Vietnam Emerges from the Crisis

Talk about bounce. The Vietnam stock market has outperformed all others in Asia since hitting a low in February. Since then it has risen by a remarkable 80 percent -- though at 425 on May 26, the index is still far from its all time peak of 1,174 reached in March 2007.

So is this the biggest of dead-cat bounces, a stunning rally within what is still esse…