7:19 PM [Precious] 6-27-2012 Blaino: Vietnam Grows. The leading country among frontier markets has been expanding faster than most emerging markets. Vietnam's GDP has grown 7.2 percent annually on average since 2000.
Still, the country's benchmark VN Index (VNINDEX) tumbled 27 percent in 2011 as consumer prices surged as much as 23 percent, the fastest pace in Asia. Stocks in the emirates of Dubai and Abu Dhabi trade at some of the cheapest levels worldwide.
The Dubai Financial Market General Index (DFMGI) was valued at 6.7 times analysts' profit estimates at year-end, while the ADX General Index traded for 7.5 times, compared with a global average of 10 times, according to data compiled by Bloomberg.
"Valuations are at historic lows," says Fadi Al Said, senior investment manager at ING Investment Management in Dubai. "And the businesses are actually doing well."