Tesla and Bitcoin to Blame for Exodus From Vietnam’s Stocks

(Bloomberg) — Foreign investors have been dumping Vietnam stocks all year, despite a surge to record highs. Competition from popular retail stocks like Tesla Inc. and cryptocurrencies looks like part of the reason why.

Korean retail investors — who made up 16% of net foreign inflows between 2017 and 2019 — are among those selling out, offloading a net $166 million worth of shares so far this year, according to data from the Korea Securities Depository. Their appetite for risk has shifted from emerging markets to the U.S., thanks to the strong returns in speculative assets there, analysts say.