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Can Vietnam Replace China As The World’s Factory Entirely?
- 2022-06-23
Vietnam has become one of the global manufacturing hubs gradually since the U.S.-China trade dispute in 2018. It seems that Vietnam’s economy increasing and foreign trade has surpassed China owing to the Omicron epidemic flare-ups in China’s manufacturing hubs in the first quarter of 2022.It is deemed universally that Vietnam is taking away orders that would have been placed to China, the industry has been transferred to Vietnam. Yet it should also be seen that the structure of the China-Vietnam economies shows complementary rather than competition.
It is improbable for Vietnam to absorb a rather large share of manufacturing from China from the perspective of population and economy. This means that even if Vietnam succeeds in attracting output in sectors such as electronics and textiles. It cannot replace China’s overall production.In fact, no single country can really absorb all of that production.
China is Vietnam’s largest foreign trading partner, on which the Southeast Asian country relies on the sourcing of raw materials and equipment.“Despite growing competition, Chinese and Vietnamese economies are more of complementary nature ”citing experts, Vietnamese still import the machines and other items from China.
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