Michael Budiman

Michael Budiman is HEGEMON's Southeast Asia Regional Correspondent and an International Relations graduate of Satya Wacana Christian University, Indonesia. He specialises in ASEAN governance and industrial policy.

Southeast Asia’s ‘Downstreaming’ Strategy Risks Trading One Dependency for Another

Vietnam is pushing its rare earth sector up the value chain, seeking to capture more value from its reserves rather than export raw materials. But reliance on foreign capital could constrain national development goals.

By Michael Budiman

/ 6 Oct 2026

Southeast Asia’s ‘Downstreaming’ Strategy Risks Trading One Dependency for Another