On the Indochina Peninsula, an invisible conflict between China and the United States has begun, and whoever can win this "war" is equivalent to winning a market of 100 million people. At the center of this storm of war is none other than Vietnam. Earlier this month, China and Vietnam held the 15th meeting of the Steering Committee for Bilateral Cooperation in Hanoi, co-chaired by Foreign Minister Wang Yi and Vietnamese Deputy Prime Minister Tran Liuguang, and attended by leaders of various ministries and commissions of both sides and local officials. Since 2009, the two sides have held such meetings once a year, alternately in the two countries, with the aim of resolving economic and trade issues between the two countries. Shortly after the meeting, the United States approached the door, and Nvidia CEO Jensen Huang visited Vietnam to participate in a semiconductor cooperation conference hosted by the Vietnam Investment Agency, claiming to make Vietnam another center for Nvidia. 
Obviously, the United States is also eyeing the fat piece of VietnamNvidia CEO Jensen Huang's statement is essentially an attempt by American companies and companies to further penetrate the Vietnamese market through the advantages of technology and capital, as well as to enhance the strategic partnership between the two sides through cooperation in high-tech industries. This also indicates that the United States may have more advanced manufacturing relocation and technology exports in Vietnam, especially after Vietnam and the United States are upgraded to strategic partners. For China, as a neighbor of Vietnam, the two sides have long-standing economic exchanges and historical ties. With the growth of labor costs in China, Vietnam, with its lower production costs and more developed manufacturing industry, has become the first choice for many Chinese enterprises to transfer production capacity. At the same time, cooperation between China and Vietnam in the fields of infrastructure and power has also been continuously strengthened. However, Vietnam's successive escalating relations with the United States and Japan show that its strategy of balancing diplomacy has affected China's geopolitical layout to a certain extent. 
From a professional data analysis perspective, Vietnam's GDP growth rate in 2022 reached a staggering 80%, both the industrial and service sectors are showing strong vitality, and with a labor force of more than 60 million, the market and production potential is huge. Combined with World Bank data, Vietnam's manufacturing exports have grown rapidly in the past decade, from US$114 billion in 2010 to US$334.5 billion in 2022, with an average annual growth rate of 85%。Vietnam's geographical location, close to international routes, docking important maritime routes, exports have a very obvious location advantage. Whoever can win Vietnam is equivalent to winning the market of 100 million peopleDuring the period of the old colonial system, in order to compete for the overseas market of tens of millions of people, Britain, France, Germany, and Italy were able to fight bloodily
For the United States, Vietnam is extremely valuable. Especially with the intensification of friction between China and the United States, American companies continue to seek to diversify their chains, and Vietnam is a popular choice. Technology giants such as Nvidia and Intel are looking to Vietnam and other Southeast Asian countries to build more robust production bases. But the chain of interests behind this is not simple. Investment means profit, but also competition. While Vietnam and other Southeast Asian countries enjoy the dividends of foreign investment, foreign companies will also take advantage of this to reduce costs, expand production capacity, lead to labor squeezing and environmental damage, and these consequences may be borne by local people** and people. Moreover, this competition is not one-dimensional. Taking Nvidia as an example, its investment in AI semiconductors in Vietnam has formed a transnational industrial chain, which is both a cooperation and a constraint to a certain extent. The shift in Intel's investment decision shows that Southeast Asian countries need to compete in terms of tax incentives and financial support to attract foreign investment. 
In addition, another aspect of the importance of the Vietnamese market to both China and the United States is geopolitics. In this complex and volatile international arena, a country with Vietnam as a strategic partner can undoubtedly expand its influence on a regional and global scale. Vietnam is now fully aware of its strategic value, and it is also swaying between China and the United States, waiting for the price to sell, to see which side gives the best. If it can make good use of this opportunity, Vietnam will not be able to find a balance between the great power game and take the opportunity to establish an independent industrial system, just like the new China. Of course, this depends on the vision and skill of Vietnam's rulers. Playing a balance between major powers requires a high degree of political wisdom, and not only can we not be coerced by the big powers, but we can also play left and right and curry favor with both sides, and not all countries can play it.