Spent a week working in Vietnam at the end of last month. Over all I was quite impressed/pleased. Very comfortable, if still not much slower than China and must less developed/expensive than Hong Kong and Shenzhen too.
I noted some major differences and similarities with China (and Thailand).
First, Vietnam at 7AM on a Sunday in April:

And now, Shenzhen at 7AM on a Wednesday of the next week:

For some reason, couldn't get these photo up on the SRI blog. So this is a bonus version!!
Second, Chinese population is HUGE in VN. Something more than 1 million, most of them involved in business. We did all our factory work in either Mandarin or Cantonese.
Third, environmentally and in terms of level of development, it was very similar to Thailand 20 years ago. Just better internet access and more bread.
For more, you can read my post over at
SRI.