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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


, 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

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

Another caller wanted to know why


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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

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"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



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


, appeared on the show to tell viewers that

Take-Two Interactive

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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



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'

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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:




He called the conglomerate the Japanese version of

General Electric

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, 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

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UnitedHealth Group

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Grant Prideco






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Birch Mountain Resources






Computer Sciences



Adobe Systems

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Cornell Companies




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Calgon Carbon

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Whole Foods



Cramer was bearish on


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OraSure Technologies

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Sonus Networks



Intuitive Surgical

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Walt Disney

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Arena Resources

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FLIR Systems

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Rite Aid

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Harris & Harris







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


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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, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of 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, 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 is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.