Recent years have witnessed intensifying U.S.-China competition and tensions in both the political and economic spheres, particularly in areas related to technology, global supply chains, infrastructure connectivity, trade and finance. Southeast Asia has become the center of this strategic rivalry. In the region, the Association of Southeast Asia Nations (ASEAN) has positioned itself as the “central” actor in shaping the regional order and positively engaging with external powers. However, ASEAN’s centrality is increasingly challenged by these two major powers, who have deep and complex ties with Southeast Asia. While this competition poses challenges for ASEAN, there are also opportunities for countries like Laos and others in Southeast Asia to leverage in this tense geopolitical moment.