Vietnam – the scope and limits of transition
Vietnam's dynamic journey of unorthodox development over recent decades has defied conventional expectations. Through the transformative Đổi Mới (Renovation) initiative in 1986, the nation diversified its economy, alleviating poverty and undergoing a profound socio-economic shift. Contrary to predictions, Vietnam has been able to maintain its authoritarian party-state form of government while embracing the dynamics of global capitalism. The country’s integration into the global economy, fuelled by foreign direct investment, has driven growth, and positioned Vietnam as an important middle-income player on the international stage. This brief examines the recent developments in Vietnam and shows Vietnam’s growing significance amid heightened tension and increased competition between Washington and Beijing.