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Mekong, the 12th longest river in the world, flows through six countries: China, Myanmar, Thailand, Laos, Cambodia, and Vietnam. More than 200 dams of 15MW or more are planned, under construction or completed in the Lower Mekong basin and China has financed half of them. Despite China’s growing presence in the region and intensifying competition between the US and China in gaining greater influence, Thailand and Vietnam have developed their autonomous energy policy objectives, which are largely driven by domestic factors. Through extensive field research, this paper explores water politics and energy policymaking in these two countries--- how do they secure important Chinese investment but maintain autonomy in energy policymaking? How do they strike balance between their economic dependence on China and security dependence on the US? What factors account for the variations between Thailand and Vietnam in their responses to big power economic inducement? Focusing on Thailand and Vietnam’s energy policymaking towards hydropower projects, this paper aims to examine the opportunities and challenges faced by developing Asian countries by hedging between two competing great powers and highlight the importance of Southeast Asian countries’ domestic politics and agency.