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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is Bloomberg Daybreak Weekend, our global look at the

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Speaker 2: top stories in the coming week from our Daybreak anchors

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Speaker 2: all around the world. Straight Ahead on the program, we

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Speaker 2: look to some key jobs data in the US and

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Speaker 2: how they may affect FED policy moving forward. I'm Nathan

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Speaker 2: Hager in Washington.

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Speaker 3: I'm Caroline Hegger in London. Where we're asking if this

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Speaker 3: is Wimbledon tournament, can serve up an ace?

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Speaker 4: I'm Doug Chrisner looking at the balance of growth and

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Speaker 4: inflation for Vietnam's economy.

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Speaker 1: That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg

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Speaker 1: eleven three YEO New York, Bloomberg ninety nine to one, Washington, DC,

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Speaker 1: Bloomberg ninety two nine, Boston, DAB Digital Radio, London, Syrias,

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Speaker 1: XM one twenty one, and around the world on Bloomberg Radio,

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Speaker 1: dot Com and the Bloomberg Business App.

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Speaker 2: Good day to you. I'm Nathan Hager. We begin today's

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Speaker 2: program with some key economic data in the US. On Thursday,

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Speaker 2: we get non farm payroll numbers from the month of

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Speaker 2: June at eight thirty am Wall Street Time. The report

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Speaker 2: is coming a day earlier than usual due to the

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Speaker 2: Independence Day observance. Here for a look ahead to the

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Speaker 2: numbers is Edward Harrison, Bloomberg, senior strategist and author of

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Speaker 2: the Everything Risk newsletter. Good to have you with us

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Speaker 2: ahead of jobs Thursday, ed it seems like we've been

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Speaker 2: talking for so long about a low higher, low fire

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Speaker 2: labor market. Do you see that shifting ahead of what's

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Speaker 2: to come this week?

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Speaker 5: Hi, Nathan, I think yes, I do see that shifting,

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Speaker 5: this low fire, low higher market that we've seen. I

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Speaker 5: think last month's number broke that streak. We got a

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Speaker 5: one hundred and seventy two thousand jobs added to non

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Speaker 5: form payrolls. We also had upward revisions to the prior

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Speaker 5: month to the point where the three month average was

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Speaker 5: even higher at one hundred and eighty eight thousand. So

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Speaker 5: we're looking at almost two hundred thousand jobs per month

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Speaker 5: being added to non farm payrolls over the last three months.

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Speaker 2: So do you see that trajectory continuing? I mean, two

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Speaker 2: hundred thousand on average sounds like more of a steady

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Speaker 2: labor environment than we've seen lately.

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Speaker 5: It definitely does seem that way now, bloom the average

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Speaker 5: economist in Bloomberg Consents to survey says around one hundred

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Speaker 5: and thirty five added. But even if you have one

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Speaker 5: thirty five, that's you know, fifty thousand lower than the

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Speaker 5: average that we had before. You're really still looking if

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Speaker 5: we get that number at around one hundred and fifty

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Speaker 5: one hundred and sixty thousand jobs per month for the

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Speaker 5: last three months, and that's very good, and the unemployment

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Speaker 5: rate would be at a four point three percent. What

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Speaker 5: that says is we do have an improvement in the

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Speaker 5: labor market in the US.

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Speaker 2: What do you see pinning that improvement when you know

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Speaker 2: so many economists leading into these non farm payrolls reports

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Speaker 2: month in and month out of sort of been surprised

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Speaker 2: by the resilience in the labor market.

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Speaker 5: Well, you know, I think that the resilience in personal

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Speaker 5: income and spending has been a big part of that.

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Speaker 5: If you looked at the numbers that came in last week,

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Speaker 5: we saw that personal spending was up zero point seven

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Speaker 5: percent month on month, that was above expectations. Personal income

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Speaker 5: was also up zero point seven percent above expectations. Of course,

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Speaker 5: that brings inflation with it because the headline PCE Price

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Speaker 5: Index increased by four point one percent, you know, over

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Speaker 5: four percent. That's like double the fed's target in the

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Speaker 5: year to May. But irrespective, you know, you've got income

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Speaker 5: and spending underpinning the ability for jobs to contain.

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Speaker 2: Do you see wages keeping up with the pressures that

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Speaker 2: we continue to see in prices like that FED Preferred

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Speaker 2: inflation gage that you just mentioned.

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Speaker 5: Yeah, I think that the closer that we get to

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Speaker 5: full employment, the more chance that you're going to see

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Speaker 5: wages increasing. The number that we saw in the last month,

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Speaker 5: that is in May survey was three point four percent

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Speaker 5: for average hourly earnings year and year. Economists that are

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Speaker 5: expecting three point five percent, So they're expecting that to

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Speaker 5: go up, and that's going to give people the wherewithal

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Speaker 5: to a certain degree to deal with the inflation that

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Speaker 5: we've seen over the last year.

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Speaker 2: And you know, with all those factors in place, it

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Speaker 2: sounds as though the bias that we heard from FED

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Speaker 2: Chair Kevin Walsh earlier this month toward reigning in inflation

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Speaker 2: might be justified. Here, what's your expectation when it comes

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Speaker 2: to the FED potentially trying to rein in some of

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Speaker 2: these increases that we're talking about with a hike.

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Speaker 5: Yeah, I think that the FED is going to hike

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Speaker 5: this year. The market has sort of backed off what

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Speaker 5: it's thinking in terms of hikes. We have the market

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Speaker 5: expecting at least one hike this year, not two hikes.

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Speaker 5: The first date in which they expect to hike is

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Speaker 5: in October, so that's three FED meetings from now. We

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Speaker 5: have July, September, and October. I would say that the

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Speaker 5: likelihood that they do hike, given what we've seen in

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Speaker 5: the inflation picture, is sooner than the market expects. And

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Speaker 5: depending upon how this job's number comes out, we could

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Speaker 5: see then you know, jobs doing very well, inflation being high,

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Speaker 5: especially core inflation, and those two leading the market to

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Speaker 5: start pricing in an earlier rate hiking, potentially two hikes

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Speaker 5: in twenty twenty six.

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Speaker 2: Really appreciate this and again thanks for coming on with

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Speaker 2: us ahead of Jobs Thursday. That's Edward Harrison, Bloomberg Senior

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Speaker 2: strategist and author of the Everything Risk newsletter. Let's take

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Speaker 2: a look now at some stocks making news in the

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Speaker 2: week ahead. I'm Nathan Hager, joined by Christy to Kino,

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Speaker 2: Managing editor for Bloomberg Markets Live on a week where

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Speaker 2: we're going to hear from a few more companies reporting

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Speaker 2: earnings as we wind down the season. Christine a few

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Speaker 2: household names this week, including Nike on Tuesday. Our investors

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Speaker 2: finally going to hear the turnaround is swishing upward for

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Speaker 2: a change.

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Speaker 6: I see what you did there, Nathan, And yes, I

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Speaker 6: know that is definitely the hope. Very interesting though, because

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Speaker 6: Dan has a leadership change shortly before the earnings results,

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Speaker 6: which are due on the thirtieth of June. So apparently

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Speaker 6: David Denton will take over CFO in August. And interestingly,

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Speaker 6: he is not an insider. He hasn't been a career

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Speaker 6: employee at Nike. He's actually moving from Pfizer and has

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Speaker 6: done similar stints at Low's and CBS as well. So

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Speaker 6: that's quite interesting bringing in an outsider rather than someone

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Speaker 6: who's familiar with the business and familiar with the turnaround plan.

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Speaker 2: So obviously a pretty big change from bringing in a

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Speaker 2: former insider to be the CEO. So what kind of

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Speaker 2: fresh blood of fresh look at the company could we

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Speaker 2: expect once they report earnings this week?

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Speaker 6: Yeah, I mean that is the big question, isn't it, Nathan.

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Speaker 6: That's something that investors and analysts will definitely. Note I

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Speaker 6: mean City Group analysts noting that it is quite surprising

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Speaker 6: that they're doing this just ahead of those fourth quarter results,

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Speaker 6: especially because the company is still under immense pressure to

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Speaker 6: really show the results of this turnaround plan. The stock

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Speaker 6: price is still hovering at around the lowest since twenty fourteen,

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Speaker 6: and investor confidence is a little bit still at the lows.

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Speaker 6: But you know, maybe a fresh blood might be just

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Speaker 6: what the company needs for a bit of a turnaround here.

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Speaker 6: But we'll find out more when they give us the

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Speaker 6: details next week.

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Speaker 2: Absolutely, Also on Tuesday, we're going to get results from

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Speaker 2: Constellation Brands after the bell. It's been a tough time

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Speaker 2: for the beer and wine business. Are we gonna be

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Speaker 2: able to raise a glass to these results?

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Speaker 6: I mean, based on the assessment from Jeffrey's analysts, there's

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Speaker 6: still a lot of caution on that front, Nathan, I mean,

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Speaker 6: they're worried about just the overall trend of declining alcohol

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Speaker 6: consumption trends in the US because you know, the younger

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Speaker 6: generation don't drink as much anymore. I don't know what's

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Speaker 6: up with that, but that's definitely something that is a

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Speaker 6: bit of a negative for Constellation brands Jeffries in particular,

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Speaker 6: still expecting the company to reiterate those organic sales around

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Speaker 6: minus one percent to plus one percent. But one silver

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Speaker 6: lining is they do have strong ads spending for the

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Speaker 6: World Cup, but then that also cuts into their earnings margins,

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Speaker 6: So we'll see if that pays off when we get

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Speaker 6: those results. Might be a little bit early, but you know,

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Speaker 6: a little bit of positive momentum hint, hurt the brand

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Speaker 6: at this moment.

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Speaker 2: Yeah, so a lot of crosswinds. They're not just from

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Speaker 2: consumer changing habits and those advertising spending potential headwinds there,

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Speaker 2: but I mean the entire beverage industry has been dealing

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Speaker 2: with rising commodity costs from what's been happening in the

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Speaker 2: Middle East as well. I mean that could have an

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Speaker 2: impact on the results too, couldn't it.

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Speaker 6: Yeah, absolutely, I mean margins definitely something to wash for

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Speaker 6: Constellation brands. I mean, some of the costs for raw

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Speaker 6: materials aluminum cans, for instance, have gotten a lot more

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Speaker 6: expensive over the last few months. Of course, we know

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Speaker 6: that flows through the strait of hormones finally starting to flow.

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Speaker 6: We've been getting reports on that as well as US

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Speaker 6: and Iran make headway towards a striking a longer term deal.

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Speaker 6: But yeah, it takes a little bit of a time,

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Speaker 6: doesn't it. I mean, we've definitely seen a lag in

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Speaker 6: some of those prices when it comes to kind of

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Speaker 6: coming back down for the recent high. So that's something

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Speaker 6: that Constellation brands will definitely have to answer for when

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Speaker 6: we hear from them next week.

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Speaker 2: Yeah, I'll be interested to hear as well about how

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Speaker 2: they might be adapting to those changing consumer habits, because

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Speaker 2: it seems like there's been a lot more interest as

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Speaker 2: well in non alcoholic beer and wine, so we'll be

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Speaker 2: watching that too. On Wednesday, we're going to hear from

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Speaker 2: General Mills and correct me if I'm wrong, Christine, But

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Speaker 2: it seems like the last few months have been pretty

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Speaker 2: rough for name brands at the grocery aisle. Am I

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Speaker 2: remembering that, right?

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Speaker 6: Yeah, that's absolutely right.

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Speaker 3: It has been a tough period.

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Speaker 6: But we are seeing, for instance, Bloomberg Intelligence analyst saying

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Speaker 6: that perhaps actually the worst of it might be over

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Speaker 6: for some of the national food brands like General Mills.

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Speaker 6: They're projecting that some of the sales for these brands

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Speaker 6: could climb about three percent to four percent this year.

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Speaker 6: I mean, of course, house brands have an advantage, especially

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Speaker 6: when it comes to costs for consumers. But I think

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Speaker 6: there's a little bit of room now for some of

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Speaker 6: the brand names to gain back some of that ground.

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Speaker 6: And you know, another theme actually that could be going

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Speaker 6: well for General miss is the pet food business, because

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Speaker 6: we know that people love spending money on their pets.

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Speaker 2: Oh, and that.

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Speaker 6: Is something that could be a bright spot potentially.

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Speaker 2: Okay. I kind of wonder though whether a company like

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Speaker 2: General Mills and some of its competitors as well, might

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Speaker 2: be weathering some of these issues around price by doing

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Speaker 2: something that I've seen over the last few months, if

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Speaker 2: not years, packaging getting smaller. Is that something we could

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Speaker 2: hear about on the call.

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Speaker 6: Yeah, I mean, that's certainly one way to mitigate some

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Speaker 6: of the costs, right that we've been talking about in

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Speaker 6: relation to other companies. And certainly if you're spending less unpackaging,

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Speaker 6: especially given the current era of still high raw material prices,

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Speaker 6: that certainly helps for sure. And so yeah, maybe something

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Speaker 6: that could at the margin help General Mills kind of

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Speaker 6: gain more solid footing here. But yeah, we'll hear from

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Speaker 6: them on the first of July is when there are

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Speaker 6: things I do.

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Speaker 2: Yeah, a lot of big consumer names to look forward

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Speaker 2: to on the earnings front this week. Thanks for this, Christine,

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Speaker 2: really good to have you with us. That's Christina Kino,

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Speaker 2: Managing editor for Bloomberg Markets Live, and coming up on

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Speaker 2: Bloomberg day Break weekend, we will look ahead to this

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Speaker 2: year's Wimbledon tournament. I'm Nathan Hager, and this is Bloomberg.

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Speaker 2: This is Bloomberg day Break Weekend, our global look ahead

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Speaker 2: at the top stories for investors in the coming week.

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Speaker 2: I'm Nathan Hager in Washington. Later in the program, we'll

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Speaker 2: look to some key economic data coming up this week

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Speaker 2: in Vietnam. But in the coming days, London's All England

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Speaker 2: Club once again becomes home to the biggest stars in

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Speaker 2: tennis as they battle for one of the sport's most

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Speaker 2: prestigious titles. This year's edition of Wimbledon promises to be eventful.

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Speaker 2: Is one of the greatest ever living players makes her return,

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Speaker 2: and ticket resale prices sore for more. Let's go to

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Speaker 2: London and bring in Bloomberg Daybreak. You're a banker, Caroline Hepger, Nathan.

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Speaker 3: Wimbledon is a British institution in years gone by. It's

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Speaker 3: featured classic battles between greats like Federer and Nadal, many

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Speaker 3: a royal spectator, and even carried the hopes of a

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Speaker 3: nation as British players have pursued glory on home turf.

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Speaker 3: This year is set to be no exception, with the

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Speaker 3: competition already making headlines. Seven time champions Serena Williams, considered

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Speaker 3: by many to be one of the greatest players of

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Speaker 3: the Open era, will make her return to singles tennis

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Speaker 3: at Wimbledon after retiring in twenty twenty two. The forty

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Speaker 3: two year old received a controversial wildcard spot. How the

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Speaker 3: competition driving further interest in this year's event. Bloomberg's reporting, though,

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Speaker 3: has found that ticketing is more exclusive than ever. Debncher's,

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Speaker 3: a niche financial instrument that grants the hold of some

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Speaker 3: of the best seats at Wimbledon, are now changing hands

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Speaker 3: for more more than half a million dollars. Swing prices

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Speaker 3: for fans is a phenomenon taking hold of much of

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Speaker 3: the rest of the sporting world too. It's part of

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Speaker 3: the reason that investors are paying much more attention to

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Speaker 3: the profits from sports. Dave Days is global cohead of

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Speaker 3: Sports franchise and investment banking at Goldman Sachs. He says

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Speaker 3: growing interest in the sector is a big opportunity.

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Speaker 7: We're seeing a lot of interests across really three different

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Speaker 7: groups of three different groups of buyers, but you can

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Speaker 7: aggregate audience. Media rights are growing pretty dramatically given that

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Speaker 7: sense is something people want to be part of. And

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Speaker 7: so again it's back to this community pricing leverage your

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Speaker 7: ability to really grow and for the North American leagues

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Speaker 7: and the many leagues around the world, you do have

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Speaker 7: some level of governance in essence salary cap in place

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Speaker 7: where you have some level of control in terms of

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Speaker 7: the costs, but there are many, many different ways you

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Speaker 7: can grow from a revenue perspective.

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Speaker 3: That was Dave Days from Goldman Sachs speaking to Boomberg.

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Speaker 3: Zisa Brahmewitz and Anne Marie Haudn joining us now for

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Speaker 3: more on what to expect from this year's Wimbledon and

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Speaker 3: the intricacies of ticket pricing is Boomberg's UK Business editor

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Speaker 3: Jamie Nimmo and our reporter Aishaitiallo. Welcome to both of you.

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Speaker 3: Thanks for your time. Jamie, I want to start with

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Speaker 3: you because this is quite a niche little business, isn't

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Speaker 3: it that Wimbledon has in terms of the tickets for

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Speaker 3: Center Court and Court number one at Wimbledon. Explain how

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Speaker 3: it works. What are these debenchers.

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Speaker 8: Yeah, well, most people will enter the ballot and pay

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Speaker 8: a few hundred quid and if they're lucky, they can

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Speaker 8: get tickets to center court Court one. If you're not

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Speaker 8: one of those people, you might queue up for hours

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Speaker 8: overnight in a tent or whatever, and then you might

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Speaker 8: get a ticket for the outside courts. If you're one

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Speaker 8: of the lucky few, there are these debenchers. There's about

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Speaker 8: two and a half thousand in center Court one and

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Speaker 8: a half thousand in Court one or thirteen hundred caught

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Speaker 8: one and then you base have the tickets next to

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Speaker 8: the Royal Box. You can access the VIP areas, the restaurants,

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Speaker 8: all the fancy bits that go on slightly exactly now

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Speaker 8: the catches. You have to pay a lot of money

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Speaker 8: to get these tickets. So the center court, the benchers

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Speaker 8: that start this year went on sale two years ago

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Speaker 8: at one hundred and sixteen grand, so you need a

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Speaker 8: bit of money to spend on these things. But then

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Speaker 8: you're guaranteed ticket for you know, fourteen days every year

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Speaker 8: for five years, right, so you know it's a pretty

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Speaker 8: pretty nice nice gig if you can get it.

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Speaker 3: Yeah, and their class is transferable security to get some

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Speaker 3: kind of tax benefits in the UK as well, So yeah,

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Speaker 3: it is interesting. And you can sell the tickets as

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Speaker 3: well if you don't want to go on a certain

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Speaker 3: number of days.

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Speaker 8: That's the kind of quirky thing about these because you

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Speaker 8: can't sell any other Wimbledon tickets. If we bought a

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Speaker 8: ticket on the you know, via Wimbledon, you can't resell

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Speaker 8: that ticket, right, But these are the only tradeable tickets,

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Speaker 8: so you can make a load of money because the

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Speaker 8: demand from people from the US, India, China coming over

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Speaker 8: to visit London for the summer. They'll want to go

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Speaker 8: to one within and they'll pay thousands of pounds, so

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Speaker 8: you can make the money back on those days. You

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Speaker 8: can go whenever you want. You could. It might be

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Speaker 8: that you just want to go to the men's and

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Speaker 8: women's finals and the last weekend well for sure, and

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Speaker 8: sell all the other days and you can make you

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Speaker 8: more than your money back basically, which is fascinating.

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Speaker 3: I think, Yeah, that's really interesting. Isn't it. We'll get

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Speaker 3: into the kind of quirks and the traditions of wilmbledon

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Speaker 3: and so on in a moment. Eichha. You've been to

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Speaker 3: lots of the Grand Slams, not to s W nineteen,

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Speaker 3: but it is quite different, isn't it the way that

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Speaker 3: all of the Grand Slams around the world operate in

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Speaker 3: terms of the tennis traditions and what you see in

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Speaker 3: terms of sports.

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Speaker 9: Wimbledon is the most prestigious Grand Slam of the four.

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Speaker 9: If you ask many players, they'll tell you if they

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Speaker 9: could win one Slam, it's going to be Wimbledon. I

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Speaker 9: mean it's the first one. I begin in eighteen seventy seven.

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Speaker 9: You know, players are donned and all white. This was

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Speaker 9: from a tradition that started since it's beginning where they

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Speaker 9: didn't want to see the sweat of players through their

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Speaker 9: clothing because it wasn't you know, proper. So there are

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Speaker 9: many kind of quirks of the tournament, including the all

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Speaker 9: whites as well as the q As we mentioned briefly,

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Speaker 9: you know, this is maybe one of the few sworting

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Speaker 9: events where you can line up and get tickets day

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Speaker 9: of which is which is pretty interesting and even on court,

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Speaker 9: I think you'll also notice that you'll see minimal advertising

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Speaker 9: as opposed to the other Grand Slams. This is for

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Speaker 9: the clean look that that Wimbledon likes to likes to have,

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Speaker 9: and that's just one of many. When you think about Wimbledon,

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Speaker 9: you also think about strawberries and cream and kind of

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Speaker 9: these interesting things that attendees get to experience, who are

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Speaker 9: also addressed to the Nines compared to other Grand Slam

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Speaker 9: events as well.

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Speaker 3: Yeah, and this see it could be really exciting with

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Speaker 3: Serena back and whether she has a chance of winning.

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Speaker 3: I mean, who are the favorites this year? And for

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Speaker 3: that global audience, you know that as Jamie was saying,

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Speaker 3: sees so much appeal in Wimbledon and for kind of

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Speaker 3: diehard tennis fans obviously this is a major annual event.

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Speaker 3: So who do you think are the favorites this year?

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Speaker 9: When you look at the men's side, you know, this

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Speaker 9: is another tournament this year that we're not going to

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Speaker 9: see Carlos Alkarez, the number two player in the world.

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Speaker 9: I think the man to beat and like much of

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Speaker 9: the year, is going to be Onick Center, the number

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Speaker 9: one player, even though he hasn't won a Grand Slam

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Speaker 9: this year, He's won pretty much everything else. He is

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Speaker 9: the defending champion as well. I think, you know, you

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Speaker 9: could also say that Novak Djokovic, this might be his

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Speaker 9: last good shot at number twenty five for him. I

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Speaker 9: think Jack Draper hometown hero. He's coming off of injury.

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Speaker 9: He has Andy Murray on his coaching team this upcoming Wimbledon.

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Speaker 9: He's playing good and I think he he's going to

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Speaker 9: have the backing of the British British crowd of course,

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Speaker 9: so I wouldn't count Jack Draper out as well. On

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Speaker 9: the women's side, I think it's going to be a

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Speaker 9: bit of a toss up. Last year we saw kind

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Speaker 9: of a random winner in Egos Friantek. I think it's

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Speaker 9: going to be a toss up on the women's side.

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Speaker 9: I would say it's going to be a random winner.

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Speaker 9: I think Arena Sabalenka, the number one player, has been

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Speaker 9: a little bit shaky. She lost in Berlin a few

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Speaker 9: weeks ago to Jessica Pagoula, so we'll see. It's going

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Speaker 9: to be a toss up on the women's side.

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Speaker 3: I show Serena is back playing at Wimbledon, why do

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Speaker 3: you think she's coming back at this point in her career?

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Speaker 3: What do you think she's going to serve off at Wimbledon.

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Speaker 9: It's going to be a challenge for Serena. You know,

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Speaker 9: she's coming back without much match play at forty four

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Speaker 9: years old. It's going to be quite demanding physically to

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Speaker 9: play singles on the grass courts. We're going to see

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Speaker 9: she is one of the greatest competitors, if not the

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Speaker 9: greatest competitor of all time. But if I was a

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Speaker 9: betting woman, I wouldn't put my money on her.

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Speaker 10: To say that.

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Speaker 3: Okay, so those are all the runners riders then, and

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Speaker 3: what maybe possible on court? I mean also we're going

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Speaker 3: through a heat wave in the UK, so if that

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Speaker 3: continues is going to be quite interesting and maybe shake

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Speaker 3: things up. Certainly presents some difficulties for the grass courts,

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Speaker 3: of course, as sent to Court Jamie. The business side

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Speaker 3: of this, I mean, why are we seeing so much

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Speaker 3: demand though for these debenches tickets? I mean they've existed

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Speaker 3: for ages. The structure of them has kind of changed

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Speaker 3: over time, hasn't it the rights that it confers on people?

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Speaker 3: But you've written a really interesting story about the price

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Speaker 3: of these particular tickets in the sporting world has just

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Speaker 3: gone through the roof. It's astronomic. Why what is driving

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Speaker 3: that demand?

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Speaker 8: Yeah, right, you know when I mentioned earlier they went

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Speaker 8: on sale for one hundred and sixteen thousand pounds. That

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Speaker 8: sounds a lot. But in the two years since, you know,

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Speaker 8: recent trading prices are up at nearly four hundred thousand

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Speaker 8: for these So you're talking, you know, that's more than

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Speaker 8: you know made of in video stock in that time.

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Speaker 8: You know, it's pretty incredible. The demand is part of

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Speaker 8: in line the ticket prices as well, like the demand

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Speaker 8: generally to attend is driving up ticket prices, which is

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Speaker 8: then driving up the debenture to the values. But but

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Speaker 8: like you say, it's you know, it's it's interesting. It's

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Speaker 8: an interest from all around the world. You know, say,

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Speaker 8: if you're growing demand from India as well, which you

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Speaker 8: know that you're seeing. You know, younger people from India

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Speaker 8: travel around the world, especially to places like London in

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Speaker 8: the summer. They might go to the cricket this summer

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Speaker 8: and then they might think what else can I go to?

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Speaker 8: And they might think, oh, I can spend some money

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Speaker 8: and go to Wimbledon as well and other popular sport there.

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Speaker 8: US is really driving that demand. As I mentioned, still

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Speaker 8: they're the they're the main buyers of these on the

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Speaker 8: resale market and driving up the cost. But it's you know,

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Speaker 8: sport generally, valuations arising, whether it's teams, franchises or ticket prices,

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Speaker 8: it's all it's all going up.

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Speaker 3: Yeah, we've been talking about the World Cup and the

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Speaker 3: dynamic pricing there and all the controversies around that. I showed.

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Speaker 3: There's also been a lot of controversy recently about how

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Speaker 3: much of a share of tournament winnings is actually paid

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Speaker 3: out to the players, What has happened and how might

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Speaker 3: we see things actually play out at Wimbledon this year.

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Speaker 9: So over the last couple of years, there's been constant

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Speaker 9: discussions amongst between players and the four Grand Slams about

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Speaker 9: revenue share. The players are demanding a higher revenue share

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Speaker 9: coming from the tournaments. They're seeking about twenty two percent

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Speaker 9: by twenty thirty. Currently each Grand Slam has different percentages

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Speaker 9: I think, ranging from about twelve to sixteen percent, and

433
00:23:35,960 --> 00:23:40,720
Speaker 9: so they're arguing that compared to other sports, they're receiving

434
00:23:40,800 --> 00:23:45,160
Speaker 9: less of the revenue from these major tournaments as Jamie's

435
00:23:45,200 --> 00:23:47,520
Speaker 9: been saying, they've only been getting you know, they've only

436
00:23:47,560 --> 00:23:50,200
Speaker 9: been receiving more and more money, and so players want

437
00:23:50,200 --> 00:23:52,080
Speaker 9: a little bit more say and how much they're making.

438
00:23:52,440 --> 00:23:55,800
Speaker 9: They also want to they want a little bit more

439
00:23:55,800 --> 00:24:00,600
Speaker 9: say in how the scheduling is being implemented the season.

440
00:24:00,680 --> 00:24:03,360
Speaker 9: Tennis is one of the longest sports when you look

441
00:24:03,400 --> 00:24:06,240
Speaker 9: at their season starts in January and things kind of

442
00:24:06,240 --> 00:24:09,320
Speaker 9: wrap up in November, so it's all year long, and

443
00:24:09,680 --> 00:24:13,359
Speaker 9: they want to be they want to hire, they want

444
00:24:13,440 --> 00:24:16,320
Speaker 9: more of a voice in how the scheduling has been

445
00:24:16,359 --> 00:24:19,440
Speaker 9: going on. And so these discussions which has been happening

446
00:24:19,920 --> 00:24:23,119
Speaker 9: between the players and each each of the four Grand

447
00:24:23,160 --> 00:24:26,679
Speaker 9: Slams separately, has been a lot of backdoor over the

448
00:24:26,760 --> 00:24:29,840
Speaker 9: last you know, eighteen months to twenty four months.

449
00:24:30,400 --> 00:24:32,480
Speaker 3: Great stuff, lovely to speak to both of you. Thank

450
00:24:32,520 --> 00:24:34,920
Speaker 3: you so much for your time. That is big Bergs

451
00:24:35,080 --> 00:24:39,480
Speaker 3: Jamie Nimmo and Aishadiano talking about Wimbledon. Hope some of

452
00:24:39,520 --> 00:24:43,240
Speaker 3: you out there get to snapops and tickets for sw

453
00:24:43,359 --> 00:24:46,680
Speaker 3: nineteen of course and all the tennis action. I'm Caroline

454
00:24:46,680 --> 00:24:49,040
Speaker 3: Hepga hit in London. You can catch us every weekday

455
00:24:49,080 --> 00:24:50,800
Speaker 3: morning here for a blue big day break you at beginning

456
00:24:50,800 --> 00:24:52,640
Speaker 3: at six am in London. That's one Amma.

457
00:24:52,720 --> 00:24:56,440
Speaker 2: We'll seek Nathan, Thanks Caroline, and coming up on Bloomberg

458
00:24:56,480 --> 00:24:58,600
Speaker 2: day Break weekend, we'll look ahead to some key readings

459
00:24:58,640 --> 00:25:02,600
Speaker 2: on growth and inflation or Vietnam's economy. I'm Nathan Hagar,

460
00:25:02,840 --> 00:25:17,119
Speaker 2: and this is Bloomberg. This is Bloomberg Daybreak Weekend, our

461
00:25:17,160 --> 00:25:19,879
Speaker 2: global look ahead, the top stories for investors in the

462
00:25:19,920 --> 00:25:22,679
Speaker 2: coming week. I'm Nathan Hager in Washington. This week we'll

463
00:25:22,720 --> 00:25:26,119
Speaker 2: get some key readings on growth and inflation in Vietnam.

464
00:25:26,280 --> 00:25:28,720
Speaker 2: For a closer look, let's get to Doug Krisner, host

465
00:25:28,760 --> 00:25:30,679
Speaker 2: of the Bloomberg Daybreak Asia podcast.

466
00:25:31,240 --> 00:25:34,560
Speaker 4: Thanks Nathan. Vietnam is a key member of ASSION, the

467
00:25:34,600 --> 00:25:39,080
Speaker 4: Association of Southeast Asian Nations, and together these eleven countries

468
00:25:39,160 --> 00:25:43,720
Speaker 4: make up the world's fifth largest economy. Among the major players,

469
00:25:43,760 --> 00:25:48,240
Speaker 4: we've got Indonesia, Singapore, Malaysia and of course Vietnam. Now

470
00:25:48,240 --> 00:25:51,320
Speaker 4: on its own, Vietnam is one of the world's fastest

471
00:25:51,359 --> 00:25:54,240
Speaker 4: growing economies. In the first five months of the year,

472
00:25:54,960 --> 00:25:58,320
Speaker 4: industrial production rose at an annual rate of nine point

473
00:25:58,359 --> 00:26:02,800
Speaker 4: one percent, and retails sales grew at eleven percent, and

474
00:26:02,840 --> 00:26:05,000
Speaker 4: I think it's fair to say those numbers would be

475
00:26:05,040 --> 00:26:08,560
Speaker 4: the envy of any jurisdiction. Now, in the week ahead,

476
00:26:08,560 --> 00:26:12,280
Speaker 4: we'll get Vietnam's GDP figures along with the latest monthly

477
00:26:12,359 --> 00:26:15,200
Speaker 4: reading on inflation, and for a closer look at the

478
00:26:15,280 --> 00:26:18,480
Speaker 4: Vietnam growth story and what we are likely to see

479
00:26:18,520 --> 00:26:20,439
Speaker 4: in the data in the week ahead, let's bring in

480
00:26:20,440 --> 00:26:25,320
Speaker 4: Bloomberg's Francesca Stevens. Francesca is our Vietnam Bureau chief, and

481
00:26:25,359 --> 00:26:27,800
Speaker 4: she is on the line from Hanoi. Thank you so

482
00:26:27,880 --> 00:26:30,160
Speaker 4: much for being here. So I kind of laid out

483
00:26:30,640 --> 00:26:33,040
Speaker 4: some of the data points around the growth story. I'm

484
00:26:33,080 --> 00:26:36,560
Speaker 4: curious as to how you believe the government is going

485
00:26:36,640 --> 00:26:39,880
Speaker 4: to view these numbers and the degree to which it's

486
00:26:39,920 --> 00:26:41,800
Speaker 4: trying to shape economic growth.

487
00:26:43,840 --> 00:26:48,280
Speaker 10: So we get the latest imprint next week, when the

488
00:26:48,320 --> 00:26:50,880
Speaker 10: big thing we're watching here is to see just how

489
00:26:50,960 --> 00:26:54,520
Speaker 10: far off the ten percent growth target Vietnam is at

490
00:26:54,520 --> 00:26:57,719
Speaker 10: the moment. Last quarter it came into sunder eight percent.

491
00:26:58,560 --> 00:27:01,840
Speaker 10: Anything around eight percent would still be great for Vietnam

492
00:27:01,920 --> 00:27:05,040
Speaker 10: because of the last few months when we've seen the

493
00:27:05,080 --> 00:27:09,159
Speaker 10: Iran war having an impact across this region, with rising

494
00:27:09,280 --> 00:27:14,280
Speaker 10: energy costs feeding into higher costs for pretty much everything,

495
00:27:15,000 --> 00:27:17,480
Speaker 10: So we're really watching out to see if the government

496
00:27:17,560 --> 00:27:21,160
Speaker 10: here starts softening its language on the double digit target.

497
00:27:21,840 --> 00:27:24,600
Speaker 10: There hasn't been any sign of that yet, and in fact,

498
00:27:24,640 --> 00:27:27,400
Speaker 10: in the last few months, we've just seen imports from

499
00:27:27,520 --> 00:27:32,040
Speaker 10: China continuing to surge, as have exports to the US

500
00:27:32,400 --> 00:27:35,960
Speaker 10: in the latest In the most recent US data, actually

501
00:27:36,040 --> 00:27:39,840
Speaker 10: Vietnam posted the second largest deficit with the US, behind

502
00:27:40,080 --> 00:27:44,720
Speaker 10: Taiwan and ahead of Mexico and China. But as I said,

503
00:27:44,760 --> 00:27:48,160
Speaker 10: one of the bigger concerns here at the moment is inflation.

504
00:27:49,040 --> 00:27:52,399
Speaker 10: It ticked up to over five percent in May, which

505
00:27:52,440 --> 00:27:56,520
Speaker 10: is over the government targeted at the moment, as that

506
00:27:56,720 --> 00:28:01,959
Speaker 10: surge in global energy prices trickle through. The government actually

507
00:28:01,960 --> 00:28:04,840
Speaker 10: at the moment is looking at the average for this year,

508
00:28:04,880 --> 00:28:07,640
Speaker 10: which is around four point three percent. So as far

509
00:28:07,720 --> 00:28:10,880
Speaker 10: as it's concerned, I think there is a little bit

510
00:28:11,080 --> 00:28:14,840
Speaker 10: of wiggle room. We are watching out to see if

511
00:28:14,840 --> 00:28:17,800
Speaker 10: we're going to see any adjustment to the key policy

512
00:28:17,880 --> 00:28:21,800
Speaker 10: interest rates here. We haven't seen any adjustment since the

513
00:28:21,960 --> 00:28:26,160
Speaker 10: summer of twenty twenty three, so it's been quite a while.

514
00:28:26,240 --> 00:28:28,320
Speaker 10: But if the FED raises rates in the next few

515
00:28:28,320 --> 00:28:31,760
Speaker 10: months that might change things. But in the meantime, as

516
00:28:31,760 --> 00:28:33,879
Speaker 10: I say that, the government here is hammering hard on

517
00:28:34,280 --> 00:28:39,400
Speaker 10: the growth story. We've got massive construction going on across Vietnam,

518
00:28:39,480 --> 00:28:43,480
Speaker 10: including here in Hanoi, where there's a big two point

519
00:28:43,520 --> 00:28:47,800
Speaker 10: five trillion plan to overhaul the city. There's construction everywhere,

520
00:28:49,480 --> 00:28:53,200
Speaker 10: and the government's really pushing hard on that growth story.

521
00:28:53,600 --> 00:28:56,280
Speaker 4: So I think of manufacturing obviously when I think of

522
00:28:56,320 --> 00:28:59,600
Speaker 4: the Vietnamese economy. Also logistics talk to me a little

523
00:28:59,600 --> 00:29:03,239
Speaker 4: bit about how the economy is undergoing some sort of

524
00:29:03,320 --> 00:29:07,959
Speaker 4: digital transformation, and also where green energy fits in as

525
00:29:08,000 --> 00:29:10,040
Speaker 4: part of the growth story.

526
00:29:10,400 --> 00:29:13,840
Speaker 10: So there is a lot of messaging here around the

527
00:29:13,920 --> 00:29:17,400
Speaker 10: green transition, and it is really important for Vietnam because

528
00:29:18,080 --> 00:29:21,200
Speaker 10: it's on the frontline of climate change where its long coastline.

529
00:29:21,240 --> 00:29:25,360
Speaker 10: We saw really intense storms last year, and that's only

530
00:29:25,840 --> 00:29:29,840
Speaker 10: exacerbated the need for this push to green energy, and

531
00:29:29,880 --> 00:29:33,160
Speaker 10: particularly after the last few months when obviously we've seen

532
00:29:33,200 --> 00:29:36,760
Speaker 10: all the uncertainty because of what's been happening in the

533
00:29:36,800 --> 00:29:40,520
Speaker 10: Middle East. So the government has been pushing hard to

534
00:29:42,880 --> 00:29:46,520
Speaker 10: improve the renewable energy space here, but there are a

535
00:29:46,520 --> 00:29:52,640
Speaker 10: lot of complexities around how the grid operates how EVI

536
00:29:52,880 --> 00:29:57,760
Speaker 10: and the state owned utility manages its relations with renewable

537
00:29:57,840 --> 00:30:01,640
Speaker 10: energy companies that want to come in, and there are

538
00:30:01,680 --> 00:30:06,120
Speaker 10: there are there are a few ongoing issues around historic

539
00:30:06,160 --> 00:30:09,280
Speaker 10: feed in tariffs for energy companies. So there is a

540
00:30:09,320 --> 00:30:13,840
Speaker 10: big push to improve the renewable energy sector here, and

541
00:30:13,920 --> 00:30:19,000
Speaker 10: you know, solar power is obviously something that Vietnam could

542
00:30:19,040 --> 00:30:21,240
Speaker 10: be making the most of. In fact, some of the

543
00:30:21,280 --> 00:30:25,680
Speaker 10: industrial parks are now starting to install their own rooftop

544
00:30:25,800 --> 00:30:29,760
Speaker 10: solar systems. There has been a push to get offshore

545
00:30:29,800 --> 00:30:31,840
Speaker 10: wind up and running, but again there have been a

546
00:30:31,880 --> 00:30:38,040
Speaker 10: few challenges with that implementation. And also there's a there's

547
00:30:38,040 --> 00:30:42,400
Speaker 10: been a big push to integrate more LNG into the

548
00:30:42,560 --> 00:30:47,680
Speaker 10: energy mix, but Vietnam's coming from a slightly standing start,

549
00:30:47,720 --> 00:30:50,120
Speaker 10: I think when it comes to LNG. So there is

550
00:30:50,160 --> 00:30:53,640
Speaker 10: a lot of discussion about bringing more energy into the mix,

551
00:30:53,680 --> 00:30:56,440
Speaker 10: but the infrastructure isn't there yet. So at this point

552
00:30:56,800 --> 00:30:59,680
Speaker 10: they're still at the implementation stage of trying to figure

553
00:30:59,680 --> 00:31:03,880
Speaker 10: out how and where to build the necessary terminals, the

554
00:31:03,920 --> 00:31:06,959
Speaker 10: necessary infrastructure to get the L and G in. And

555
00:31:07,000 --> 00:31:10,120
Speaker 10: then in addition to that, there is a proposal to

556
00:31:10,280 --> 00:31:15,080
Speaker 10: revive nuclear power. There's two nuclear power plants down in Nintwan,

557
00:31:16,040 --> 00:31:19,360
Speaker 10: which the government is trying to revive on a very

558
00:31:19,440 --> 00:31:22,560
Speaker 10: quick timeline. There is Russian involvement in one of those

559
00:31:22,640 --> 00:31:26,640
Speaker 10: nuclear power projects, and South Korea has expressed an interest

560
00:31:26,640 --> 00:31:29,160
Speaker 10: in being involved in the second, but those are still

561
00:31:29,200 --> 00:31:32,240
Speaker 10: a little way off when it comes to coming on stream,

562
00:31:32,440 --> 00:31:35,280
Speaker 10: and health painted contribute to the energy mix.

563
00:31:35,480 --> 00:31:38,000
Speaker 4: So we know that the export economy is a very

564
00:31:38,000 --> 00:31:42,280
Speaker 4: important driver of growth. We also know that tariffs have

565
00:31:42,560 --> 00:31:46,320
Speaker 4: been a major instrument of trade policy from the Trump administration.

566
00:31:47,160 --> 00:31:50,920
Speaker 4: They were applied a while back on goods leaving Vietnam

567
00:31:51,200 --> 00:31:54,680
Speaker 4: for the US, and the reason this was done strategically

568
00:31:54,920 --> 00:31:57,320
Speaker 4: was to try to get an upper hand in negotiating

569
00:31:57,320 --> 00:31:59,800
Speaker 4: a trade agreement. So there was some sort of deal

570
00:31:59,800 --> 00:32:04,280
Speaker 4: that was agreed to. And I'm curious as to get

571
00:32:04,320 --> 00:32:06,680
Speaker 4: your take on where we stand right now in the

572
00:32:06,720 --> 00:32:10,080
Speaker 4: story of US Vietnam trade. Where are we now.

573
00:32:11,160 --> 00:32:15,600
Speaker 10: It's been a really long journey with the trade deal

574
00:32:15,680 --> 00:32:18,600
Speaker 10: and they're still at this stage, is still not a

575
00:32:18,720 --> 00:32:21,840
Speaker 10: final trade agreement between the US and Vietnam. They came

576
00:32:21,880 --> 00:32:26,240
Speaker 10: out with a framework last October, but since then we

577
00:32:26,360 --> 00:32:29,480
Speaker 10: haven't seen the final deal signed, and actually In the

578
00:32:29,560 --> 00:32:32,840
Speaker 10: last few weeks there's been more pressure from the US,

579
00:32:32,880 --> 00:32:37,080
Speaker 10: so Vietnam is now facing three separate Section three oh

580
00:32:37,160 --> 00:32:43,160
Speaker 10: one investigations alleged excess manufacturing capacity, forced labor, and the

581
00:32:43,240 --> 00:32:49,120
Speaker 10: most recent was into IP violations. In fact, in the

582
00:32:49,160 --> 00:32:52,880
Speaker 10: most recent report, Vietnam was the only country named as

583
00:32:52,920 --> 00:32:55,960
Speaker 10: a priority foreign country, as a sign of just how

584
00:32:56,120 --> 00:33:01,160
Speaker 10: seriously the US is targeting Vietnam under these these various

585
00:33:01,160 --> 00:33:05,600
Speaker 10: different investigations. So is this going to force Vietnam back

586
00:33:05,640 --> 00:33:09,360
Speaker 10: to the table to sign a trade deal soon? Quite possibly.

587
00:33:09,920 --> 00:33:14,520
Speaker 10: The deal got bogged down by discussions over what constituted transhipment,

588
00:33:14,600 --> 00:33:18,520
Speaker 10: which was one of the headline headline figures that came

589
00:33:18,520 --> 00:33:22,640
Speaker 10: out of the trade deal negotiations last year, with the

590
00:33:22,720 --> 00:33:26,720
Speaker 10: US threatening a forty percent tariff on good steam to

591
00:33:26,760 --> 00:33:29,280
Speaker 10: be transhipped. But there were very but there were many

592
00:33:29,320 --> 00:33:33,200
Speaker 10: questions around how that would be defined and how you

593
00:33:33,240 --> 00:33:37,200
Speaker 10: would monitor it, etc. And as far as we understand,

594
00:33:37,480 --> 00:33:39,400
Speaker 10: that is still one of the issues that is holding

595
00:33:39,480 --> 00:33:45,680
Speaker 10: things up, as well as the situation around intellectual property violations,

596
00:33:45,760 --> 00:33:51,400
Speaker 10: which the US has been coming down hard on Vietnam

597
00:33:51,680 --> 00:33:55,800
Speaker 10: on in recent weeks now, Vietnam has has been very

598
00:33:55,880 --> 00:34:00,520
Speaker 10: vocal about stepping up its campaigns against fake counterfeit goods,

599
00:34:00,920 --> 00:34:06,280
Speaker 10: shutting down piracy websites, etc. But at singstand at this moment,

600
00:34:06,400 --> 00:34:09,560
Speaker 10: it doesn't seem like that's been enough to convince US

601
00:34:09,560 --> 00:34:14,880
Speaker 10: investigators that it's doing enough. And in the meantime, Vietnam

602
00:34:15,000 --> 00:34:18,319
Speaker 10: is continuing to balance its relations with China. We're still

603
00:34:18,320 --> 00:34:22,640
Speaker 10: seeing a lot of Chinese involvement and investment in northern Vietnam.

604
00:34:23,040 --> 00:34:26,880
Speaker 10: They're working on three different rail link rail links together

605
00:34:27,000 --> 00:34:31,440
Speaker 10: to connect northern Vietnam to southern China. And we're also

606
00:34:31,480 --> 00:34:34,160
Speaker 10: waiting for an announcement at the moment about who will

607
00:34:34,200 --> 00:34:37,800
Speaker 10: win the contracts for a north south high high speed

608
00:34:37,920 --> 00:34:42,960
Speaker 10: rail project, which again could be Chinese involvement. So as always,

609
00:34:43,080 --> 00:34:47,239
Speaker 10: Vietnam making sure to balance its relations with the two

610
00:34:47,320 --> 00:34:49,279
Speaker 10: big superpowers as carefully as ever.

611
00:34:49,520 --> 00:34:51,920
Speaker 4: For the investment community, I'm curious about the way in

612
00:34:51,960 --> 00:34:55,080
Speaker 4: which Vietnam should be viewed. For such a long time,

613
00:34:56,200 --> 00:34:58,680
Speaker 4: it was viewed as a frontier market, and I would

614
00:34:58,680 --> 00:35:01,799
Speaker 4: imagine that there are still a diversity of opinions in

615
00:35:02,000 --> 00:35:06,320
Speaker 4: understanding the type of market that Vietnam represents in terms

616
00:35:06,320 --> 00:35:11,879
Speaker 4: of investment opportunities. Give me a sense of what we're

617
00:35:11,880 --> 00:35:14,880
Speaker 4: looking at in terms of scope and how Vietnam is

618
00:35:14,920 --> 00:35:17,080
Speaker 4: being viewed right now, and maybe a little bit of

619
00:35:17,080 --> 00:35:20,280
Speaker 4: the diversity of opinion that's that's out there.

620
00:35:21,360 --> 00:35:23,360
Speaker 10: Look, I would say on the whole, there is a

621
00:35:23,480 --> 00:35:28,840
Speaker 10: huge amount of optimism around the Vietnam market at the moment.

622
00:35:29,360 --> 00:35:32,399
Speaker 10: We've got the foot see Russell upgrade from from Tier

623
00:35:32,480 --> 00:35:36,680
Speaker 10: market to emerging market status that's going ahead in September,

624
00:35:37,000 --> 00:35:39,800
Speaker 10: but that's really seen as just one step on the

625
00:35:40,239 --> 00:35:44,200
Speaker 10: much bigger path that Vietnam wants to take, which is

626
00:35:44,920 --> 00:35:49,400
Speaker 10: getting upgraded by MSCI. There was a review last week

627
00:35:49,520 --> 00:35:52,759
Speaker 10: where there had been some hopes that Vietnam would be

628
00:35:53,280 --> 00:35:55,960
Speaker 10: placed on the watch list for the upgrade, but it

629
00:35:56,040 --> 00:35:59,520
Speaker 10: seems that it's too soon for MSCI. And there are

630
00:35:59,560 --> 00:36:03,880
Speaker 10: a few issues that they raised which are which you know,

631
00:36:03,960 --> 00:36:07,840
Speaker 10: reflect the broader concerns of the investment community, and that

632
00:36:07,960 --> 00:36:12,840
Speaker 10: is around low free float levels some firms. They also

633
00:36:13,000 --> 00:36:17,640
Speaker 10: raise continued limits on foreign ownership, which is really really

634
00:36:17,719 --> 00:36:19,840
Speaker 10: quite a big one for a lot of the investors

635
00:36:19,920 --> 00:36:24,200
Speaker 10: that we speak to. It also highlighted concerns about investability,

636
00:36:24,480 --> 00:36:30,200
Speaker 10: transparency and price discovery concerns as well as the absence

637
00:36:30,239 --> 00:36:35,319
Speaker 10: of an offshore currency market and onshore constraints. So there's

638
00:36:35,400 --> 00:36:39,160
Speaker 10: quite a few issues there that Vietnam knows it needs

639
00:36:39,200 --> 00:36:42,000
Speaker 10: to tackle if it wants to get onto that watch

640
00:36:42,080 --> 00:36:47,080
Speaker 10: list for MSCI. But having said that, it is also

641
00:36:47,360 --> 00:36:50,759
Speaker 10: taking some of the other reforms that have previously been

642
00:36:50,840 --> 00:36:55,120
Speaker 10: highlighted as necessary. So, for example, next year we're due

643
00:36:55,160 --> 00:36:58,480
Speaker 10: to see the establishment of a central counterparty clearing mechanism,

644
00:36:58,640 --> 00:37:01,920
Speaker 10: so that there was one of the that was one

645
00:37:01,960 --> 00:37:06,000
Speaker 10: of the big asks. And yeah, I think you know.

646
00:37:06,080 --> 00:37:11,520
Speaker 10: The perception is that the Vietnam is slowly making the

647
00:37:11,640 --> 00:37:15,240
Speaker 10: kind of steps of progress that the investors want to see,

648
00:37:15,840 --> 00:37:17,879
Speaker 10: but there still seems to be quite a way to go.

649
00:37:18,680 --> 00:37:22,400
Speaker 4: Super comprehensive report on what's happening these days with the

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00:37:22,480 --> 00:37:26,560
Speaker 4: Vietnamese economy. Francesca, thank you so very much. Bloomberg's Francesca

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Speaker 4: stevens Our, Vietnam Bureau Chief, joining from Hanoi. I'm Doug Chrisner.

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Speaker 4: You can catch us weekdays for the Daybreak Asia podcast.

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Speaker 4: It's available wherever you get your podcast. Nathan.

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Speaker 2: Thanks Doug, and that does it for this edition of

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Speaker 2: Bloomberg Daybreak Weekend. Join us again. Monday morning, five am

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Speaker 2: Wall Street Time for the latest don markets, overseas, and

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Speaker 2: the news you need to start your day. I'm Nathan Hager.

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Speaker 5: Stay with US.

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Speaker 2: Top stories and global business headlines are coming up right

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Speaker 2: now