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Trade war

Southeast Asia set to gain from trade war business relocations

HSBC Private Banking sees Vietnam, Thailand and Malaysia as main winners

Women work at the Maxport garment factory in Thai Binh province, Vietnam.   © Reuters

KUALA LUMPUR -- The escalating trade war will give Southeast Asian economies a boost by prompting major companies operating in China to shift operations to the region, according to HSBC Private Banking.

Cheuk Wan Fan, the business's managing director and chief market strategist (Asia), said Vietnam, Thailand and Malaysia are expected to be the main beneficiaries from the high tariffs imposed on Chinese imports by the U.S. But she said the relocations will not happen overnight.

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