Senior business leaders attending a Pacific Rim economic conference today praised communist Vietnam for its progress in reforming its economy.
"Vietnam has demonstrated to the world its capacity for quantum leaps," said Craig Mundie, chief research and strategy officer for Microsoft.
"It's clear that the government has recognised that broad-based reform and economic liberalisation are essential to Vietnam's integration into the global economy," he told participants at the Asia-Pacific Economic Cooperation (APEC) summit.
Hanoi's role as host to the annual APEC event, which brings together President Bush and 20 other leaders for a weekend meeting, gives Vietnam a rare chance to showcase its transformation from a war-ravaged backwater to a fast-growing exporter.
More than 20 years of market-oriented reforms have made Vietnam APEC's fastest expanding economy after China, with growth racing ahead at a 7.5 per cent rate.
The CEO gathering follows two of the biggest business developments to hit Vietnam in years - its approval for membership in the World Trade Organisation and Intel's announcement last week that it will invest $1 billion in a chip plant in Ho Chi Minh City.
More investment deals involving US companies were announced yesterday.