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Vietnam Given Best Odds to Gain from Sino-US Trade Dispute

The world’s largest contract assembler of consumer electronics, Foxconn Technology, as well as a prominent producer of wireless earphones may be in talks to locate production in Vietnam, instead of the once more obvious choice, China, to escape the Sino-U.S. trade dispute. And business experts in Vietnam say many more export producers are planning the same kind of move. Vietnam is poised to receive the world’s biggest inflow over the next year of multinationals fleeing the almost year-old trade dispute. People who know the country cite geography, low costs, pro-investment policies and lack of trade friction with the United States as advantages. It’s also on track to sign a free trade pact with the European Union and another with 10 fellow Pacific Rim countries. A boost in new factories would mean more jobs and higher incomes for Vietnamese, where the middle class is mushrooming. “I think Vietnam is the clear winner in this category just because of its sheer proximity to China, but I think furthermore Vietnam also has a lot of connectivity with the target markets for these manufacturers,” said Maxfield Brown, senior associate with the business consultancy Dezan Shira & Associates in Ho Chi Minh City. ​Top alternative to China U.S. tariffs levied this year cover $250 billion in made-in-China goods. Multinationals with plants in China but already looking to expand elsewhere may move production to Vietnam sooner than previously imagined because of that added cost, Brown said. Workers in Vietnam are paid as little as $115 per month, less than in China. After resolving macroeconomic problems in 2012, the Vietnamese government has made foreign investment easier, cutting permit and site selection times down to about one year. Vietnam’s location makes it easy to ship goods by sea eastward as well as take raw materials by land from... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, Vietnam Given Best Odds to Gain from Sino-US Trade Dispute, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you Vietnam Given Best Odds to Gain from Sino-US Trade Dispute

 

 

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Published By: VOA NEWS - Friday, 14 December

 

 

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