Vietnam, Indonesia can shape the future of ASEAN
Detailed summary
As superpower rivalry intensifies, Vietnam's trade engine and Indonesia's diplomatic heft offer Southeast Asia its best shot at shaping the global order instead of getting caught in the crossfire.
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As superpower rivalry intensifies, Vietnam's trade engine and Indonesia's diplomatic heft offer Southeast Asia its best shot at shaping the global order instead of getting caught in the crossfire.
ietnam’s economic ascent is increasingly translating into a more prominent role in regional and international affairs. In the first 10 months of 2026, the country’s total merchandise trade reached US$1.01 trillion - a 32.3 percent increase year-on-year (yoy) - with exports accounting for approximately $499 billion. This milestone underscores Vietnam’s deep integration into global markets and its emergence as a pivotal actor in international commerce.
Yet trade volume alone does not automatically confer geopolitical sway. Vietnam’s primary strategic challenge is converting its growing economic weight into the institutional capacity to shape regional agendas, contribute to multilateral bodies and influence the norms governing the global economy. Its expanding leadership within the Asia-Pacific Economic Cooperation (APEC) forum offers a vital avenue to achieve this.
Vietnam has demonstrated a consistent commitment to APEC, having hosted successful summits in 2006 and 2017 to advance trade facilitation, inclusive growth and human capital development. As it prepares to host APEC again in 2027, Hanoi has signaled an ambition to transition from an active participant to an agenda-setter.
An early marker emerged on Oct. 21, when Vietnam assumed the chairmanship of the APEC Finance Ministers’ Process for 2027. Its priorities - deepening capital markets to mobilize private investment, expanding data-driven financing for small and medium-sized enterprises (SMEs), diversifying development finance and upskilling youth in financial technologies - address structural challenges shared across the Asia-Pacific.
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