Rising tensions between Washington and Beijing have led firms to diversify supply chains away from China even as they maintain a presence in the country.
Southeast Asia has emerged as a top beneficiary of the"China Plus One" strategy where businesses seek to reduce the risks associated with full reliance on China's market or supply chain.
Southeast Asia has emerged as a top choice for firms looking to diversify production away from China, including Chinese companies, amid escalating tensions between Washington and Beijing."Southeast Asia is well-placed to benefit significantly from the China+1 phenomenon as both foreign and Chinese companies diversify their supply chains and operations," said Kuo-Yi Lim, co-founder and managing partner of Southeast Asian venture capital firm Monk's Hill Ventures.
Vietnam is already a major research and development hub for Samsung, as well as a manufacturing and export base for Samsung's smartphones, according to "Indonesia – that's another interesting country as well – where they are hoping to emerge as an integrated EV hub," Ang said.It's probably still at a very early stage, but they are looking to scale up capacity across the whole supply chain."
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