Title page 1

Contents 1

Key Judgments 2

Vietnam's Role and Importance as a Middle Power 3

Ties with the United States and China 6

Policy Objectives: Domains Shaping Vietnam's International Posture and Its Relations with Great Powers 8

Navigating Growing Great-Power Pressures 9

Economy and Trade: How to Escape the Middle-Income Trap 9

Technology: Digital Transformation, Supply Chain, and the Semiconductor Industry 10

Energy and Climate Change 12

How These Domains Position Vietnam Amid Great-Power Competition 13

Areas in Which Vietnam Is Most Interested in Seeking Autonomy 15

Conclusion and Recommendations 18

Figure 1. Vietnam's Trade Balance with the United States and China (1995-2023) 16