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Manufacturing base shifts to Vietnam Maybank accelerates shift to Vietnam due to US-China trade war
Maybank announced at the Asian Investment Conference 2019 in Singapore on May 9 that the US-China trade war will accelerate the shift of production and manufacturing bases to Vietnam.
As the trade war between the US and China deepens, ASEAN stands as a buffer between the two. The biggest impact of the US-China trade war is the accelerating shift of manufacturing bases from China to ASEAN. In particular, the shift in manufacturing bases for consumer goods, electronic parts, automobiles, and automobile parts is remarkable.
According to Maybank's 2018 manufacturing site survey of manufacturers, at least 20% of China-based manufacturers said they would shift their assembly lines to ASEAN.
China's largest ICBC (Industrial and Commercial Bank of China) to participate in the Asian Investment Conference
The Asian Investment Conference was formerly known as the ASEAN Investment Conference and was a conference hosted by key stakeholders from each ASEAN country. The Asian Investment Conference 2019 will bring together 240 fund managers from across Asia, the UK and the US. With an estimated total assets under management of $11 trillion, its main topics are sustainability investments, trade, IT, 5G and ASEAN tourism.
This year, we welcomed the world's largest bank, the Industrial and Commercial Bank of China (ICBC), as our hosting partner. With total assets of $4 trillion and approximately 500,000 employees, ICBC is now the world's largest bank.
This is the first time that a major Chinese financial giant will co-host a conference in ASEAN. He clearly indicated China's intention to strengthen business ties with ASEAN amid the rapid increase in trade with the United States.
At the opening session on trade relations between China and ASEAN, Chua Hak Binh, Maybank's regional head of ASEAN economist, emphasized that Vietnam would be the biggest beneficiary of the shift in manufacturing bases in the ASEAN region.
“Vietnam is more closely linked to the global electronics value chain. In addition, Vietnam will benefit from potential trade benefits from increased US tariffs on Chinese products,” Binh said. I was.
U.S.-China trade war Vietnam, South Korea, and Taiwan are doing well, while Chinese exports are declining
In other reports, the Vietnam shift is being called out. As a substitute for China, the shift to South Korea and Taiwan is also notable.
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