U.S.-China Economic Decoupling: Vietnam's Role and Responses

阮功松(Nguyen Cong Tung)

《展望與探索月刊》 19卷8期 (2021/08) Pp. 93-114

摘要

The trend of U.S.-China economic decoupling is growing in popularity as the strategic competition between Washington and Beijing intensifies. The breakup is largely driven by U.S.-China trade war and Covid-19 pandemic, which have brought about some changes to global supply chains, trade and investment activities amongst countries so far. Vietnam, an emerging player in the regional economic structure, has encountered both opportunities and challenges in the face of such an economic breakup. This article is thus dedicated to shedding light on the current economic decoupling between the US and China, and conceptualizing Vietnam's actions in response to this trend. I argue that although Vietnam has adopted a variety of pro-America economic policies in the last few years, it does not mean Hanoi is siding entirely with Washington at the expense of Beijing during the decoupling process. Rather, it still has to operate cautiously in order to maintain balanced economic relations with both the US and China. This article starts with a brief introduction of the U.S.-China rivalry and its subsequent economic decoupling. Next, I will elaborate on Vietnam's specific role and practical responses.

關鍵字

Covid-19 Pandemic ； Economic Decoupling ； Trade War ； Vietnam ； U.S.-China Rivalry