around 650 billion dong ($34 million) to Hoang Anh Gia Lai’s third-quarter profit.

Mr Duc said that pre-tax profits for this year will rise to almost 2.8 trillion dong, up from 1.7 trillion dong, largely due to sales of iron ore and electricity.

Des Nogalski

Cheap Imports Threatening Vietnam Steel Industry

With prices of domestically made steel products overly high in Vietnam, Chinese, Thai and Indonesian steel are likely to take advantage.

While the ingot steel and finished steel products’ prices have been dropping sharply in the world market due to oversupply, domestic prices have been continuously increasing. By the end of September 2009, the steel price has increased by 400,000-500,000 dong per tonne.

Domestically made steel products have been escalating for several months. A tonne of bar steel is now selling at 11.6 million dong, while a tonne of coil steel at 11.3 million dong (not including value added tax VAT). The retail price in HCM City market has reached 12.4 million dong and 12.1 million dong per tonne, respectively, which represents the 300,000 dong per tonne increase in comparison since the beginning of the month.

Meanwhile, the ingot steel price in the world’s market has dropped to $490 per tonne, a sharp decrease of $40-60 per tonne over the last month.

Despite the sharp fall of ingot steel prices in the world’s market, domestic producers still do not intend to slash sale prices.

Experts say steel production cost now in Vietnam is about $600 per tonne, which means that with the sale price of $630-640 per tonne, producers make profits of $30-40 per tonne, or 500,000-700,000 dong per tonne.

Meanwhile, experts, say,100,000 dong per tonne would be considered the ideal profit in steel production.

Analysts say the reason behind the refusal to drop prices is that steel producers only accept price cuts when they have big stocks and they cannot sell products due to low demand. However demand remains high.

Meanwhile, when asked why they do not slash sale prices, steel mills said that they need to maintain high prices in order to cover the losses they incurred in 2008.

In the meantime, however, foreign made steel products are flowing into Vietnam. Steel is being imported in large quantities from Malaysia, Thailand, Indonesia and China. According to the Vietnam Steel Association, the imports are about 40,000-50,000 tonnes a month.

According to Dao Dinh Dong, head of the market division under the Vietnam Steel Corporation (southern office), in general, Chinese steel mills put out 42-43 million tonnes a month. However, the output soared to 50.7 million tonnes in July and 53 million tonnes in August. This has resulted in large stocks in the context of decreasing demand and sharp falls in steel price.

Therefore, Chinese mills have targetted exports to neighbouring countries, including Vietnam, by offering very competitive prices.

Dong is worried that Chinese steel producers’ export may be boosted further by the decision by Vietnam’s government to allow the higher VAT tax fund of 12 percent instead of five percent, possibly to take effect in October 2009. If this happens, China made steel will become even more competitive.

Nguyen Tien Nghi, Deputy Chairman of the Vietnam Steel Association, has warned that if domestic producers do not adjust the sale prices, they will not be able to sell products.

Source: Vietnam Net

Vietnam To Revoke Tiberon Tungsten Licence

Vietnam will probably revoke the license for a Tiberon Minerals Ltd. mining project, which may hold one of the world’s largest tungsten deposits outside China, because of delays, the government said on Tuesday.

Vietnam’s Prime Minister Nguyen Tan Dung has instructed the Ministry of Natural Resources and Environment and the government in the northern Thai Nguyen province, where the mine is located, to examine the US$147 million Nuiphaovica project and “terminate its investment and mining licenses if any violations are found,” according to a statement on the cabinet’s website.

“We haven’t received any official announcement from the Vietnamese government and so we have no comment for now,” Phan Minh Tuan, a director at Ho Chi Minh City-based Dragon Capital Group, which runs a fund that bought Tiberon in 2007, said by telephone from Hanoi Tuesday.

Tuan, who is also the chairman of the Nuiphaovica venture that developed the mine, estimates the total cost of the project at $400 million.

Tungsten, used in light-bulb filaments and to strengthen steel, may advance to near a record in 2013 as China, the world’s biggest producer, is expected to restrict exports to conserve domestic supplies as the country’s market faces a deficit, the CRU Group said last week.


Chinese demand will climb 8.1 percent a year from 2009 to 2013, outpacing a 2.7 percent average annual gain in domestic mine production, the London-based commodity research and advisory group said.

Spot prices of the metal have declined 33 percent since reaching a peak of $295 a metric ton unit, or 10 kilograms, in 2005. The spot price in Europe was $197.50 on August 28. Markets were closed Monday.

Toronto-based Tiberon, which got permission to start developing the Vietnam mine in 2004, in October asked the local government to delay starting production until 2010 because of the global financial crisis, Vietnam Investment Review newspaper reported Monday. Tiberon has a 70 percent stake in the mine.

“We informally told Tiberon last week about the possibility of terminating the project and withdrawing its license,” Nguyen Duc Minh, head of Thai Nguyen province’s Department for Planning and Investment said by telephone Tuesday. “There’s no clear plan yet as to how the project will continue, however the prime minister may want to give it to a big state- owned company,” he said.

Tiberon in September 2006 said it planned to start production this year. The mine was expected to yield 4,788 metric tons of tungsten, 222,458 tons of fluorspar and 2,038 tons of bismuth a year, according to the company.

Source: Thanh Nien

No Change In Vietnam Coal Exports

Viet Nam exported more than 13.5 million tonnes of coal in the first seven months of this year, equal to the same period last year.


Coal for both domestic consumption and export earned Vinacomin more than VND20 trillion.

Buyers were primarily China, Japan, Thailand, India, Malaysia, South Korea and Europe, said Tran Xuan Hoa, general director of the Viet Nam National Coal and Mineral Industries Group (Vinacomin).

Local consumption was 10.98 million tonnes, also equal to the same period last year.

Coal for both domestic consumption and export earned Vinacomin more than VND20 trillion (US$1.1 billion), of which VND12 trillion ($667 million) was from exports, Hoa said.

Vinacomin plans to export 3 million tonnes of coal this year.

Despite its estimated 42 billion tonnes of coal reserves, the company is struggling to cater for steeply rising domestic energy demand of 17-20 per cent a year and plans to lower its export target.

Vinacomin was expected to export 10.5 million tonnes of coal to China for the second half of this year and the first quarter of next year, said Pham Minh Chau, head of Vinacomin's export department.

The coal utility would sell 2.5 million tonnes of fine anthracite coal to China through the Van Gia transhipment area in the northeastern province of Quang Ninh by directly signing contracts with Chinese companies. Coal could be exchanged for goods under these contracts, he said.

More than 336,000 tonnes of coal was sold through the Van Gia transhipment area from mid-May to mid-July at a price of $38 per tonne, representing 93.92 per cent of the volume signed with Chinese companies.

Of the figure, Hon Gai fine anthracite coal 11C accounted for 160,000 tonnes, the official added.

The Hon Gai fine anthracite coal 11A sold under contracts signed between the two governments was sold for $46 per tonne last June, Chau said.

Direct coal trading between Vietnamese and Chinese companies resumed last March after it was banned in May 2007 due to rampant coal smuggling in Quang Ninh.

Within a day in May 2007, 104 ships were seized in Van Gia for illegal coal transport because domestic prices were lower than international ones.

Chinese buyers were small companies in Guangxi province's Dongxing, the only port linking China and Viet Nam by both land and water, Chau said.

Now demand for coal is not as high as in early 2008 due to the global economic crisis, Chau said.

China, the world's largest coal producer and consumer, is expected to be a net coal importer for the first time in 20 years, as low prices in the international market and sluggish demand discourage exporters, according to analysts.

Several analysts have forecast that Chinese domestic coal prices, now hovering around $89 a tonne, could rise in the coming months on the back of summer demand and economic growth. China's power output rose on the year in June for the first time since last October, thanks to a pick-up in the economy and rising temperatures.

Supply has also been improving, as some of China's small coal mines are slowly returning to production, months after being shut down for strict safety inspections ordered by the central government.

Source: Vietnam Net

China Looks Elsewhere For Iron Ore Deals

The China Iron and Steel Association is seeking to sign long-term contracts with iron ore suppliers in India, South Africa and Vietnam as annual price negotiations stall, the 21st Century Business Herald reported.

China should step up cooperation with miners in those countries to secure alternatives to Australian and Brazilian ore, the newspaper reported, citing Shan Shanghua, general secretary of the association.

Atlas Iron Ltd., an Australian iron ore producer, has agreed to sell ore at prices that would adjust to spot rates, the report said, citing Managing Director David Flanagan.

Source: Bloomberg

Illegal Manganese Mining Resumes In Ha Tinh Province

Illegal manganese mining has resumed in Ha Tinh Province’s Can Loc District after a period of inactivity since the end of June.

The ore is transported and sold in Nghe An Province at VND300,000-500,000 a cubic metre, depending on quality.

Nguyen Dinh Lan, director of Ha Tinh Manganese Minerals Co., told SGGP that his company has set up patrols but failed to stop the illegal mining since the miners are aggressive and usually go around in large groups.

They steal 30-40 tons of manganese daily, he said.

“We have reported it to the commune People’s Committee and police but it continues,” he complained.

Manganese ore reportedly fetches a good price across the border in Laos which has set off a mining frenzy in the area.

Source: Saigon GP Daily

Vietnam Opens First Iron Ore Concentrate Plant

A base iron ore concentrate plant was inaugurated in the central province of Ha Tinh Tuesday by the Vu Quang Iron One-Member Ltd., an affiliate of the Ha Tinh Iron and Steel Joint Stock Company.

The plant, the first of its kind in Vietnam with an annual output of 500,000 tons, is equipped with Chinese machinery and technology worth VND150 billion (US$8.4 million).

It is expected to create jobs for 400 workers and will process iron ore mined in Ha Tinh, Nghe An and Quang Binh provinces to provide raw material for the Vung Ang ingot factory, also in Ha Tinh.

Source: Thanh Nien News

Esaco To Explore For Copper In Laos

Vietnam's Esaco Co. has signed an agreement with the Laotian government to explore for copper ore in the country, Vietnamese state media said on Monday.

Esaco will invest $7 million to explore for copper ore on 396 square kilometres in Laos' Attapu province, the Thoi Bao Kinh Te newspaper said.

The report said the exploration work will take five years.

Source: Marketwatch

Vietnamese Steel Sales Hit By Downturn

The economic slowdown has hurt Vietnamese steel sales, but the industry is much more anxious about stiff competition from Chinese and Southeast Asian steel exporters.

Pham Chi Cuong, chairman of the Vietnam Steel Association, told Thanh Nien that sluggish activity in the construction industry has hit steel consumption, which has fallen 20 percent year-on-year this month to 250,000 tons.

Cuong expects the situation to improve in the next two months when many infrastructure and housing projects are launched thanks to the government’s economic stimulus package.

He is most worried about the invasion of cheap imported steel products.

The global recession has hurt demand for steel from manufacturers and builders, prompting mills in China, the biggest producer, and Southeast Asia to cut prices and push exports.

According to VSA, about 60,000 tons of steel products have been imported from China this year.

“These products were registered with customs as alloy steel, although they are not, to benefit from a zero tariff policy,” Cuong says. “As a result, Chinese steel products are sold at VND1 million per ton less than domestic products.”

Cuong said his association has recently asked the Ministry of Industry and Trade and the General Department of Vietnam Customs to follow up on this matter and stop foreign exporters from evading tax.

In a recent case, according to VSA members, the Thanh Long Steel Company in the northern province of Hung Yen claimed 29,000 tons of steel imported from China in January and February were alloy steel.

However, a testing center of the Directorate for Standards, Metrology and Quality found that the steel products that Thanh Long imported were in fact carbon steel with only a small amount of boron added, 0.005 percent. Boron is added to steel products to increase hardness.

Carbon steel imports are currently subject to a tax rate of 12 percent. Thanh Long Steel Company would have to pay as much as VND17 billion (US$960,000) in taxes if its steel imports had been reported to customs as carbon steel.

VSA Deputy Chairman Nguyen Tien Nghi said several other Southeast Asian countries had also reported similar instances of boron being added to carbon steel to avoid tariffs.

The China Iron and Steel Association has asked Vietnam to provide a name list of Chinese exporters of such products so that it can intervene, Nghi added.

ASEAN exporters

VSA said the imports from ASEAN reached 47,000 tons in the first two months this year. The large imports have pushed domestic firms’ market share down to 20 percent from 28-30 percent earlier.

Steel exports within the 10-member Association of Southeast Asian Nations, or ASEAN, are exempt from tariffs. The grouping’s members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Dao Dinh Dong, head of the market division at the Vietnam Steel Corporation, said sales of the corporation in March dropped 35 percent from a year ago.

Dong said many steel makers in Vietnam are facing harsh competition from imports from other ASEAN members. His company had had to slash prices four times in just one month.

Domestic steel producers, with a capacity of around 4.5 million tons, had 300,000 tons of billet in stock, Cuong said last week.

The Ministry of Finance has decided to increase the import tax on steel billet from 5 percent to 8 percent and the tax on finished steel from 12 percent to 15 percent to help local steel firms liquidate their growing stockpiles.

The new rates take effect April 1. But they will not affect the zero tariff policy among ASEAN nations.

Source: Thanh Nien

Vietnam Halts Steel Projects That Cannot Source Iron Ore

The Vietnamese government has annnounced that only steel projects that can ensure their iron ore supply or make high-grade steel will be considered for licensing. The announcement was made by the country's Deputy Prime Minister Hoang Trung Hai.

He ordered the Ministry of Natural Resources and Environment to verify if licensed steel plants have guaranteed supplies of ore before recommending action against those that do not, a statement posted on the government’s website on Friday said.

Provincial administrations are required to scrutinize ongoing steel projects.

Hai’s orders follow a Vietnam Steel Association recommendation last month that licenses should not be issued to projects that are not envisioned in a development strategy since supply is expected to be three times demand by 2020.

A development strategy drafted for the steel industry in 2007 projected demand to increase to 20 million tons a year by 2020 and capacity to 18 million tons.

But a recent study by the Ministry of Industry and Trade found capacity may skyrocket to 60 million tons.

Source: Thanh Nien Daily

Vietnamese Company To Prospect For Ores In Laos

Vietnam's Thien Phu Co. will invest $3 million in minerals exploration in Laos, state media said on Thursday.

The Voice Of Vietnam radio reported that the company will explore for zinc, tin and lead ores over an area of 500 square kilometres in Houaphan province over the next five years.

Once the ores are found, the company will seek Laotian government approval for production.

Source: Voice Of Vietnam

Work Starts On Vietnam's First Ferrochrome Plant

The Nam Viet company has announced work on Vietnam's first ferrochrome plant at Trieu Son, in the Central Thanh Hoa province.

The USD85.5 million plant has a design capacity of 200,000 tonnes of product each year and is expected to be operational by the end of February 2012.

Local Company Licensed To Explore Vietnam Iron Ore Mine

Thach Khe Iron Joint Stock Company has been licensed by Vietnam's Ministry of Natural Resources and the Environment to explore iron ore at the Thach Khe iron ore mine in three communes in Thach Ha district, Ha Tinh province.

The company is allowed to explore iron ore on a total area of 527 hectares at a depth of 550 metres underground for 30 years. The first four years will be for basic construction. From the fifth to the tenth year, the company is permitted to explore 5 million tonnes of iron ore a year and double the output from the 11th year onward.

The exploited iron ore will be supplied to the processing plant with a capacity of 2-4 million tonnes of steel billet a year, which has also been invested by the Thach Khe Iron Joint Stock Company.

Source: Nhan Dan

New Vietnam Steel Plant Begins Production

The Song Hong Steel Plant in the Phu Tho province in the north of Vietnam commenced operations on Saturday, adding another facility to an industry already facing overcapacity.

The new plant, built at a cost of about VND234 billion (US$13.4 million), has a capacity of 180,000 tonnes per year and uses production technologies from Taiwan and Japan.

The plant expects to produce 120,000 tonnes of steel this year, earning VND 1.5 trillion ($85.7 million), before increasing to full capacity and earnings of VND2.5 trillion ($142.9 million) in 2012.

The plant's owners, Song Hong Steel Joint Stock Co and the Song Hong Corporation, plan to build two more production lines and a pig iron plant iron.

At the opening ceremony on Saturday, the Song Hong Steel Joint Stock Co signed contracts with Dong A Bank, PetroVietnam Finance and the Bank for Investment and Development of Viet Nam (BIDV) to finance the expansion.

In the past two years, a number of major foreign-invested steel projects have been licensed. Six of these, with a total potential annual output of nearly 35 million tonnes, have been granted licences and are under construction. If all of these projects, along with facilities being planned and built by domestic investors, are completed on schedule and run at design capacity, it is estimated the industry will churn out 50 million tonnes of steel annually.

But estimates from the Ministry of Industry and Trade's Strategic Research Institute puts domestic demand for steel at roughly 20 million tonnes by 2020, rising to about 25 million tonnes under a plan approved by the Prime Minister in 2007.

The chairman of the Vietnam Steel Association, Pham Chi Cuong, said just one or two of these major steel projects would be enough to meet expected demand.

Meanwhile Vietnamese steel continues to struggle against Chinese imports due to the higher price of domestic steel. Chinese steel products averages about VND10.9 million per tonne compared to VND13.3-13.5 million per tonne for the domestic product, according to the VSA.

Japan To Sign Coal Exploration Pact With Vietnam

Reports from Vietnam suggest that a Japanese delegation led by Senior Vice Trade Minister Takamori Yoshikawa will today sign an agreement in the northern city of Halong with Vinacomin, the Vietnam National Coal-Mineral Industries Group, to explore for anthracite coal in the Pha Lai area of northern Vietnam.

Japan is the world's largest coal importer while Vietnam is its principal supplier of the smokeless coal used in steelmaking. Japan wants stronger ties with the Vinacomin, as it vies for supplies with China and India, the world’s first- and second-fastest growing major economies.

Japan will agree to provide Vinacomin with low-interest loans to develop coal resources and will export clean-coal technology to help Vietnam update inefficient coal-fired power generators, the official said.

The 60-member Japanese delegation includes senior officials from Sumitomo Corp., Marubeni Corp., Itochu Corp. and Electric Power Development Co., he said.

Japan imports 190 million metric tons of coal annually, according to the finance ministry. Thermal coal used for power generation accounts for 53 percent, and coking coal accounts for 42 percent. Japan imports 5.5 million tons of anthracite coal, and 40 percent of this comes from Vietnam.

Source: Bloomberg