Not only are US companies making moves to exit China-based manufacturing operations but Chinese companies are following suit, reports the Nikkei.

33 companies since June  have given notice to the Beijing and Shanghai stock exchanges that they are looking for foreign production locations, says the Nikkei.

Companies are reacting both to the the trade war with the US and rising wages.

Since 2017, wages in China have risen 44% compared to  Vietnam’s 30% rise, Malaysia’s 28% and Mexico’s 11%.

Vietnam is the big winner in the moves with 70% of the exiting  Chinese companies preferring it. 

After Vietnam, the preferred locations  are Cambodia, India, Malaysia, Mexico, Serbia and Thailand.

Anong companies setting up abroad are, says the Nikkei, Jinhua Chunguang, a rubber product maker, Zhejiang Henglin Chair Industry, which supplies IKEA and Nittori,  and Huafu Fashion which is investing $362 million to build a factory in Vietnam.