French conquest of Vietnam - Wikipedia
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To be honest, a Belgian Vietnam is very unlikely (especially with a lack of Belgian navy ships), but the Belgians may consider joining the French conquest of Vietnam from 1859-1861 with an 1850s pod or even the 1883-1886 conquest with an 1880s pod. The Belgian Vietnam may or may not be allowed by France, but if allowed, will result in Belgium controlling Vietnam. Belgium controlling Vietnam will result in the horrors of rubber, rice and coffee exploitation with associated atrocities as with the Congo Free State and Belgian Congo, especially if Belgium still gets the Congo Free State and Belgian Congo. News reports will end up reducing the Belgian atrocities in both Vietnam and the Congo in 1908, followed by Belgium ruling both colonies under the Belgian Parliament in addition to the Belgian King. In WW2, Belgian Vietnam will be defended by the Belgians and the British, slightly slowing down the Japanese in Southeast Asia. After WW2, Belgium will be forced to fight angry Vietnamese until Vietnam's independence, together with any other Belgian Southeast Asian colony until independence from Belgium.