On August 18 2023, I made two identical-but-different trades:

• VNAM (VanEck Vietnam UCITS ETF) – 40 shares @ $17.8325 → $713.30
• VNM (VanEck Vietnam ETF, NYSE) – 55 shares @ $13.99273 → $769.60

At first glance, it looks like I went full “double or nothing.”
In reality, I was spreading risk: one ETF domiciled in Europe (VNAM UCITS), one in the U.S. (VNM NYSE).

Vietnam’s market is still classified as “frontier”—low liquidity, evolving regulation. If something went wrong with one fund structure or jurisdiction, I wanted the other as backup.
It’s diversification… with a tropical twist.

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The chart that made me say “France sucks, Vietnam rocks”

Here’s the data that started it all — Public Spending as a % of GDP:

Country / Program	Public Spending (% GDP)
Vietnam	20.0 %
China	33.0 %
USA	37.6 %
EU 27 (excl. France)	47.7 %
USSR (1990)	50.6 %
France – Budget 2024	57.2 %
France – RN Programme	60.1 %
France – NFP Programme	65.2 %
France – LFI Programme	68.6 %

So yeah — France spends three times more (as % of GDP) than Vietnam.
One country invests to grow, the other spends to feel better about not growing.

It’s not personal. It’s just fiscal physics.

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Why I preferred Vietnam over France

1. Efficiency beats bureaucracy – Vietnam’s public sector spends sparingly and leaves room for the private sector. France… not so much.
2. Growth beats stagnation – Vietnam’s GDP was growing 6–7 % a year; France was debating retirement ages.
3. Fiscal headroom – 20 % of GDP in spending gives flexibility. 60 % means “good luck cutting taxes.”
4. Demographics – median age 32 vs 42. Younger, hungrier, cheaper.
5. Industrial tailwind – Factories are opening, not closing.

If I had to choose between a country that manufactures iPhones and one that manufactures regulations… I’ll take the iPhones.

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Why two ETFs — VNAM and VNM

Feature	VNAM (UCITS)	VNM (U.S.)
Domicile	Europe (Ireland)	U.S. (NYSE Arca)
Dividends	Accumulating	Distributing
Currency	USD/EUR	USD
Expense ratio	~0.68 %	~0.68 %
Holdings	Vietnamese blue-chips	Almost identical
My goal	European tax efficiency	Liquidity + backup

Buying both made sense: same underlying story, two jurisdictions.
If Vietnam becomes the new China, both rise.
If one ETF freezes, delists, or has a tax quirk, the other keeps going.

It’s like owning two passports — in case one customs line gets messy.

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Vietnam 2023 snapshot

Metric	Vietnam	France
GDP growth	~6.5 %	~1 %
Public spending / GDP	20 %	57–68 %
Debt / GDP	40 %	110 %
Inflation	~3 %	~5 %
Median age	32	42
Trade balance	Surplus	Deficit

It’s almost unfair to compare.
France feels like an aging heavyweight boxer — experienced, proud, and gasping.
Vietnam is the 25-year-old in the gym, still getting faster.

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The macro story: Vietnam is the new China (minus the drama)

• Labour cost: roughly ½ of China’s
• Supply-chain strategy: “China + 1” is real; factories moving south
• FDI surge: record inflows from Korea, Japan, and the U.S.
• Trade agreements: CPTPP + EVFTA = global market access
• Political stability: same-party system, pro-business
• Young, productive population: big manufacturing base, rising skills

Vietnam is China’s echo — with lower risk of tariffs and Twitter wars.
Every time a multinational says “we’re diversifying supply chains,” Vietnam smiles.

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Valuation and fundamentals (the boring / important part)

At purchase time (Aug 2023):

• Vietnam market P/E: ~10–11×
• S&P 500 P/E: ~20×
• GDP growth: 6 %+
• Currency: VND relatively stable

So I was paying half the multiple for double the growth.
In the math of optimism, that’s called buying potential.

Both VNAM and VNM give exposure to local giants — Vingroup, Vinhomes, Hoa Phat Group — companies at the heart of Vietnam’s build-out phase.

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France vs Vietnam, round two (2024 outlook)

Metric	Vietnam	France
Projected GDP Growth	6 % +	1 % (“with luck”)
Fiscal Deficit	manageable	widening
Energy Independence	improving	nuclear headaches
Business Sentiment	upbeat	bureaucratic
Global Competitiveness Rank	climbing	slipping

If investing were a dating app, Vietnam’s profile would say “ambitious builder.”
France’s would say “likes long walks and higher taxes.”

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My self-teasing moment

Yes, I bought two Vietnam ETFs on the same day — and told myself it was risk management.
Yes, I quoted a fiscal-spending chart like it was holy scripture.
And yes, I compared an emerging market to a G7 country because it made my trade sound heroic.

But you know what? It still feels right.
Vietnam is playing offense. France is stuck in midfield, arguing with the referee.

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The real logic

Investing isn’t about loving flags or mocking countries.
It’s about capital efficiency, demographics, and trajectory.

Vietnam: small government, growing private sector, favourable trade winds.
France: big government, high taxes, ageing population, slow growth.

So when I asked myself, “Where will productivity gains come from over the next 10 years?”
The answer was obvious — and it definitely wasn’t Paris.

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Final thoughts

I didn’t buy Vietnam because it’s trendy.
I bought it because the macro numbers, the manufacturing momentum, and the fiscal sanity made sense.

Two ETFs, one bet, lower structural risk, higher potential return.

If it works, I’ll call it “smart diversification.”
If it doesn’t, I’ll say “hey, at least I diversified the failure.”

Either way —

France spends. Vietnam builds. And that’s why I invested where the cranes are, not where the committees meet.