The Ho Chi Minh Exchange, which lost two-thirds of its value in 2008 and hit a low this past February, has risen 2% overall since the beginning of the year and 36.6% since late February.  Thus, while the market has underperformed Malaysia, which is up 5.3%, it outperformed Thailand, down 2.8%.  The government forecasts 5-5.5% growth in GDP, while the Asian Development Bank expects 4.5% growth, among the highest in south-east Asia.  Moreover, inflation is now in the single digits for the first time in 19 months.  Per the Financial Times:

Vietnam’s economy is starting to respond to an aggressive government stimulus program, which the IMF forecasts will cost a total of $3.8bn, or 4% of GDP. It includes some direct cash transfers but most of the money is designed to keep industry, including the vital export sector, running through the downturn.  The government has subsidized loans, improved access to export credit guarantees and significantly reduced income tax.

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