We are upbeat about Vietnam’s long-term prospects. The country’s relatively low level of GDP per capita and recent accession to the World Trade Organisation mean that it can expect to experience an extended period of catch-up growth over the next few years, while favourable demographics should support growth into the longer-term. And, although its smaller population means that it is clearly not going to be the new China, there is still a good chance of it eventually overtaking more established regional economies such as Thailand over the coming decades.