The global economic landscape has grown more somber in recent years. According to the International Monetary Fund (IMF), medium-term growth prospects are weakening in nearly two-thirds of the world’s economies, with developing countries bearing the brunt of the impact. The optimism that once defined globalization has given way to volatility and uncertainty. The world is witnessing a fundamental shift in how global business is conducted, marked by rising barriers and a retreat from the free-trade principles that fueled growth for decades. America has changed—and so has the world. For Vietnam, this wave of disruption poses a defining challenge. The country stands at a critical juncture in its development path, firmly committed to the ambition of becoming a high-income nation by 2045. Yet the road to that goal is becoming steeper and more treacherous. The growth model that has served Vietnam well since Doi Moi—heavily reliant on foreign direct investment (FDI) and a young, abundant, low-cost labor force—is reaching its limits. Vietnam now faces a “dual dilemma”: it must both withstand severe shocks from an increasingly hostile global trade environment and undertake deep, difficult structural reforms to build a modern, high-productivity economy. The tariff wall The most immediate risk comes from […]