The BRIC (Brazil, India, Russia, China) exchange traded funds (ETFs) have been much-ballyhooed in the wake of the global economic recovery, but there’s a new acronym in town: the MAVINS.

BRIC countries  have been given a lot of press lately, but there are other interesting things taking place outside of the four economies, primarily in a group of countries categorized as the “MAVINS,” according to the ETFDesk Daily. [The BRIC economies today.]

While they’re not all emerging markets, one thing they all bring to the table is potential, thanks to strengthening economies and increasing growth potential.

Just who are these people, and why should we be paying attention?

Mexico. The country has a growing middle class and a positive population growth trajectory. Observers believe that the close proximity to the United States will allow Mexico’s government to basically become an extension of the U.S. economy and rapidly allow Mexico to close its income gap with us. Furthermore, Mexico is also a commodities play. The country is the world’s seventh largest oil producer, as well as a large exporter of silver, fruits, cotton and coffee. [The key to Mexico’s success.]

  • iShares MSCI Mexico Investable Mkt Idx (NYSEArca: EWW)

Sector Allocations: Telecommunications Services, 35.2%; Consumer Staples, 22.8%; Materials, 13.6%; Consumer Discretionary, 12.7%; Industrials, 9.1%.

Australia. Australia is the richest commodities source in the world and it basically backs Chinese growth. China is Australia’s largest trading partner and is also a major investor of farmland and real estate in Australia. Additionally, the country has a well-developed manufacturing and services economy. The only problems that hold the country back are its water shortages and lower population per area of land. As the U.S. dollar appreciates, however, it could put more pressure on the carry trade and the Australian ETF.

  • iShares MSCI Australia (NYSEArca: EWA)

Sector Allocations: Financials, 43.6%; Materials, 26.3%; Consumer Staples, 10%; Energy, 6.8%; Industrials, 4.5%; Health Care, 3%; Consumer Discretionary, 2.2%.

Vietnam. Vietnam has a quickly liberalizing economy, near-term political stability and a centralized command of a communist government. The country has a rich farm lands and it is developing its manufacturing sector. The population in Vietnam is already larger than that of France or Germany, and population growth is on an upward trajectory. Vietnam shares a lot of economic similarities to the China of 20 years past, such as the much lower labor costs that will make it a manufacturing contender. [Vietnam on track for growth.]

  • Market Vectors Vietnam (NYSEArca: VNM)