“We’re looking at Vietnam as a very interesting destination at this point,” Naik said. “With manufacturing moving to Vietnam, with more employment getting created there, people having higher disposable income, that starts a trend of consumption story.”

Analysts previously said Vietnam, which exports phone parts, furniture, automatic data process machines, emerged as the largest beneficiary as trade flows were diverted.

There are new opportunities for financial services too, he added, explaining that the manufacturing firms shifting to Vietnam need credit.

“So credit to the (small and medium enterprise) sector, credit to the mid-sized manufacturing unit, then creates another fillip or a boost to the financial services industry,” Naik said.

He did not mention any specific companies in Vietnam that General Atlantic is currently looking at.
But Naik noted that investors will need to grapple with a lot of local issues and nuances as they learn to operate in the local landscape.

“We need to have people on the ground that will really help us navigate those issues, but if you look at the foreign direct investment that’s happening in Vietnam at this point, you can see that the gates are opening,” he said.

Still, other analysts have cautioned that Vietnam may have other challenges.
Recently, the president and CEO of the US-ASEAN Business Council told CNBC that the labor market in Vietnam is tightening, and investors are now looking to move manufacturing into other Asian countries, like Thailand.