Toys produced by Hasbro firm of the US (Source: Getty images) Hanoi (VNA) – Several toy makersof the US are intending to move their production facilities in China to othermarkets, including Vietnam, due to concerns about negative effects from the US-Chinatrade war.
Some US toy firms said if their products are made in the US instead of China,their toys will be five times more expensive, and consumers will not buyproducts at such high prices. In cases where the US applies a 25-percent tax onraw materials, toy businesses may go bankrupt or be forced to cut down theirnumber of workers.
Experts said the trade war between the world’s two biggest economies havepromoted big toy producers of the US to shift their production to othermarkets, a trend that has occurred due to rising costs in China.
Hasbro, the world's leading toy manufacturer, plans to reduce the amount of toyproducts made in China to 60 percent by 2020, compared with 69 percent in 2018and 86 percent in 2012. It plans to move some of its production to the US,Mexico, Vietnam, and India.
According to data from the market research organisation EuromonitorInternational, the toy manufacturing sector in Indonesia, Malaysia, and Vietnamhas recorded double-digit growth during the 2012-2017 period.–VNA
VNA
