A Vietnam-focused exchange traded fund (ETF) may not be so far off. The country continues to post strong economic growth despite the U.S. economic slowdown. Prime Minister Nguyen Tan Dung said the country’s government was committed to a target of 8-9% for annual GDP growth.

Carl Delfeld of ETF Folio reports that Vietnam is trying to increase exports to the large markets of the Middle East and Africa, along with the United States, Europe, China and Japan.

One concern investors in Vietnam could have is the country’s surge in inflation, which rose to 15.7% in February. Another potential problem is the country’s lack of progress and lack of appetite for a more open political system.

If Vietnam chooses, it has the potential to capitalize on a number of things in its favor. According to the CIA World Factbook, it has a wealth of natural resources, including phosphates, coal and offshore oil and gas deposits. As of 2007, 67.9% of its population was between the working ages of 15-64.

Tags: Asia, Coal, Emerging Markets, ETNs, Natural Gas, UNG, Vietnam