Vietnam as a Viable Alternative
Importers have been looking for a viable alternative to China because of high tariffs and duties recently implemented. One of those emerging alternatives is Vietnam.
Vietnam is quickly becoming an feasible option due to lower and less diffuse duties and tariffs, a lower-cost, young, skilled labor force, and less red tape for foreign investors. Manufacturing has dramatically increased in Vietnam , and more and more companies are moving their operations to avoid Section 301 regulations. And even during the time of a pandemic, Vietnam has been thriving .
2022lpl has had a strong presence in Vietnam for over 20 years. In recent years, we’ve experienced a significant increase in import volumes from Vietnam. We now have access to weekly, dedicated vessels sailing to the East and West Coast as a result of the increases in TEUs (twenty-foot equivalent units). DGL is currently working with many customers exporting goods from Vietnam and actively exploring solutions in Vietnam for other customers.
Even before the pandemic, global trade forecasting predicted that more importers will move away from China in the coming years.
Alternatives to China like Vietnam, Bangladesh, Turkey, and Brazil, won’t mean China will experience a mass exodus of importers. They still have and will have unmatched resources, labor, and infrastructure for many years to come.
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