Businesses have discussed moving factories out of China for years, especially since labor costs have climbed and U.S.-China trade tensions worsened.
China's exports rose by 3.9% in April
The level of manufacturing interest in Vietnam is"very significant," Vishrut Rana, Singapore-based economist at S&P Global Ratings, said in a phone interview."Vietnam has emerged as a very key supply chain node for consumer electronics." In contrast, Vietnam saw a 56% year-on-year drop in foreign direct investment to $3.7 billion in the first four months of the year, Wind data showed. Foreign direct investment from the U.S. fell by 14%.The latest Covid lockdowns in China have slowed the ability of trucks to transport goods throughout China, while keeping many factories in the Shanghai region at limited or no production for weeks. Pictured here is a textile company's workshop in the nearby Jiangsu province.
According to his analysis, at least 20% of the selling price of apparel and furniture producers go into labor costs, versus just 5% for electronics producers. Shifting operations out of China is difficult, but"what our survey is indicating is there will be less investment into China and more investment into Southeast Asia," Joerg Wuttke, president of the EU Chamber of Commerce in China, said during a webinar.
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