As a rule, the US secretary of state does not attend the funeral of the general secretary of a Communist party. Yet that is exactly what Washington’s top diplomat, Antony Blinken, had planned to do for the last rites of Nguyen Phu Trong, the longtime leader of Vietnam, who died in office on July 19, […]

The post Trong’s ‘bamboo diplomacy’ in posthumous perspective appeared first on Asia Times.

Shortly after his trip to North Korea last week, Russian president Vladimir Putin was greeted in the Vietnamese capital, Hanoi, as an old friend. His 22-hour state visit received the highest level of reception and resulted in a number of agreements on energy and science and technology. There was also talk of the once-close allies […]

The post The West needn’t worry about Putin’s visit to Hanoi appeared first on Asia Times.

Vietnam is home to the world’s second-largest reserves of rare earths, according to the US Geological Survey. Yet while the US and its allies seek a supply chain hedge to China’s domination of the critical minerals, Vietnam is struggling mightily to get them out of the ground and onto global markets. According to the International […]

The post Vietnam’s great untapped rare earth bounty appeared first on Asia Times.

More than 200 mostly young people gathered outside the Vietnamese embassy in London to protest against Vietnam’s ruling communist party, demanding the release of all prisoners of conscience and calling for democratic reforms. What was interesting about this protest that I attended in December 2023 was the age of the protesters. They were mostly young […]

The post Youthful Vietnamese migrants protest vs rulers back home appeared first on Asia Times.

In the scorching furnace of Vietnam’s anti-corruption campaign, the flames have raged fiercely, engulfing Communist Party officials like dry tinder. Some have been swiftly cast aside, while others saw their political careers reduced to smoldering embers. Initially, this situation appeared to signify a leadership crisis with the dismissal of five out of 18 Politburo members, […]

The post ‘Burning furnace’ purge stoking new faith in Vietnam appeared first on Asia Times.

The financial crisis of 2008 showed just how much the world depends on banks being well run. Since then, regulators have been given new powers to keep some of the biggest institutions on a much shorter leash to stamp out risk, greed and corruption. But this approach hasn’t worked everywhere. On April 11, 2024, a […]

The post Massive fraud case exposes Vietnam’s corrupt bank system appeared first on Asia Times.

The real estate tycoon at the center of a US$12.46 billion fraud case has been sentenced to death, a penalty which appears to have appeased an outraged Vietnamese public but may not be enough to stem rising concerns about the health of the financial system. Truong My Lan, chairwoman of Van Thinh Phat Holdings Group, […]

The post How deep is Vietnam’s financial rot? appeared first on Asia Times.

Vietnam’s presidency is an increasingly hazardous occupation for what is mainly a ceremonial position. Vo Van Thuong is the second president in a row to fail to serve a full term in office, having taken over from his predecessor Nguyen Xuan Phuc just over a year ago. Thuong submitted his resignation on Wednesday, which was […]

The post Another Vietnamese president bites the dust appeared first on Asia Times.

After two frustrating years of Covid-induced economic slowdown, Vietnam bounced back in 2022 with a strong performance — its GDP grew more than 8%.  In 2023, the government hoped that a stronger Chinese and global economy would allow a continuation of export-led growth, including growth in tourism and related services. Projections, or hopes, were for […]

The post Vietnam’s economic shine starting to fade appeared first on Asia Times.

Vietnam has become the only nation this year to host the leaders of the world’s two most powerful nations, underscoring the remarkable rise of a once-impoverished and war-stricken nation.  Vietnam’s famed “bamboo” diplomacy shifted into high gear this week, as the Southeast Asian nation hosted Chinese paramount leader Xi Jinping to mark a “new historic […]

The post Vietnam’s bamboo diplomacy with China appeared first on Asia Times.

Amid the Covid-19 pandemic and rising US-China trade tensions, Vietnam leapfrogged South Korea to become the United States’ sixth-largest trade partner by import value in 2022.  This jump represents an important pivot in Vietnam’s economy — Vietnam’s biggest export to the United States is no longer textiles and garments, but high-tech products. By the end of 2023, […]

The post A tiger economy starts to roar in Vietnam appeared first on Asia Times.

Vietnam is revising its social insurance law to discourage employees from withdrawing their social insurance premiums early and giving up their pensions. There is concern that the proposed changes might cause discontent among factory workers, many of whom have resorted to withdrawing social insurance premiums to overcome financial hardship. By law, both employers and employees […]

The post Pension reform a potential powder keg in Vietnam appeared first on Asia Times.

Vietnam is one of the great economic success stories of the past 35 years, having turned some US$450 billion in foreign direct investment (FDI) into major gross domestic product (GDP) and other gains. The country remains a leading destination for inward FDI, attracting global giants such as Samsung, Intel, LG, Toyota and Lego. FDI is an attractive mechanism for […]

The post FDI bonanza not trickling down in Vietnam appeared first on Asia Times.

HANOI – Vietnam’s once-thriving real estate sector is under stress as developers default on their bonds, a market downtrend set in motion last year by a government crackdown on dubious property deals. That, in systemic turn, is putting new strains on the banking sector. With economic growth projected to fall from 8% in 2022 to […]

The post Vietnam’s boom looking like a property bust appeared first on Asia Times.

Vietnam is undergoing a consultation process to amend its Land Law and the related Housing Law, amid declining consumer and investor confidence in Vietnam’s real estate market following rising interest rates and the arrests of two well-known property tycoons. Vietnam’s land, housing and real estate laws are publicly perceived as confusing and complex. A resolution of the Communist Party’s Central Committee issued on June 16, 2022, raised […]

The post Vietnam land ‘reforms’ won’t cede communist control appeared first on Asia Times.

The timing of US Secretary of State Antony Blinken’s recent trip to Vietnam was crucial, diplomatically coinciding with the 10th anniversary of the two ex-battlefield adversaries’ comprehensive strategic partnership, which ushered in a new era of bilateral cooperation in the 21st century. With bilateral trade and investment between the two former foes booming in recent […]

The post Savvy Vietnam in a New Cold War sweet spot appeared first on Asia Times.

The recent purge of several apparently Western-leaning officials in Hanoi has led to some trepidation among foreign diplomats about whether Vietnam’s broader foreign policy is shifting decidedly toward Beijing.  Deputy prime ministers Pham Binh Minh and Vu Duc Dam were removed (though it was said they “resigned”) from the Politburo and then their government posts […]

The post No, the US hasn’t ‘lost’ Vietnam appeared first on Asia Times.

The Belt and Road Initiative (BRI), launched in 2013 by Chinese President Xi Jinping, is considered an ambitious long-term strategy to promote the expansion of Chinese influence by providing countries in the region with aid and infrastructure investment. But in contrast with some Southeast Asian states which have largely embraced the BRI with open arms, Vietnam has […]

The post Vietnam the epitome of a Belt and Road hedge appeared first on Asia Times.

As recently as the 1970s, the United States and North Vietnam were waging a war that claimed 58,000 American lives and a million or more Vietnamese lives, including many civilians. Today Vietnam is one of the largest markets for US ag exports, ranking seventh, eighth or ninth in recent years. It’s not that the war […]

The post Vietnam is a ‘feed-importing powerhouse’ for the US appeared first on Asia Times.

At the end of 2022, there were reports of long queues of employees in Ho Chi Minh City who had been waiting since dawn at several local offices to claim lump sum payments from their social insurance premiums. Many Vietnamese workers view their social insurance premiums as a kind of savings mechanism and are inclined to seek early access […]

The post Desperate Vietnamese draining social insurance accounts appeared first on Asia Times.