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Hedging has been a widely discussed concept in explaining East Asian states' counteracting policies in the face of great power competition. However, the current literature has yet to specify how hedging responds to great power competition in economic statecraft, namely, using economic means to influence other states. This paper examines Vietnam's response to Japan and China's infrastructure financing programs over the past three decades. Through a combination of quantitative and qualitative data, it explains how Vietnam, while following economic pragmatism, does not simply aim to maximize gains from these two powers. Vietnam's decisions embody what we call economic hedging, or a cautious calculation over the linkage between security risks and infrastructure partnership and a tendency to pivot away from infrastructure partners deemed risky, namely, China. It also shows that such caution has intensified in the face of a nationalistic public that has challenged the notion of economic pragmatism, pushed a realist approach to economic relations with China, and bolstered Hanoi to take more action to protect Vietnamese sovereignty from Chinese economic influence. The convergence of these domestic and international trends have driven Hanoi to enhance collaboration with Japan, which it views as an increasingly important strategic partner. (Pac Rev/GIGA)