COVER STORY - Why the market opposed Morgan Stanley's tie-up

The Wall Street bank's audacious bid to form a securities joint-venture with Vietnam's de facto sovereign wealth fund was scrapped after intense lobbying by rival bankers. While Morgan Stanley has since sealed a landmark tie-up with a local brokerage, it was not the contract it originally coveted. But all this effort raises the question: will invstment banks ever turn Vietnam's potential into profits? Chris Wright reports.