China was once the world’s growth engine, but economic growth in the country is now running at its slowest pace in six years. The Chinese government learned some hard lessons in the Great Recession, such as not to rely on the developed world to buy everything you make. So it has been making over its economy to be more focused on domestic consumers. As a result, both industrial production and investment in the country has slowed markedly.

But China’s slow makeover is benefiting other countries on the Pacific Rim, as manufacturers, which looked to China for cheap labor, are finding better deals elsewhere. Vietnam particularly is luring many of those companies.

Vietnam is a young country demographically, with more than 60% of its 86 million people under the age of 35 and in their prime working years. The country also has a relatively modern and stable infrastructure, with more than 90% of the country having access to electricity. And in Vietnam, the average worker earns only about one-third to one-half what a Chinese worker earns.

That’s attracted a slew of manufacturers to the country, ranging from Ford and Toyota, which both now have plants in the country, to Intel and Samsung Electronics, which have chip fabrication facilities and assembly operations in Vietnam. Foreign investment in the country has risen from virtually nil a decade ago to about $5 billion annually over the past five years, with the Vietnamese government welcoming businesses of all sorts to the country.

All of that investment has helped drive strong economic growth in the country, with GDP up by more than 6% last year. The country’s economy is expected to grow by about 6.2% this year, even as the government slows its spending to avoid racking up a large national debt. That consistent growth, coupled with the government’s close attention to debt levels and its measures to enhance property rights, is a big reason by we think the country makes a great investment.