VietNamNet Bridge - Vietnam is among the emerging countries to challenge booming economies like Brazil, Russia, India and China, said a local newspaper.

"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," the Sunday Times reported.

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

"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 paper quoted Mick Gilligan of Killik, an adviser, as saying.

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 Ha Noi.

According to Goldman Sachs, Vietnam along with Mexico, the RoK and Turkey have the potential to become as important as China and India are now over the next 30 years.

The American investment bank pointed out that over the past three years, 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.

(Source: VNA)