More US firms may shift some business from China to Asean
(REUTERS) - A growing number of United States (US) companies plan to shift some operations from China to South-east Asia in the next two years as confidence in countries such as the Philippines improves, a survey by the American Chamber of Commerce (AmCham) in Singapore showed.
AmCham Singapore said on Thursday its survey of 356 senior executives working for US companies in the region showed that 21 per cent planned to reduce reliance on China by moving some businesses to Southeast Asia over the next two years, up from 15 per cent in a 2011 survey.
Malaysia and the Philippines were the top choices for expansion, with both getting cited by 27 per cent of respondents with plans to reduce their reliance on China. In a survey last year, 21 per cent of those expecting to move some operations favored Malaysia, and 11 per cent cited the Philippines.
In the new survey, the next most favored destinations were Vietnam and Thailand, with 24 per cent each. The proportion citing Vietnam was down from 34 per cent in the 2011 survey, when it was the top choice.