Institutional Money, Ausgabe 1 | 2026

Foto: © Dragon Capital Vietnam PRODUKTE & STRATEGIEN 1/2026 | institutional-money.com 215 EINST VERMÄHLTE SICH der Drachen- IĞUVW /͕F /RQJ4XÊQPLW GHU %HUJJĆWWLQeX &ʧ 'DV (UJHEQLV GLHVHU 9HUELQGXQJ ZDUHQ KXQGHUW (LHU DXV GHQHQ KXQGHUW .LQGHU VFKOĞSIWHQ 'LH HLQH +ÌOIWH GDYRQ IROJWH LKUHP 9DWHU DQ GLH .ĞVWH GLH DQGHUH EHVLH - GHOWH PLW GHU 0XWWHU GDV +RFKODQG 6R ODX - WHW GLH 6DJH YRP 8UVSUXQJ GHV YLHWQDPHVL - VFKHQ 9RONHV DXV GHP -DKUKXQGHUW GDV VLFK KHXWH QRFK DOV Ľ.LQGHU GHV 'UDFKHQ XQG GHU )HHĺ EH]HLFKQHW +HXWH LVW 9LHWQDP HLQH GHU G\QDPLVFKVWHQ 9RONVZLUWVFKDIWHQ LQ GHU 5HJLRQ XQG OHQNW ]XQHKPHQG GLH $XIPHUNVDPNHLW LQWHUQD - WLRQDOHU ,QYHVWRUHQ DXI VLFK IĞKUWH GDV /DQG PLW HLQHP %,3:DFKVWXP YRQ DFKW 3UR]HQW GLH $6($1 /ÌQGHU 9LHWQDP 3KL - OLSSLQHQ ,QGRQHVLHQ 0DOD\VLD 6LQJDSXU 7KDLODQG .DPERGVFKD /DRV %UXQHL XQG 0\DQPDU DQ ,P 9HUJOHLFK GD]X YHU]HLFK - QHWHQ GLH WUDGLWLRQHOOHQ Ľ$VLDQ 'UDJRQVĺ +RQJNRQJ 6LQJDSXU 6ĞGNRUHD XQG 7DL - ZDQ HLQ 3OXV ]ZLVFKHQ HLQHP XQG IĞQI 3UR]HQW GHU IUĞKHUH :DFKVWXPVSULPXV &KLQD VFKDȬWH QDFK Rȯ]LHOOHQ =DKOHQ HEHQIDOOV UXQG IĞQI 3UR]HQW (LQ ZHVHQWOL - FKHU *UXQG IĞU GDV VWDUNH :DFKVWXP 9LHW - QDPV LVW GHU VRJHQDQQWH &KLQD 7UHQG 1DFK GHU &RYLG 3DQGHPLH XQG ZHJHQ 6RU - JHQ XP GLH =XYHUOÌVVLJNHLW YRQ /LHIHUXQ - JHQ DXV GHP 5HLFK GHU 0LWWH EHPĞKHQ VLFK LQWHUQDWLRQDOH ,QGXVWULHXQWHUQHKPHQ YHUVWÌUNW LKUH /LHIHUNHWWHQ UHVLOLHQWHU DXI - ]XVWHOOHQ Ľ$XV HLQHU 5HLKH YRQ *UĞQGHQ YRU DOOHPQDFK &RYLG GHQNHQ YLHOH )LUPHQ QLFKW PHKU QXU DQ (ȯ]LHQ] VRQGHUQ DXFK GDUDQ ZLH VLH LKU *HVFKÌIW ZLGHUVWDQGVIÌ - KLJHU PDFKHQ NĆQQHQĺ VDJW -DPHV $VKOH\ /HLWHU LQWHUQDWLRQDOH 0DUNWVWUDWHJLH EHL *ROGPDQ 6DFKV $VVHW 0DQDJHPHQW ĽgKQ - OLFK ZLH DQGHUH 6FKZHOOHQOÌQGHU LQ $VLHQ ELHWHW 9LHWQDPPHKU 5HVLOLHQ] XQG JOHLFK - ]HLWLJ JHULQJHUH .RVWHQĺ $SSOH VWHOOW PLWWOHU - ZHLOH HLQH JDQ]H 5HLKH YRQ +LJK (QG 3UR - GXNWHQ LQ 9LHWQDPKHU GDUXQWHU GLH $SSOH :DWFK XQG L3DGV XQG LP 2NWREHU ZXUGH EHNDQQW GDVV GLH 3URGXNWLRQVVWÌW - WHQ IĞU GLH )HUWLJXQJ GHU 95%ULOOH 9LVLRQ 3UR HUZHLWHUW ZHUGHQ VROOHQ 'HU NRUHDQL - VFKH (OHNWURQLNNRQ]HUQ 6DPVXQJ KDW EHNDQQW JHJHEHQ GDVV HU LQ9LHWQDPEHUHLWV ]ZHL 0LOOLDUGHQ 6PDUWSKRQHV SURGX]LHUW KDW XQG LQ $XVVLFKW JHVWHOOW GLH )HUWLJXQJ ZHLWHU DXV]XEDXHQ $XFK GHXWVFKH .RQ - ]HUQH PLVFKHQ LP JURĕHQ 6WLO PLW /DXW 0HGLHQEHULFKWHQ VWDPPHQ PLW 3UR]HQW GHV 3URGXNWLRQVYROXPHQV PHKU $GLGDV 3URGXNWH DXV 9LHWQDP DOV DXV LUJHQGHLQHP DQGHUHQ /DQG ł QLFKW DXV HLJHQHQ:HUNHQ VRQGHUQ YRQ 9HUWUDJVXQWHUQHKPHQ (LJH - QH )HUWLJXQJVVWÌWWHQ LQ 9LHWQDP EHWUHLEHQ ODXW $XVODQGVKDQGHOVNDPPHU GHXWVFKH 8QWHUQHKPHQ GDUXQWHU +XJR %RVV XQG DQGHUH 7H[WLOKHUVWHOOHU DEHU DXFK &KHPLH - XQWHUQHKPHQ ZLH GHU *DVHSURGX]HQW 0HV - VHU RGHU $XWRPRWLYH 3OD\HU ZLH 6FKDHȴHU XQG %RVFK (LQ MĞQJHUHV %HLVSLHO LVW GHU +RFKGUXFNUHLQLJHUKHUVWHOOHU .ÌUFKHU GHU IĞU 0LOOLRQHQ (XUR HLQH )DEULN LQ GHU 3URYLQ] 4XDQJ 1DP HUULFKWHW KDW LQ GHU 0LOOLRQHQ .ÌUFKHU 3URGXNWH KHUJHVWHOOW ZHUGHQ VROOWHQ » Vietnam ist einer der Hauptprofiteure des China+1-Trends. « Mai Vu, Dragon Capital Dynamisches Wachstum Reales BIP-Wachstum (1990=100) Vietnam ist 2025 laut Weltbank mit einer Rate von 6,6 Prozent gewachsen, die höchste Rate unter den ASEAN-4-Ländern, die besonders stark vom China+1-Trend profitieren. Die OECD erwartet, dass das Land seinen Vorsprung in den kommenden Jahren weiter ausbaut. Quelle: OECD, Weltbank, World Development Indicators Database 0 100 200 300 400 500 600 700 800 900 1990 Indonesien 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 1000 Malaysia Thailand Vietnam