The world’s attempts to reduce its reliance on China’s juggernaut manufacturing sector depend to an outsized extent on just one country: Vietnam.
The nation’s efforts to meet those expectations, in turn, may come down to the fate of a handful of mothballed wind farms. With energy costs soaring, the government is warning of blackouts looming as soon as next year. A fix is long overdue.
Vietnam may be a victim of its own success. More than perhaps any other country, it’s been a beneficiary of the tariffs and diversification that have attempted to restrain China’s trade since the first Trump administration. The manufacturing sector is one of the fastest-growing on the planet. Exports are equivalent to almost all of gross domestic product and the economy grew 8% last year.
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