Even when faced with momentary downturns, the Vietnamese are not deterred. A particularly tense situation occurred in 2002, when catfish exports to the United States were so pervasive that they threatened the U.S. domestic catfish industry. Pressured by lobbying from catfish farmers, the International Trade Commission imposed stiff tariffs on Vietnamese catfish - of as much as 64 percent - effectively pricing Vietnam out of the U.S. market.

The impact was felt throughout Vietnam's economy and, more specifically, by the 400,000 people whose income relied on the catfish industry. Farmers and processors were stimulated to seek new markets, and as a result, they restructured their industry to produce different species and expanded exports to Japan and Europe.

"They seem happy; they don't complain," says Frese. "The Vietnamese people are truly amazing. I've never seen a work ethic [like theirs]."

It's exactly this determination and willingness to work, some say, that is the key to Vietnam's attractiveness for investment. "Chinese work five-day weeks, but Vietnamese work six," says one Taiwanese businessman. "That's a 52-day difference every year."

Experts feel that this strong work ethic, combined with foreign investment and an ever-improving infrastructure, will sustain Vietnam's economic boom for some time.
"Vietnam has been experiencing steady growth now for over a decade," adds Brigham. "I think it is safe to say that the economy, with its new stock market and new banking system, is poised for more growth."

However, Adam McCarty, chief economist for Hanoi's Mekong Economics, cautions that this economy is very young and that time is still needed. "Vietnam is an emerging Asian Tiger, but we need to remember that it's still decades behind the level of development of regional neighbors like Thailand, China, and even Indonesia."