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US, European buyers pivot away from China, toward Vietnam
By Dat Nguyen May 5, 2021 | 12:27 pm GMT+7
Containers seen at Cat Lai Port in Ho Chi Minh City in April 2021. Photo by VnExpress/Quynh Tran.
Demand for Vietnamese products is increasing among U.S. and European buyers, many of whom are seeking to diversify their buying away from China, a survey has found.
Forty three percent of U.S. companies said earlier this year that Vietnam was among their top three choices of source, twice the rate seen in 2019, according to a survey by Qima, a provider of supply-chain-compliance solutions.
The ratio in Europe was 25 percent, up 11 percentage points, it said.
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Global supply chain continues to shift away from China, but it remains the top sourcing location Workers in Vietnam perform quality checks on smartphones. The country was recently named a top-three sourcing market by a quarter of respondents in a global poll. Photo: Bloomberg
Although China has rebounded relatively strongly from the pandemic, having brought it under control much faster than the West, long-term diversification trends in the global supply chain are continuing to shift away from the world s second-largest economy, according to a survey of more than 700 firms across the world in March.
In 2019, 96 per cent of US-based companies and 100 per cent of Europe-based companies listed China as one of their top-three sourcing countries, but those proportions respectively dropped to 77 and 80 per cent in the first quarter of this year, according to Qima, a provider of supply-chain-compliance solutions that conducted the survey.
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Dive Brief:
U.S. and global buyers view Vietnam and India as alternative sourcing locations to China, according to a recent Q2 Barometer report by Qima, a provider of supply chain compliance solutions. Respondents listed both countries among their top three buying geographies.
Roughly a third of global buyers and 38% of U.S. buyers named Vietnam as a place they intend to increase sourcing from this year. And an influx of US-based buyers increased inspection and audit demand in India 72% YoY, indicative of the uptick in buying interest, according to the report.
While demand for inspections and audits in China surged during Q1 2021 to 55% YoY, it has not yet reached pre-pandemic levels, which points to a lagging recovery for sourcing.
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