As real estate investment volumes slump globally, Vietnam appears to represent a relative bright spot for institutional investors among otherwise challenging property markets in emerging Southeast Asia.“For institutional capital, Vietnam sits at the top of the pile,” Matt Nortcliff, Private Investment Funds partner, told AsianInvestor. “In terms of a manufacturing base, it has been a beneficiary of ‘China-plus-one’,” he said, referring to the risk-mitigating business strategy of avoiding investing only in China and diversifying business operations and supply chains into other markets.