<![CDATA[This study examines the operationalization of Bamboo Diplomacy as Vietnam's hedging instrument in responding to the decoupling phenomenon between the United States and China during the 2018-2024 period. Adopting hedging theory as an analytical foundation, this research explores how Hanoi synergizes elements of balancing and bandwagoning to secure the flexibility of its strategic options. Using a qualitative methodology with a descriptive-analytical approach to formal policy documents, aggregated trade data, and institutional reports, this study maps three main pillars: return-maximizing to exploit economic gains from the fragmentation of global value chains, risk-contingency through asymmetric defense modernization and diversified security collaboration, and binding-engagement by leveraging multilateral forums to construct boundaries for superpowers. The investigation confirms that Bamboo Diplomacy is effective in maintaining Vietnam's strategic autonomy while preventing subordination to a particular power pole, demonstrating the existence of middle-state agency amidst structural determinism. However, this achievement is highly situational and rests on the sustainability of material incentives for both giants to maintain interaction. This study contributes to the discourse on hedging strategies and presents new insights into the active role of regional actors in the vortex of global rivalry.]]>
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