Propelled by surging exports, foreign direct investment and domestic consumption, communist-ruled Vietnam's economy has grown by 7.5 per cent a year on average over the past decade. Its expanding stock market and plans to partially privatise large state enterprises have grabbed the attention of foreign direct and portfolio investors.

But times are getting tougher for Vietnamese policymakers as they pursue their goal of 8-9 per cent growth this year against a backdrop of a US economic slowdown, sharply rising global commodity prices and international currency re-alignments.