Businesses are looking at shifting some production from China to Vietnam as they look for ways to circumvent U.S. trade tariffs
Shipping containers at a port in Hai Phong City, Vietnam. Photo: kham/Reuters By Costas Paris and Joanne Chiu May 23, 2019 6:00 a.m. ET
Infrastructure investment in Southeast Asia ports has “simply not kept pace,” said Andrea Shaw Resnick, interim chief financial officer of New York-based Tapestry Inc., the owner of premium fashion brands Coach, Kate Spade and Stuart Weitzman, during an investor conference call this month. Even before U.S. tariffs, factory work in Southeast Asia has been growing as companies have sought lower costs while wages and other expenses in China have increased. That manufacturing migration has taken on more urgency for some producers as the trade conflict between the U.S. and Washington has heated up, with a new round of back-and-forth tariffs this spring and threats of higher levies this summer.
China was the biggest source of U.S. imports by value in the first quarter of this year, according to the U.S. Census Bureau, accounting for 17.7% of inbound goods. It had seven times the imports of Vietnam, which was the 13th largest U.S. trading partner and seventh largest for imports.
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