Above all, the hype about Vietnam replacing China misses the simple fact that Vietnam is the size of a single Chinese province. How is a country that size supposed to steal all of China's manufactering business?
Really, China's only real competitor has always been India, and sure they've managed to get some business due to rising labor costs and the 2022 COVID lockdowns. But once again, even in 1990s China where the standard of living in many parts of the country was still no better than Subsaharan Africa, the country had stable power supplies and extensive road networks.
It's 2022 and