I can't emphasize enough how important the news out of Vietnam is: longstanding Communist Party Secretary Nguyen has just died. This has major implications for China, the United States, globalization, and the balance of power in Asia.
--Vietnam will almost certainly enter a period of instability, that will complicate both investment in the region but also complicate a great power diplomatic struggle. Nguyen managed the incredible diplomatic feat of hosting over a period of a year Putin, Xi, and Biden, and China and the United States especially are pushing for more influence in the country. Both the United States and China have gone to war with Vietnam, and both now want Vietnam to be clearly in their sphere of influence.
--Vietnam was seen as a promising destination to relocate factories from China, and depending on how much the new government can send signals of stability, this may change.
--Vietnam's system of government is probably the system in the world most similar to China's. Watching how Vietnam handles this period will give insight into what may happen in China if the 71-year-old Xi Jinping were to die unexpectedly, or if he loses power.
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