Companies interested in direct investment in emerging economies should consider several nations outside some of the more traditional choices, according to a study by PricewaterhouseCoopers. The company's first EM20 Index ranks 20 key emerging markets according to attractiveness for overseas investment. Vietnam tops the list, followed by China, Poland, Chile, and Malaysia in second through fifth positions, respectively. According to the study authors, the rankings incorporate both the risk and return associated with investment in a particular country. "Vietnam and Malaysia are now serious rival destinations [to India and China] in Southeast Asia, while Poland may rank high for companies seeking a relatively low-cost location in close proximity to the major European markets," says Ian Coleman, head of emerging markets for PricewaterhouseCoopers.