“Made in China” was a slogan of production outsourcing as my generation was growing up. This could soon be a saying of the past. Many articles are discussing the rise of production in countries like Vietnam, that can now produce consumer goods at considerably lower prices than China.
The major causes of these changes relate to the growing middle class in China, rising minimum wage, and the desire for improved working conditions throughout the nation. Even in 2010, Vietnam produced a higher percentage of Nike footwear than China did. Next time someone references “that Nike sweatshop in China” just know there are many more just like it throughout Vietnam. This country, as well as Malaysia are only fit to grow even more as analysts guess that trade tariffs will be diminished between the countries and large Western nations in the coming months.
“What took 30 years in China is taking 10 years in Vietnam to happen,” said Mr. Smigelski. That is why “more and more companies are making bets on Vietnam.” With this being said, don’t be surprised if the tag on your shirt soon says….