Share to twitterThis photograph taken on May 24, 2019 shows garment factory workers making men's suits in a factory in Hanoi. - From socks and sneakers to washing machines and watches, countries across Asia are hoping the US tariff squeeze on China will presage aIt took a little longer than expected—about 45 years longer. And it’s not exactly the way they wrote up the plan way back when.
Industries from furniture to footwear are increasingly looking to the Southeast Asian country as the place to go to manufacture their products—products previously made in China and, way before that, in the United States. Instead, importers are moving out of China as fast as they possibly can, a migration that was already in process due to rising labor costs, currency shifts and a general push by the Chinese government to move into more sophisticated industries like tech and aerospace rather than basic consumer goods.
In a video report on Vietnam by industry business publication Furniture Today, a good number of furniture producers talked about how they were rapidly developing their Vietnam facilities. Wanek Furniture, which is affiliated with the largest American supplier and retailer Ashley Home, said it has moved 50-70 percent of its import mattress production out of China and into Vietnam in just the recent past.
But furniture isn’t the only industry were Vietnam is gaining market share. Sourcing Journal, an online industry newsletter, reports that footwear imports from Vietnam are up 11.3% year-to-date and the country’s share of the American market is now just over 26 percent. That still trails China’s nearly 50% share but marks a significant shift in a product classification that once was overwhelmingly dominated by China.
Interesting fact,the capitalism is creating more socialism for meeting their cheap labor demand
Vietnam! Vietnam! Vietnam!
And Malaysia, Sri Lanka as well
This is good for everyone in the world... except China.