Vietnam is on a roll

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Vietnam is a bright spot in the global economy: its official 2016 growth target is 6.7%. The country has become the most popular destination for foreign direct investment in Asia.

Cheap labour has made it appealing, but it isn't just a T-shirt and shoe manufacturer, notes Wirtschaftswoche. Tech giants such as Samsung and Intel have bases there. The 93-million-strong, youthful population bodes well for long-term consumption.

Index provider MSCI is likely to redesignate it from frontier to emerging market in the next 18 months, adds Tim Price of PFP Wealth Management. That will "open the floodgates to billions in foreign investment capital".

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Half the market trades on a price/earnings ratio of below ten. The VinaCapital Vietnam Opportunity fund (Aim: VOF) is on a discount of 23% to net asset value.