The claim that the boy may have unusually good night vision is possible. The other claims associated with the story seem to have been exaggerated or misinterpreted.
I'm going to quoting excerpts from this LiveScience article from January 31st, 2012.
Night vision is made possible by a layer of cells, called the tapetum
lucidum, in the eyes of cats and other nocturnal animals. This thin
layer is a "retroreflector" — when a beam of light hits it, it
reflects the light directly back along its incoming path. The
reflected beam constructively interferes with the incoming light beam,
amplifying the overall signal that hits the retina and enabling the
animal to see in very low-light conditions. Retroreflection also
causes cat eyes to flash when they are lit upon at night, and experts
say Nong's eyes, if they are truly catlike, should do the same.
In the footage, Nong's teacher claims the boy's eyes flash when shined
with a flashlight in the dark, but the reporters don't seem to be able
to catch the effect on camera. When Nong's eyes are illuminated in the
dark, they appear normal. James Reynolds, a pediatric ophthalmologist
at State University of New York in Buffalo, noted, "A video could
capture [eyeshine] easily, just like in nature films of leopards at
in the footage, the reporters gave Nong a questionnaire to fill out
while sitting in a dark room, and they acted surprised by his ability
to see and complete the fill-in-the-blank form. Even if he doesn't
have cat eyes, he may nevertheless have unusually good night vision,
Reynolds said. He could have a rod-rich retina, for example — a retina
that contains a higher than usual number of cells involved in light
detection. Or the video could be a total hoax.
The best answer seems to be that at the moment, we don't know. The claims about the boy having cat's eyes, his eyes glowing or other similar claims are unlikely for the reasons explained by the experts in the LiveScience article.
Whether or not the boy has unusually good night vision remains to be seen.