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When

Intel

(INTC) - Get Report

applies with the government of Vietnam to build a semiconductor plant in Ho Chi Minh City, it's officially time to start investing in Vietnam, Jim Cramer said on Thursday's "Mad Money" TV show.

The country's economy grew at 8% in 2005, but no one knows how to play the country because it's bottled up tight. That is until now.

Cramer's done some homework and says the country is going capitalist.

"You don't get Intel begging to open up in communist countries," he said.

But it's in transition, and investing directly is too risky. The smart play is the banking system, since Cramer said everything in the country is financed by, and thus owned, by four banks.

So he suggested buying

Australia & New Zealand Banking Group

(ANZ)

, an Australian bank that owns 10% of a key Vietnamese bank that is due to start trading on the Ho Chi Minh City Stock Exchange.

ANZ is worth owning, Vietnam aside, he said. A caller agreed, saying that its compound annual growth rate was 16% over two years.

But the same caller said that the P/E of 17 that he had calculated is a bit expensive, and that the stock is near its 52-week high. So he asked if now is the right time to get in on ANZ.

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Cramer said that it's still a good buy, since he calculated a smaller P/E ratio. He added that

Commerce Bancorp

(CBH) - Get Report

is the only bank he would usually recommend with a P/E as high as 17.

Another caller wanted to know why

Intel's

(INTC) - Get Report

price is not reflecting the company's growth potential.

Cramer said that until the company adds a communications multiple, it will be treated like a PC play.

Progenics, an Undervalued Biotech

For viewers who want a biotech stock that can be bought simply because it's extremely undervalued, Cramer suggested

Progenics Pharmaceuticals

(PGNX) - Get Report

.

"I think we're all a little sick of speculating on overvalued biotech plays," he said, adding that Progenics is cheap even though it's trading just below its 52-week high.

The company is working on a drug to combat the negative side effects of painkillers like morphine.

If a doctor hands out this drug every time he hands out painkillers, that could be huge, Cramer said. That's why

Wyeth

(WYE)

cut a deal with Progenics worth $416 million.

The stock traded near $23 before the deal was announced, and is still under $27, a jump Cramer said does not reflect the value of the deal.

He said that the company's market cap is only $660 million. If you subtract the $120 million it has in cash and the cash from the Wyeth deal, the company is valued at $105 million, a price he called "insanely cheap."

Greenberg's Red Lights

Herb Greenberg, senior commentator for

MarketWatch

, appeared on the show to tell viewers that

Take-Two Interactive

(TTWO) - Get Report

is a dog and that its latest bad quarter is not an opportunity to buy.

Greenberg said the company is a disaster, with no reliable income statement, balance sheet or forecast.

The company's CEO said that he's upbeat about the global video-game market, but the head of Take-Two's global video-game division has quit.

He also took the wind out of

American Italian Pasta's

(PLB)

sails.

Greenberg said that the company's recent upgrades are based on previously reported numbers and that American Italian is restating those figures.

He added that the company has lost tremendous amounts of market share to names like Barilla.

He finished by saying that

Johnson Controls'

(JCI) - Get Report

stock is rising because the company is no longer tied to the auto industry.

Kyocera: The Next Samurai

Cramer wrapped up the show by adding another company to his Seven Samurai of Japanese Stocks:

Kyocera

(KYO)

.

He called the conglomerate the Japanese version of

General Electric

(GE) - Get Report

, since they make everything from ceramics to cell phones.

It has a lot of divisions, so it's a great way to play the turnaround in Japan's fortunes. And since it's coming out of 10 years of stagnation, it's very cheap right now.

As an added bonus, the company has a solar power division, a sector Cramer has given a big thumbs up.

Lightning Round

Cramer was bullish on

Beazer Homes USA

(BZH) - Get Report

,

UnitedHealth Group

(UNH) - Get Report

,

Grant Prideco

(GRP)

TradeStation

(TRAD)

,

Ameritrade

(AMTD) - Get Report

,

Birch Mountain Resources

(BMD)

,

Sonic

(SONC)

,

Computer Sciences

(CSC)

,

Adobe Systems

(ADBE) - Get Report

,

Broadcom

(BRCM)

,

Cornell Companies

(CRN)

,

Paccar

(PCAR) - Get Report

,

Walgreen

(WAG)

Calgon Carbon

(CCC) - Get Report

and

Whole Foods

(WFMI)

.

Cramer was bearish on

UPS

(UPS) - Get Report

,

Dendreon

(DNDN)

,

OraSure Technologies

(OSUR) - Get Report

,

Sonus Networks

(SONS)

,

Intuitive Surgical

(ISRG) - Get Report

,

Walt Disney

(DIS) - Get Report

,

Arena Resources

(ARD) - Get Report

,

FLIR Systems

(FLIR) - Get Report

,

Rite Aid

(RAD) - Get Report

,

Ford

(F) - Get Report

,

Harris & Harris

(TINY)

,

Albertson's

(ABS)

and

Flanders

(FLDR) - Get Report

.

For more of Cramer's insights during the Lightning Round, click here

.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.

At the time of publication, Cramer was long Ameritrade, Commerce Bancorp, Intel, UnitedHealth Group.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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