Fifty years after the fall of Saigon (or its liberation, depending on whom you ask), Vietnam has transformed from a war-torn battleground to one of Asia’s fastest-growing economies—and now finds itself caught between two superpowers. Ian Bremmer breaks down how Vietnam went from devastation in the wake of the Vietnam War to becoming a regional economic powerhouse.

For North Vietnam, the war was a hard-fought victory for independence; for South Vietnamese refugees, it marked a heartbreaking loss of homeland. For the United States, it was a national trauma and a cautionary tale about military overreach and unclear objectives. But beyond the battlefield, the country’s postwar path tells a remarkable story of recovery.