Beyond China: south-east Asia’s next export stars
发布时间 2023-12-01 09:00:00 来源
摘要
China became known as the world’s factory thanks to it offering companies a way to manufacture all kinds of goods at a high quality and relatively low cost. But in recent years, south-east Asian nations, including Vietnam and Indonesia, have begun challenging it for that status. Baillie Gifford investment manager Ben Durrant recently returned from a tour of the region. He discusses some of the long-term growth opportunities he unearthed on his trip. BackgroundBen Durrant invests on behalf of the Pacific Horizon Investment Trust, the Pacific Fund, and our Emerging Markets Equity Team. In this latest episode of Short Briefings on Long Term Thinking, he explores the factors that led China to become the world’s leading exporter and how its move up the value chain is now creating opportunities for other south-east Asian countries to grasp. Durrant reviews some of his most memorable encounters in Vietnam, Indonesia, Malaysia and Thailand and reveals which growth companies excited him the most. They include businesses using mined metals to make car batteries, banks serving populations with growing spending power and, perhaps surprisingly, one of the world’s leading catfish exporters.Resources: The Indonesian companies powering the green transition (https://www.bailliegifford.com/insights/ic-article/2023-q1-trust-46-why-indonesia-matters-10019268/)Ben Durrant LinkedIn page (https://www.linkedin.com/in/btgdurrant/)How Asia Works (https://groveatlantic.com/book/how-asia-works/)How the World Really Works (https://www.penguin.co.uk/books/319141/how-the-world-really-works-by-smil-vaclav/9780241989678)Past podcasts (https://www.bailliegifford.com/podcasts/) Timecodes:00:00 Introduction01:30 China’s success as a low-cost exporter03:15 Land reform’s role04:00 Good quality, low-cost labour05:45 South-east Asian countries’ advantage07:15 Vietnam’s growth opportunity09:30 Vin Hoan: exporting catfish11:45 Sourcing local insights13:30 Indonesia’s move up the value chain16:15 Clusters of expertise in Malaysia18:00 Looking beyond tourism in Thailand20:15 Moving up the value chain22:15 The attraction of growth investing in southeast Asian23:15 Paying attention to macroeconomics24:30 Book recommendation Follow us via:Twitter (https://twitter.com/BaillieGifford)LinkedIn (https://www.linkedin.com/company/baillie-gifford/) Companies mentioned include:FPT (https://fpt.com/en)Hyundai (https://www.hyundai.com/)Samsung Electronics (https://www.samsung.com/)Vinh Hoan (https://www.vinhhoan.com/)
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