"More so than most of its neighbors, Vietnam can neither fully reject nor embrace the growing power on its northern border," Strategic Forecasting, Inc. (Stratfor) pointed out in its latest analytical report of the Asia Pacific region, in a reference to China.
"Some, such as the Philippines and Malaysia, have eagerly joined Chinese-led trade blocs and dispute-settling mechanisms. Others, like Japan and Singapore, have firmly backed Washington`s regional agenda. Vietnam has historically opted to strike a delicate balance between the two, but as the region adjusts to a new political reality, Hanoi`s strategy is becoming increasingly difficult to pull off," the report stated.
Stratfor`s analysts emphasized that since the end of the Cold War Vietnam has been seeking independence from both Beijing and Washington.
"Choosing between US- and Chinese-led initiatives in trade and security has not been an option for Vietnam since the Cold War ended," the report noted, adding that Hanoi has taken full advantage of its location by maintaining relations with the US, China and ASEAN nations.
The analysts pointed out that Hanoi has long been one of the "staunchest advocates" for the Trans-Pacific Partnership (TPP). However, it has recently backed off from the deal.
Shortly after Donald Trump`s win in the US presidential election Vietnamese Prime Minister Nguyen Xuan Phuc announced that although the country`s legislature was almost certain to ratify the TPP agreement, Hanoi would shelve the US-led trade accord.
"The United States has announced it suspends the submission of TPP to the parliament so there are not sufficient conditions for Vietnam to submit its proposal for ratification," the Prime Minister told the National Assembly on November 17, as cited by Reuters.
/Sputnik/
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