How booming Vietnam offers the US an alternative to China

President Joe Biden left Vietnam Monday after a visit that deepened economic ties between Washington and Hanoi as part of efforts to reduce America’s reliance on China.

The former foes formally upgraded diplomatic ties to a “comprehensive strategic partnership,” a symbolic yet highly important move that experts say will solidify trust between the nations as America seeks an ally in Asia to counteract political tensions with China and advance its ambitions for key technologies, such as chipmaking.

Companies from Apple (AAPL) to Intel (INTC) have already pushed deeper into the country to diversify their supply chains, maxing out many Vietnamese factories and helping fuel an economic expansion that continues to defy a global slowdown.