Fifty years after the fall of Saigon (or its liberation, depending on whom you ask), Vietnam has transformed from a war-torn battleground to one of Asia’s fastest-growing economies—and now finds itself caught between two superpowers. Ian Bremmer breaks down how Vietnam went from devastation in the wake of the Vietnam War to becoming a regional economic powerhouse.
For North Vietnam, the war was a hard-fought victory for independence; for South Vietnamese refugees, it marked a heartbreaking loss of homeland. For the United States, it was a national trauma and a cautionary tale about military overreach and unclear objectives. But beyond the battlefield, the country’s postwar path tells a remarkable story of recovery.
After years of economic stagnation and international isolation—including a costly occupation of Cambodia and reliance on a crumbling Soviet Union—Vietnam had little choice but to pivot. The collapse of the USSR forced the country to look elsewhere, and by the late 1990s, it began opening its economy to the West. With the normalization of ties under President Clinton, Vietnam entered a period of rapid economic growth, joining the WTO and becoming a major global exporter, particularly in manufacturing.
Today, Vietnam plays a careful geopolitical balancing act, especially as tensions rise between the US and China. When President Trump slapped sweeping tariffs on Vietnamese goods in April—only to pause them 90 days later—Chinese President Xi Jinping seized the moment to deepen ties with Hanoi. Now, Vietnam must decide whether Trump’s aggressive trade policy will push it further into China’s orbit, a reversal of centuries of resistance to Chinese influence.
GZERO World with Ian Bremmer, the award-winning weekly global affairs series, airs nationwide on US public television stations (check local listings).
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