HAIPHONG, Vietnam >> Pham Van Thinh can see the back of an LG electronics factory from his patio, and in his eyes, nothing is more beautiful than that bright white behemoth.

Some nights, when workers stream out after 8 p.m., their lanyards flashing ID cards with new-hire faces, he walks amid the crowd, soaking up the energy of a once-poor village near Vietnam’s northern port of Haiphong that has suddenly joined the march of global trade.

“It makes me happy,” said Van Thinh, 73, a retired police chief who fought for the Communist north in the Vietnam War. “All these young people, they have better lives.”

Six years ago, this cluster of prosperity did not exist. Then-President Donald Trump hit China with tariffs, igniting a global search for alternatives to Chinese manufacturing.

Few nations, if any, have benefited more than Vietnam from the scramble that followed — especially north Vietnam, historically an economic laggard compared with the more cosmopolitan south. Around Haiphong, a few hours’ drive from China, factories bloomed. The LG plant expanded exponentially; the industrial park nearby filled up with Chinese companies adding production abroad. Rural hamlets like Van Thinh’s — once known for little more than rice fields and dreams — grew almost overnight into boom towns of 30,000.

Will another Trump term impede or accelerate that growth? No one knows.

Trump has vowed to punish countries that have large trade surpluses with the United States, and Vietnam now ranks third on that list, behind only China and Mexico. Officials in Hanoi, the capital, say they worry about “discrimination” — that Vietnam will be singled out for tariffs while competitors avoid Trump’s blacklist.

South Korean companies (including LG and Samsung) are Vietnam’s biggest foreign investors, and some have already paused expansion plans, waiting on Washington.

Still, some analysts exude confidence, saying Vietnam will continue to flourish if Trump slaps far higher tariffs on China than on other countries, as he has threatened.

No matter what happens next, the United States’ once-and-future president can safely say he helped make north Vietnam great again. For the first time since France’s 19th-century rule of Vietnam from Saigon, now Ho Chi Minh City, the north has become Vietnam’s economic engine and gateway to the world. It leads the country in the value of exports going out, and foreign investment flowing in.

“The balance of power between these two regions has shifted radically,” said Vu Thanh Tu Anh, an economist at the Fulbright School of Public Policy and Management in Ho Chi Minh City. “It shows up in all the statistics.”

The north’s transformation, while driven in part by geography and local politics, also highlights how trade weaponization by great powers is rearranging the global economy. Industrialization is spreading to new places at a faster clip, with local fortunes defined not just by competitive advantages such as productivity, but also by distant leaders fighting for supremacy, picking winners and losers.

Put another way, the “wisdom of crowds” and markets is giving way to the whims of mercurial men — with reverberations that reach into distant nations and villages.

In Asia, where national economies are more integrated with fewer trade barriers than almost anywhere else, what Trump started with tariffs, the pandemic advanced.

Faith in China was shaken as its government resisted investigations into COVID-19’s origins and responded to the virus with strict lockdowns and factory shutdowns. That led many governments to get more involved in weaning supply chains from Chinese dominance.

Japan, for example, created a fund in 2020 to help companies diversify from China. South Korea expanded efforts to help businesses build ties to India and Southeast Asia through its “New Southern Policy,” while U.S. and European officials have pressured companies (and their Asian suppliers) to “de-risk” from China.

Vietnam has been a huge winner. Of the roughly 120 Japanese companies using government diversification subsidies, over 50 claimed them for Vietnam, more than any other country, according to Japanese officials.

LG, the South Korean multinational, recently sold its last two screen display factories in China after adding production around Haiphong.

A Taiwanese electronics supplier has begun producing network devices for Elon Musk’s Starlink system at a factory about 60 miles from Haiphong.

They are part of a larger trend. Between 2017 and 2023, foreign investors committed $248.3 billion to Vietnam for 19,701 projects, according to an analysis by Le Hong Hiep, coordinator of the Vietnam studies program at the ISEAS-Yusof Ishak Institute in Singapore. That’s more than half of all foreign investment since Vietnam opened its economy in the late 1980s.