Two Emerging Markets: One So Sweet, One So Sour

Emerging-market watchers always seem to have a "flavor of the month." An estimated $50 billion will pour into developing-country stocks in 1996, most of it into hyped-up favorites. But these are not investments that let you sit back and relax. Egypt is an exotic market that currently has investors enthralled as economic reform gets under way. Vietnam, on the other hand, remains discouraging despite 10 years of restructuring.

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