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Cover Story: China’s Factory Exodus Is Turning Vietnam Into the World’s Assembler

By Zhang Erchi from Vietnam and Han Wei in Beijing
2025年09月01日 05:00
Tariff gap is attracting businesses, but that could vanish in a single political decision

A 90-minute drive north of Hanoi, a red banner with gold Chinese characters wishing prosperity flutters over the gate of Mingjie Co. Ltd.’s newly completed factory. Inside, brand-new injection molding machines stand idle, awaiting activation. Outside, farmers in conical hats work rice paddies.

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