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In 2019, a mid-sized electronics components manufacturer based in Shenzhen was producing entirely for the US market. In 2020, US tariffs made that model borderline unviable. So the company moved part of its production to Vietnam.
By 2023, rising Vietnamese labour costs and tightening rules-of-origin scrutiny prompted another rethink. This time, the answer was Thailand — specifically, a plot in the Thai-Chinese Rayong Industrial Park in the Eastern Economic Corridor, where over 100 Chinese manufacturers had already set up…