Moving to Vietnam to Mitigate the Effect of the US-China Trade War
In the last few years, driven by rising labor costs, the need for diversification, and the government’s focus shifting from labor-intensive sectors to high-tech industries, Chinese as well as foreign firms operating in China have slowly shifted their manufacturing activities to Southeast Asia, especially Vietnam.
In addition to these factors, the escalating trade war between the US and China that has already seen additional duties being imposed on US$50 billion worth of goods, accelerated the trend of foreign investors realigning their supply chains.
This is an exerpt from an article appearing on Vietnam Briefing. For the latest economic, regulatory and business news on Vietnam, visit vietnam-briefing.com.