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Vietnam's Hottest Stock -- and You Can Slurp It

"[Vinamilk] is run in accordance with all the best standards of corporate governance," he adds. Vinamilk is PXP's biggest holding at one-fifth of the portfolio. The stock has given shareholders 22 times their money since 2005, Snowball says.

Investment in the 38-year-old dairy will surge further if the government finalizes rules letting foreign funds own majority shares in companies on the liquidity-strapped Ho Chi Minh City stock exchange. Today the cap is 49% in most companies.

Will the golden cow tip over by then?

Read More: How the American Air Merger Helped Charlotte, Philly and Fort Wayne

Vinamilk revenues were projected to rise 17% last year, but profits were anticipated to fall 8% to $284 million, according to the official Viet Nam News. "Fierce competition" and a drop in "purchasing power" despite aggressive marketing have set back profits, company Chairwoman Mai Kieu Lien said in April, according to the news service.

Vinamilk will still see 6% earnings growth this year and a more "normal" 21% next year, Snowball forecasts.

At the time of publication, the author held no positions in any of the stocks mentioned.

Follow @laowiseass

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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