HANOI — Fueled by the latest investment boom, Vietnam is one of the world's fastest-growing economies.

Japanese companies are flocking to Vietnam with massive investments, whether as a hedge against China, widely known as the China-plus-one strategy, or as a country beginning to rival the so-called BRICs emerging economies of Brazil, Russia, India and China.

Indeed, Vietnam, which joined the World Trade Organization in January, has achieved remarkable economic growth in recent years.