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Reuters, March 15, 2025, 06:30 AM PDTBy Francesco Guarascio and Phuong Nguyen
HANOI/TAIPEI, March 15 (Reuters) - A growing number of small-scale foreign investors from Taiwan and South Korea are shifting their operations from Vietnam to neighboring Cambodia and Laos, as uncertainties over potential U.S. tariffs and rising costs in Vietnam threaten their profit margins, industry sources and analysts said.
The moves, which involve roughly 20 to 30 companies in the textile and footwear sectors, have seen an estimated $200 million to $300 million in foreign direct investment (FDI) redirected in the first quarter of 2025, according to data compiled by Vietnam’s Ministry of Planning and Investment and interviews with business representatives. While this represents a fraction of Vietnam’s total FDI inflows—$20.2 billion in 2024—the trend signals early cracks in Vietnam’s appeal as a manufacturing hub amid looming trade pressures.
Tariff fears drive exodus
The shift comes as U.S. President Donald Trump, who took office for his second term on January 20, 2025, has vowed to impose reciprocal tariffs of 15% to 25% on Vietnamese goods to address a bilateral trade surplus that reached $123 billion in 2024. Vietnam’s exports to the U.S., its largest market, accounted for nearly 30% of its GDP last year, making it highly vulnerable to such measures.
“We can’t wait to see if tariffs hit,” said a Taiwanese factory manager in Ho Chi Minh City, who requested anonymity due to the sensitivity of the issue. “Cambodia is cheaper, closer to ports, and less exposed to U.S. trade risks. We’ve already moved half our production lines to Svay Rieng.” Svay Rieng, a border province in Cambodia, has emerged as a hotspot for relocating firms, alongside Bavet and Savannakhet in Laos.
Analysts say the tariff threat, combined with rising labor costs in Vietnam—now averaging $350 to $400 per month compared to $250-$300 in Cambodia and $200-$250 in Laos—has eroded Vietnam’s competitive edge for smaller manufacturers. “These companies operate on thin margins,” said Le Duy Anh, an economist at Fulbright University Vietnam. “A 15% tariff could wipe them out, so they’re hedging their bets.”
A small but telling shift
The departing firms are not the “big eagles” like Samsung or Intel, which have invested tens of billions in Vietnam and remain committed for now. Instead, they are mid-tier players with registered capital of $5 million to $10 million each, producing garments, shoes, and accessories for brands in the U.S. and Europe. Vietnam’s General Statistics Office reported a 10% drop in new FDI registrations in Q1 2025, partly attributed to this exodus.
In Cambodia, the government has rolled out incentives to lure these investors, including tax holidays of up to seven years and industrial land priced at $80 per square meter, compared to $100 in Vietnam’s southern provinces. Laos, though less developed, offers even lower costs and proximity to Thailand’s logistics networks. “We’ve seen a 20% uptick in Taiwanese firms setting up in Savannakhet since late 2024,” a Lao trade official told Reuters, speaking on condition of anonymity.
Vietnam’s response
Vietnam has scrambled to mitigate the tariff risk, announcing on March 14 provisional deals to import U.S. energy products like liquefied natural gas (LNG) and signaling duty cuts on American cars and other goods. The government hopes these measures will appease the Trump administration and preserve Vietnam’s status as a manufacturing powerhouse.
However, for smaller investors, the moves may be too little, too late. “Vietnam’s charm offensive is aimed at keeping the big players,” said a South Korean textile exporter in Hanoi, who is relocating to Bavet. “For us, the cost-benefit equation has already changed.”
Broader implications
While the $200-$300 million shift is minor compared to Vietnam’s total FDI stock, it underscores broader challenges as the country navigates a volatile global trade landscape. Larger firms like Samsung, which accounts for a fifth of Vietnam’s exports, have not signaled plans to leave, with the company opening a new R&D center in Hanoi in December 2024. But analysts warn that sustained tariff pressure could trigger a wider rethink among multinationals.
For now, Cambodia and Laos are reaping the benefits. “This is our chance to move up the value chain,” said Sok Chenda Sophea, Cambodia’s Minister of Commerce, in a statement last week. “We welcome investors seeking stability and growth.”
Reporting by Francesco Guarascio in Hanoi and Phuong Nguyen in Taipei; Editing by James Pearson
Reuters, March 15, 2025, 06:30 AM PDTBy Francesco Guarascio and Phuong Nguyen
HANOI/TAIPEI, March 15 (Reuters) - A growing number of small-scale foreign investors from Taiwan and South Korea are shifting their operations from Vietnam to neighboring Cambodia and Laos, as uncertainties over potential U.S. tariffs and rising costs in Vietnam threaten their profit margins, industry sources and analysts said.
The moves, which involve roughly 20 to 30 companies in the textile and footwear sectors, have seen an estimated $200 million to $300 million in foreign direct investment (FDI) redirected in the first quarter of 2025, according to data compiled by Vietnam’s Ministry of Planning and Investment and interviews with business representatives. While this represents a fraction of Vietnam’s total FDI inflows—$20.2 billion in 2024—the trend signals early cracks in Vietnam’s appeal as a manufacturing hub amid looming trade pressures.
Tariff fears drive exodus
The shift comes as U.S. President Donald Trump, who took office for his second term on January 20, 2025, has vowed to impose reciprocal tariffs of 15% to 25% on Vietnamese goods to address a bilateral trade surplus that reached $123 billion in 2024. Vietnam’s exports to the U.S., its largest market, accounted for nearly 30% of its GDP last year, making it highly vulnerable to such measures.
“We can’t wait to see if tariffs hit,” said a Taiwanese factory manager in Ho Chi Minh City, who requested anonymity due to the sensitivity of the issue. “Cambodia is cheaper, closer to ports, and less exposed to U.S. trade risks. We’ve already moved half our production lines to Svay Rieng.” Svay Rieng, a border province in Cambodia, has emerged as a hotspot for relocating firms, alongside Bavet and Savannakhet in Laos.
Analysts say the tariff threat, combined with rising labor costs in Vietnam—now averaging $350 to $400 per month compared to $250-$300 in Cambodia and $200-$250 in Laos—has eroded Vietnam’s competitive edge for smaller manufacturers. “These companies operate on thin margins,” said Le Duy Anh, an economist at Fulbright University Vietnam. “A 15% tariff could wipe them out, so they’re hedging their bets.”
A small but telling shift
The departing firms are not the “big eagles” like Samsung or Intel, which have invested tens of billions in Vietnam and remain committed for now. Instead, they are mid-tier players with registered capital of $5 million to $10 million each, producing garments, shoes, and accessories for brands in the U.S. and Europe. Vietnam’s General Statistics Office reported a 10% drop in new FDI registrations in Q1 2025, partly attributed to this exodus.
In Cambodia, the government has rolled out incentives to lure these investors, including tax holidays of up to seven years and industrial land priced at $80 per square meter, compared to $100 in Vietnam’s southern provinces. Laos, though less developed, offers even lower costs and proximity to Thailand’s logistics networks. “We’ve seen a 20% uptick in Taiwanese firms setting up in Savannakhet since late 2024,” a Lao trade official told Reuters, speaking on condition of anonymity.
Vietnam’s response
Vietnam has scrambled to mitigate the tariff risk, announcing on March 14 provisional deals to import U.S. energy products like liquefied natural gas (LNG) and signaling duty cuts on American cars and other goods. The government hopes these measures will appease the Trump administration and preserve Vietnam’s status as a manufacturing powerhouse.
However, for smaller investors, the moves may be too little, too late. “Vietnam’s charm offensive is aimed at keeping the big players,” said a South Korean textile exporter in Hanoi, who is relocating to Bavet. “For us, the cost-benefit equation has already changed.”
Broader implications
While the $200-$300 million shift is minor compared to Vietnam’s total FDI stock, it underscores broader challenges as the country navigates a volatile global trade landscape. Larger firms like Samsung, which accounts for a fifth of Vietnam’s exports, have not signaled plans to leave, with the company opening a new R&D center in Hanoi in December 2024. But analysts warn that sustained tariff pressure could trigger a wider rethink among multinationals.
For now, Cambodia and Laos are reaping the benefits. “This is our chance to move up the value chain,” said Sok Chenda Sophea, Cambodia’s Minister of Commerce, in a statement last week. “We welcome investors seeking stability and growth.”
Reporting by Francesco Guarascio in Hanoi and Phuong Nguyen in Taipei; Editing by James Pearson
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