"Goldman Sachs, the American investment bank that coined the term Bric (Brazil, Russia, India and China), compiled a list of the "next 11" regions it thinks are snapping at Bric's heels - Bangladesh, Egypt, Indonesia, Iran, the Republic of Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey and Vietnam," said the Sunday Times.

The paper highlighted that with a projected expansion of 8 percent a year for the next five years, Vietnam's economic growth is close to rivaling that of China and India. Its stock market is up a spectacular 500 percent since 2003 and 95 percent over the past year.

The paper quoted Mick Gilligan of Killik, an expert, as saying that "Vietnam has a young, well-educated population, distinguishing it from some other emerging markets and indeed some western economies, providing it with a strong workforce."

The new JSM Indochina fund, listed on London 's Alternative Investment Market, is seeking 300 million GBP to invest in shopping centres and serviced apartments in Ho Chi Minh City and Hanoi.

According to Goldman Sachs, Vietnam, along with Mexico, the RoK and Turkey, has the potential of becoming as important as China and India are now in the next 30 years.

The American investment bank pointed out that over the past three years, the economic growth across the "next 11" regions has averaged 5.9 percent, the strongest in 15 years and more than double the 2.3 percent average in Europe.