ANVF 2023: From trade to investment, is “China + 1” happening in Asia?

The COVID pandemic has accelerated the trend to diversify China-centric supply chains. As global trade dynamics shift, many companies are looking to mitigate risks and optimize their operations in Asia. This strategy presents opportunities for countries like Vietnam, India and Indonesia, which offer lower labor costs, favorable investment policies, and growing consumer markets. However, challenges such as infrastructure gaps, regulatory uncertainties, and geopolitical tensions also exist. Is "China + 1" truly happening in Asia? What are the drivers and implications of this strategy for the region's economic landscape?