A lot of lending is going on in the form of dollars, which is reflecting international interest rates.

The Vietnam accounting standards for non-performing loans show a rate of about 4 percent. But if they were to apply international standards the rate would probably be closer to 15 percent, a very high rate indeed.

China is accounting for ever larger proportions of research and development financing, but Vietnam is still not in that game yet.

In just about every sector you can think of, there's been an ongoing process of reform.

You'll find tremendous enthusiasm among the foreign community for Vietnam as the next rising star.