Inflation in Vietnam is certainly better than last summer, but many things are still very over-priced. Vietnam needs a market correction in this regard. Even without the "world economic crisis" Vietnam would have a big problem this year over inflation. There were talks last summer that businessmen in Hanoi and HCMC would start jumping out windows by the end of the year--things didn't look good with or without a world economy problem.
I've been to Hanoi and HCMC recently and rooms were reasonable but I didn't see desperation. Mui ne continues to be full. Some say it's less than last year, but many resorts say they are booked full for the next few months. I was just all over Cambodia, and all the hotels were full. If you came to town in the afternoon without a reservation, you might have to go to several hotels before you found a room.
I admit I don't fully understand why it isn't worse than it is. I expected a near collapse by now. Perhaps it is because VN and Cambodia (presumably Laos as well) are more affordable than other countries in SE Asia and so tourists will come here instead? Maybe we'll be hit the least?