CINXE.COM

<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>Vietnam becomes vital link in supply chain as business pivots from China</title><meta name="description" content="Rising investment amid geopolitical tensions puts infrastructure under strain"/><link rel="canonical" href="https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"NewsArticle","headline":"Vietnam becomes vital link in supply chain as business pivots from China","datePublished":"2023-07-03T01:12:28.612Z","dateModified":"2024-02-19T09:24:49.000Z","description":"Rising investment amid geopolitical tensions puts infrastructure under strain","isAccessibleForFree":"True","isPartOf":{"@type":["CreativeWork","Product"],"name":"Financial Times","productID":"ft.com:free"},"alternativeHeadline":"Vietnam becomes vital link in supply chain as business pivots from China","image":{"@type":"ImageObject","@context":"http://schema.org","url":"https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F1b57152d-0a52-468e-9757-8d56f3047ba9.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","width":2290,"height":1288},"author":[{"@type":"Person","@context":"http://schema.org","name":"Orla Ryan","url":"https://www.ft.com/orla-ryan","worksFor":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}],"articleBody":"Space at the Deep C Two industrial estate in northern Vietnam is in such demand that its developer is already thinking about how to create more — by pushing back the South China Sea.\n\nSome of the biggest suppliers to global tech companies such as Apple are clustered at Deep C Two, close to northern Vietnam’s biggest port, Haiphong. Now geopolitical tensions between Beijing and Washington and the risks to business exposed by the Covid-19 pandemic are spurring more manufacturers to shift out of China — and Deep C, a Belgian developer which runs five zones in Vietnam, is getting ready.\n\nIf there is enough demand, “we will reclaim the land from the sea”, said Dung Bui Thi Thuy, a marketing executive.\n\nThe accelerating shift to countries such as Vietnam is part of a growing “China plus one” strategy to redraw global supply chains. As rivalries grow between China and the US over technology and security, more companies fear curbs on what and where they can manufacture. As a result, many are supplementing production in China, still the world’s biggest manufacturing hub, with expansion to other countries.\n\n“Koreans, Taiwanese, Chinese — there seems to be an unstoppable transfer or at least relocation from mainland China into other countries,” said Koen Soenens, Deep C’s sales and marketing director. “Foreign companies currently in China, ask them what’s next. [They say] ‘For the Chinese market, we stay in China; to serve our overseas clients, we are looking for a new location’.”\n\nBut the trend also exposes the risks and uncertainties of shifting resources to countries such as Vietnam, where the bureaucratic and physical infrastructure, including the electricity grid, is straining under the weight of demand just as the country faces headwinds from a turbulent global economy.\n\nVietnam’s export-led growth has pulled millions of people out of poverty over the past 30 years, and the country has won a big role in the tech supply chain: Apple already produces millions of AirPods there.\n\nBut one European diplomat there said the country was “at a crossroads” where it had to ease bureaucracy, create a more transparent regulatory framework and get rid of “absurd” red tape.\n\n“They received this strong trend of investment . . . up till now it has been easy for them,” the diplomat said, questioning whether Vietnam had the infrastructure for further growth.\n\nVietnam generated $22.4bn from foreign direct investment projects in 2022, an increase of 13.5 per cent over the previous year, according to government data. While FDI is slightly down in the first five months of the year on the same period last year, investors, analysts and officials said interest remained strong. Vietnam attracted 962 new FDI projects in the first five months of the year, up from 578 in the same period last year.\n\nHo Duc Phoc, Vietnam’s finance minister, said in an interview that the country’s infrastructure was “improving and becoming more modern” and highlighted a big attraction for investors: cheap labour.\n\n“We have an abundant and cheap supply of labour . . . [it] will be cheap for a long time,” he told the Financial Times.\n\nStill, some investors are already noticing a tightening labour market. Soenens points to Pegatron, one of the biggest suppliers to Apple, which began production of electronic equipment in Haiphong in 2021. By the end of next year, the Taiwanese company hopes to have 20,000 workers in Deep C.\n\n“How are they going to find those people? Most probably outside the city limits, thanks to their investment in dormitories for workers,” said Soenens.\n\nSome 150km away at the Thanh Oai industrial complex in Hanoi, where B. Braun employs about 1,100 people, the medical technology company is considering building dormitories on site as it plans to double investment and its workforce within the next five years.\n\nThe labour market is taut and “getting more and more difficult . . . highly skilled labour is needed by every company”, said Torben Minko, managing director of B. Braun Vietnam. “The challenge is the human capital. If you have to build a huge factory that needs 10,000 workers, they need to come from somewhere.”\n\nVietnam’s highly qualified young people also expect to earn far more than the monthly minimum wage, which for the biggest cities is 4.68mn dong ($198). “I can tell you now the normal average salary for people my age is 15mn to 18mn a month,” said Tran Khanh Ly, a 24-year-old business developer in Ho Chi Minh City.\n\nNew investors quickly find the wheels of bureaucracy grind slowly in a consensus-driven and decentralised system in which multiple signatures are required for every approval. Companies already in Vietnam said expansion was tough.\n\nA big corruption crackdown has exacerbated delays. “Government has become paralysed by procurement anxiety, a fear of making a mistake and winding up in prison for corruption or misuse of public resources,” one western official said.\n\nThe finance minister said the impact of the crackdown on business had been minimal. “The aim . . . is to make the economy healthy and transparent, for protecting the rights of the citizens and the enterprises,” he said.\n\n“The length of procedure and the complexity is an issue,” said Jean-Jacques Bouflet, vice-president of the European Chamber of Commerce in Vietnam, citing the absence of a centralised investment agency as one reason why approvals for everything from work permits to solar panels move slowly.\n\nAs Vietnam develops, it remains highly dependent on ties to China’s crucible of manufacturing around the Pearl River delta, which — marketing material from Deep C at Haiphong points out — is just “12 trucking hours” away.\n\nThat proximity allows for easy transfer of materials but leaves Vietnam’s supply chain more vulnerable, according to Brian Lee Shun Rong, an economist at Maybank in Singapore. “What happens if there are any disruptions to the flow of imports from China?” he said.\n\n“This is our Achilles heel,” said Michael Kokalari, chief economist at VinaCapital in Ho Chi Minh City. “To the extent there are supply chains, it is [companies such as] Samsung or LG bringing their whole supply chains here.”\n\nOne solution is for big anchor investors to play a role in improving the whole supplier ecosystem. Samsung, which has six factories in Vietnam as well as a research and development centre and is the biggest foreign investor, said since 2015, it had worked with about 400 Vietnamese companies to help them improve product quality.\n\nAnother solution is for companies to move in clusters. Deep C cites the example of Pyeong Hwa Automotive, which moved to the Haiphong zone with three others in 2019.\n\nWhatever the doubts about labour, infrastructure or other issues, few expect “China plus one” growth to end soon. “The gates open, they come in,” said Soenens of Deep C, which is considering further sites. “It doesn’t stop.”\n\nAdditional reporting by Andy Lin in Hong Kong","wordCount":1152,"publisher":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}</script><script type="application/ld+json">{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Asia-Pacific","item":"https://www.ft.com/asia-pacific"},{"@type":"ListItem","position":2,"name":"Companies","item":"https://www.ft.com/companies"},{"@type":"ListItem","position":3,"name":"Economy","item":"https://www.ft.com/economy"}]}</script><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"http://www.ft.com"}</script><meta property="fb:pages" content="8860325749"/><meta property="twitter:site" content="@FinancialTimes"/><meta property="twitter:card" content="summary_large_image"/><meta property="og:title" content="Vietnam becomes vital link in supply chain as business pivots from China"/><meta property="og:description" content="Rising investment amid geopolitical tensions puts infrastructure under strain"/><meta property="og:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F1b57152d-0a52-468e-9757-8d56f3047ba9.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1"/><meta property="og:url" content="https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11"/><meta property="og:type" content="article"/><meta property="article:published_time" content="2023-07-03T01:12:28.612Z"/><meta property="article:modified_time" content="2023-07-03T01:12:28.612Z"/><meta property="article:author" content="Orla Ryan"/><meta property="article:tag" content="News"/><meta name="apple-itunes-app" content="app-id=1200842933, app-argument=https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11"/><link rel="icon" type="image/svg+xml" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=svg"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=32&height=32" sizes="32x32"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=194&height=194" sizes="194x194"/><link rel="apple-touch-icon" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=180&height=180" sizes="180x180"/><link rel="manifest" href="https://www.ft.com/__assets/creatives/manifest/manifest-v6.json"/><script> !function(e,n,t,i,o,r){function c(e){if("number"!=typeof e)return e;var n=new Date;return new Date(n.getTime()+1e3*e)}var a=4e3,s="xnpe_async_hide";function p(e){return e.reduce((function(e,n){return e[n]=function(){e._.push([n.toString(),arguments])},e}),{_:[]})}function m(e,n,t){var i=t.createElement(n);i.src=e;var o=t.getElementsByTagName(n)[0];return o.parentNode.insertBefore(i,o),i}function u(e){return"[object Date]"===Object.prototype.toString.call(e)}r.target=r.target,r.file_path=r.file_path||r.target+"/js/exponea.min.js",o[n]=p(["anonymize","initialize","identify","update","track","trackLink","trackEnhancedEcommerce","getHtml","showHtml","showBanner","showWebLayer","ping","getAbTest","loadDependency","getRecommendation","reloadWebLayers"]),o[n].notifications=p(["isAvailable","isSubscribed","subscribe","unsubscribe"]),o[n]["snippetVersion"]="v2.3.0",function(e,n,t){e[n]["_"+t]={},e[n]["_"+t].nowFn=Date.now,e[n]["_"+t].snippetStartTime=e[n]["_"+t].nowFn()}(o,n,"performance"),function(e,n,t,i,o,r){e[o]={sdk:e[i],sdkObjectName:i,skipExperiments:!!t.new_experiments,sign:t.token+"/"+(r.exec(n.cookie)||["","new"])[1],path:t.target}}(o,e,r,n,i,RegExp("__exponea_etc__"+"=([\w-]+)")),function(e,n,t){m(e.file_path,n,t)}(r,t,e),function(e,n,t,i,o,r,p){if(e.new_experiments){!0===e.new_experiments&&(e.new_experiments={});var f,l=e.new_experiments.hide_class||s,_=e.new_experiments.timeout||a,d=encodeURIComponent(r.location.href.split("#")[0]);e.cookies&&e.cookies.expires&&("number"==typeof e.cookies.expires||u(e.cookies.expires)?f=c(e.cookies.expires):e.cookies.expires.tracking&&("number"==typeof e.cookies.expires.tracking||u(e.cookies.expires.tracking))&&(f=c(e.cookies.expires.tracking))),f&&f<new Date&&(f=void 0);var x=e.target+"/webxp/"+n+"/"+r[t].sign+"/modifications.min.js?http-referer="+d+"&timeout="+_+"ms"+(f?"&cookie-expires="+Math.floor(f.getTime()/1e3):"");"sync"===e.new_experiments.mode&&r.localStorage.getItem("__exponea__sync_modifications__")?function(e,n,t,i,o){t[o][n]="<"+n+' src="'+e+'"></'+n+">",i.writeln(t[o][n]),i.writeln("<"+n+">!"+o+".init && document.writeln("+o+"."+n+'.replace("/'+n+'/", "/'+n+'-async/").replace("><", " async><"))</'+n+">")}(x,n,r,p,t):function(e,n,t,i,o,r,c,a){r.documentElement.classList.add(e);var s=m(t,i,r);function p(){o[a].init||m(t.replace("/"+i+"/","/"+i+"-async/"),i,r)}function u(){r.documentElement.classList.remove(e)}s.onload=p,s.onerror=p,o.setTimeout(u,n),o[c]._revealPage=u}(l,_,x,n,r,p,o,t)}}(r,t,i,0,n,o,e),function(e,n,t){e[n].start=function(i){i&&Object.keys(i).forEach((function(e){return t[e]=i[e]})),e[n].initialize(t)}}(o,n,r)}(document,"exponea","script","webxpClient",window,{ target: 'https://bloomreach.ft.com', token: 'd6e5bd4c-9228-11eb-a414-9a67e462410e', }); </script><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F1b57152d-0a52-468e-9757-8d56f3047ba9.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1"/><link rel="preconnect" href="https://spoor-api.ft.com"/><link rel="preconnect" href="https://session-next.ft.com" crossorigin="use-credentials"/><link rel="preconnect" href="https://ads-api.ft.com"/><link rel="preconnect" href="https://securepubads.g.doubleclick.net"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.61dafd91f545.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.26b65a981549.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.volatile.1a6f79bd1d66.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.e8fb6ba854c0.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8e63a441c108.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.7c848dc2beb7.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.869edaaf9df8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-video.05fce4be6038.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.2e5b41b04f91.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.d71bbec40c91.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-expander.96516cca2043.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.9a01b7e9fd99.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.78ccc5a6d4ab.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.26d2ea6ea104.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/privacy-components.b814d0838b93.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.175c5da7e8ac.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-share.a5222a5d7cf8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.3a60498625a1.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.fcb47ada8316.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-table.0698287f312d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.a194fc356e20.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-scrollytelling-image.64b28cd8fbe0.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-audio.9f5609f087ec.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-errors.be3c3bdc0c01.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.cb45f2597d9f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://consent-notice.ft.com/cmp.js" type="application/javascript"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Regular&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Semibold&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Regular&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Bold&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><script id="initial-props" type="application/json">{"mainConcepts":{"contentId":"29070eda-3a0c-4034-827e-0b31a0f3ef11","focus":["2c9058b4-369b-43db-a018-d1f8a4fe5a82","36089563-edcf-3472-90e1-f0904154a67b","59d55e5c-cb83-49dc-bacb-26dcc51566d0","ba15fdc1-6edd-3dc1-83d7-04a04991e0c8","f40bf06a-ce0d-4201-879c-a7370304ebde","a579350c-61ce-4c00-97ca-ddaa2e0cacf6","1b0e0dc0-21f2-4216-8c14-1204b0ae26d8","1ce14256-65c6-3261-a16d-a45c974f1017","1e4144e1-1946-3f75-9c81-8f41fbe60eab","29e67a92-a3b8-410c-9139-15abe9b47e12","676ae90a-d2ec-4180-9640-5c6a84b8a95e","82645c31-4426-4ef5-99c9-9df6e0940c00","c47f4dfc-6879-4e95-accf-ca8cbe6a1f69","e9608322-78e4-3737-a7be-4618e276de02","ec4ffdac-4f55-4b7a-b529-7d1e3e9f150c"],"authorConcepts":[{"id":"b281c97c-62cc-4471-aa66-731241b1d64d","prefLabel":"Orla Ryan","types":["http://www.ft.com/ontology/core/Thing","http://www.ft.com/ontology/concept/Concept","http://www.ft.com/ontology/person/Person"],"type":"PERSON","directType":"http://www.ft.com/ontology/person/Person","isPackageBrand":false,"predicate":"http://www.ft.com/ontology/annotation/hasAuthor","url":"https://www.ft.com/orla-ryan","relativeUrl":"/orla-ryan","predicateName":"hasAuthor"}]}}</script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/vendors~page-kit-layout-styles.88fbdf048167.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/main.2c3288ad7ce3.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.61dafd91f545.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.26b65a981549.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.volatile.1a6f79bd1d66.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.e8fb6ba854c0.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8e63a441c108.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.7c848dc2beb7.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.869edaaf9df8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-video.05fce4be6038.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.2e5b41b04f91.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.d71bbec40c91.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-expander.96516cca2043.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.9a01b7e9fd99.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.78ccc5a6d4ab.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.26d2ea6ea104.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js","https://www.ft.com/__assets/hashed/page-kit/privacy-components.b814d0838b93.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.175c5da7e8ac.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-share.a5222a5d7cf8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.3a60498625a1.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.fcb47ada8316.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-table.0698287f312d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.a194fc356e20.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-scrollytelling-image.64b28cd8fbe0.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-audio.9f5609f087ec.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-errors.be3c3bdc0c01.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.cb45f2597d9f.bundle.js","https://consent-notice.ft.com/cmp.js"]}</script><script>;(function () { var doc = document.documentElement var isEnhanced = isEnhancedBrowser() var scriptsConfig = getScriptsConfig() var scriptsToLoad = [] var currentScript = document.scripts[document.scripts.length - 1] doc.className = doc.className.replace('no-js', 'js') if (isEnhanced) { doc.className = doc.className.replace('core', 'enhanced') Array.prototype.push.apply(scriptsToLoad, scriptsConfig.enhanced) } else { Array.prototype.push.apply(scriptsToLoad, scriptsConfig.core) } for (var i = 0, len = scriptsToLoad.length; i < len; i++) { loadScript(scriptsToLoad[i]) } function scriptLoadError(error) { var script = error.target ? error.target.src : null if (script) { console.error('The script ' + script + ' failed to load') // eslint-disable-line no-console } if (/enhanced/.test(doc.className)) { console.warn('Script loading failed, reverting to core experience') // eslint-disable-line no-console doc.className = doc.className.replace('enhanced', 'core') } if (scriptsConfig.trackErrors) { addErrorTrackingPixel(script) } } function loadScript(src) { var script = document.createElement('script') script.onerror = scriptLoadError script.async = false script.src = src currentScript.parentNode.insertBefore(script, currentScript) } // "Cut the mustard" test // by Maggie Allen and Matt Hinchliffe November 2018 function isEnhancedBrowser() { var script = document.createElement('script') var input = document.createElement('input') return ( 'visibilityState' in document && // not supported by old Android (4.0-4.4) without a prefix 'indeterminate' in input && // not supported by BB 10 'flex' in doc.style && // not supported by old Safari (< 9) or IE 6-10 'async' in script // not supported by old Opera (Presto engine < 15) ) } function getScriptsConfig() { var scriptsConfigEl = document.getElementById('page-kit-bootstrap-config') var scriptsConfig = { core: [], enhanced: [], trackErrors: false } if (scriptsConfigEl) { try { scriptsConfig = JSON.parse(scriptsConfigEl.innerHTML) } catch (error) { console.error('Bootstrap configuration error', error) // eslint-disable-line no-console } } return scriptsConfig } function addErrorTrackingPixel(script) { var img = new Image() var data = JSON.stringify({ category: 'javascript', action: 'load-error', system: { source: 'page-kit' }, context: { script: script } }) img.src = 'https://spoor-api.ft.com/px.gif?data=' + encodeURIComponent(data) } })() </script><script>(function(w,d,s,l){ w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'}); var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:''; j.async=true; j.src='https://www.ft.com/page-resources/'+dl; f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer');</script><script>(function loadCustomFonts() { var rootElement = document.documentElement; if (/(^|\s)o-typography-fonts-loaded=1(;|$)/.test(document.cookie)) { var fontLabels = ['sans', 'sans-bold', 'display', 'display-bold']; for (var i = 0; i < fontLabels.length; i++) { rootElement.className = rootElement.className.replace('o-typography--loading-' + fontLabels[i], ''); } } }());</script></head><body><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-NWQJW68" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="n-layout"><a data-trackable="a11y-skip-to-help" class="n-layout__skip-link" href="https://www.ft.com/accessibility">Accessibility help</a><a data-trackable="a11y-skip-to-navigation" class="n-layout__skip-link" href="#site-navigation">Skip to navigation</a><a data-trackable="a11y-skip-to-content" class="n-layout__skip-link" href="#site-content">Skip to content</a><a data-trackable="a11y-skip-to-footer" class="n-layout__skip-link" href="#site-footer">Skip to footer</a><div class="n-layout__row n-layout__row--header"><div class="n-layout__header-before"><div id="n-exponea-bottom-slot"></div><pg-slot data-config-key="leaderboard" template="topSlot"></pg-slot></div><header id="site-navigation" class="o-header o-header--simple" data-o-component="o-header" data-o-header--no-js="true" tabindex="-1"><div class="o-header__row o-header__anon" data-trackable="header-anon"><ul class="o-header__anon-list"><li class="o-header__anon-item"><a class="o-header__anon-link" href="/login?location=/content/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-trackable="Sign In">Sign In</a></li><li class="o-header__anon-item"><a class="o-header__anon-link" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a></li></ul></div><div class="o-header__row o-header__top" data-trackable="header-top"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#o-header-drawer" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" title="Open side navigation menu" data-trackable="drawer-toggle"><span class="o-header__top-link-label">Open side navigation menu</span></a><a href="#o-header-search-primary" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-primary" title="Open search bar" data-trackable="search-toggle"><span class="o-header__top-link-label">Open search bar</span></a></div><div class="o-header__top-column o-header__top-column--center"><a class="o-header__top-logo" style="background-image:none" data-trackable="logo" href="/" title="Go to Financial Times homepage"><svg viewBox="0 0 1054 86"><title>Financial Times</title><path d="M26.177 72.609c0 5.938 1.697 7.295 12.554 7.295v3.732H.9v-3.732c7.464 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.546-7.126-10.01-7.126V1.357h63.448l.34 22.563h-3.054C59.937 6.956 55.696 5.43 39.919 5.43H26.008v33.59h11.196c10.688 0 11.367-1.697 12.215-10.179h3.054v24.599h-3.054c-.848-8.482-1.527-10.01-12.215-10.01H26.008v29.18h.17zm46.314 11.027v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732H72.49zm115.36 1.357l-56.323-69.725V72.44c0 6.617 4.58 7.634 12.385 7.634v3.733h-29.858v-3.733c7.803 0 12.045-1.017 12.045-7.634V8.991c-3.563-3.732-6.108-3.902-12.045-3.902V1.357h26.465l43.09 55.475V12.554c0-6.616-4.58-7.634-12.384-7.634V1.357h30.027V5.09c-7.803 0-12.045 1.018-12.045 7.635v72.27h-1.357zm40.207-1.357h-29.689v-3.732c7.804 0 11.367-1.018 13.911-7.804L239.085.509h7.464l28.84 72.1c2.545 6.447 3.732 7.125 9.67 7.125v3.732h-34.438v-3.732c10.518 0 11.536-.848 8.99-7.125l-8.481-21.884h-25.787L217.71 71.93c-2.375 6.447 1.357 7.804 10.518 7.804v3.902h-.17zm-1.188-37.153h22.393l-11.705-29.518-10.688 29.518zm135.548 38.51l-56.153-69.725V72.44c0 6.617 4.58 7.634 12.384 7.634v3.733h-29.18v-3.733c7.126 0 11.367-1.017 11.367-7.634V9.161c-4.071-3.732-7.125-4.072-13.91-4.072V1.357h28.16l43.09 55.475V12.554c0-6.616-4.58-7.634-12.383-7.634V1.357h29.858V5.09c-7.804 0-12.045 1.018-12.045 7.635v72.27h-1.188zm83.297-83.805h2.036l1.187 24.598-3.053.17c-2.036-14.08-9.5-21.545-23.242-21.545-15.268 0-26.804 13.063-26.804 33.081 0 25.617 16.116 40.206 33.08 40.206 7.296 0 13.912-2.035 20.358-8.99l2.376 2.374c-5.26 7.465-15.608 13.742-29.52 13.742-20.696 0-41.732-15.608-41.732-41.734C380.4 17.813 399.57 0 422.813 0c11.027 0 16.795 4.75 19.848 4.75 1.357 0 2.375-1.187 3.054-3.562zm12.723 82.448v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.464 0-10.01.679-10.01 7.126v60.564c0 6.446 2.546 7.125 10.01 7.125v3.732h-35.287zm68.538 0h-27.653v-3.732c6.108 0 9.331-1.018 11.876-7.804L538.003.509h7.464l28.84 72.1c2.545 6.447 3.733 7.125 9.67 7.125v3.732H549.54v-3.732c10.518 0 11.536-.848 8.991-7.125l-8.482-21.884h-25.786l-7.635 21.205c-2.375 6.447 1.358 7.804 10.519 7.804v3.902h-.17zm-1.188-37.153h22.394l-11.536-29.518-10.858 29.518zm63.957 37.153v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.117V5.09c-7.464 0-9.84.679-9.84 7.126v61.073c0 5.428 2.715 6.107 7.126 6.107h4.241c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.545 24.26h-62.6v.17zM760.75 1.357l.339 23.92h-3.054C756.34 7.634 752.098 5.43 736.32 5.43h-5.089v67.18c0 6.447 2.375 7.295 12.554 7.295v3.732h-40.376v-3.732c10.179 0 12.723-1.018 12.723-7.295V5.429h-5.089c-15.777 0-20.018 2.205-21.715 19.848h-3.053l.339-23.92h74.136zm7.973 82.28v-3.733c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732h-35.287zM910.21 1.356V5.09c-7.465 0-10.688.34-10.01 6.956l6.447 61.073c.679 6.277 3.054 6.955 10.518 6.955v3.733h-35.117v-3.733c7.295 0 9.84-.678 9.331-6.955L884.762 8.99l-25.956 76.172h-1.018L832.34 8.822l-6.108 64.126c-.678 6.447 3.733 7.125 11.197 7.125v3.733h-27.483v-3.733c7.465 0 10.01-1.187 10.518-7.125l6.447-61.073c.679-6.446-2.545-6.955-10.01-6.955V1.357h28.84l17.305 56.153 18.661-56.153h28.5zm65.653 52.082h-3.053c-.849-8.482-1.527-10.01-12.215-10.01H948.04v29.859c0 5.428 2.715 6.107 7.125 6.107h6.786c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.884 24.26h-64.805v-3.733c7.464 0 10.009-.678 10.009-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h62.261l.34 20.527h-3.054c-1.866-14.59-5.598-16.286-21.885-16.286H948.21v33.42h12.554c10.687 0 11.366-1.696 12.214-10.178h3.054v24.599h-.17zm65.484 13.232c0-7.464-4.75-11.196-12.893-15.777l-13.063-6.786c-9.84-5.259-15.607-11.027-15.607-21.375C999.783 9.84 1010.81 0 1025.23 0c9.84 0 14.929 4.75 17.813 4.75 1.866 0 2.714-1.187 3.562-3.562h2.375l1.188 23.072-3.054.17c-1.696-11.198-9.67-19.85-20.866-19.85-8.483 0-14.081 5.09-14.081 12.215 0 7.804 5.937 11.027 12.554 14.59l11.196 5.937c10.519 5.768 17.983 11.536 17.983 22.563 0 14.59-12.554 24.939-28.161 24.939-11.028 0-16.456-5.26-19.34-5.26-1.866 0-2.884 1.697-3.732 4.242h-2.376l-1.696-24.43 3.054-.339c2.375 15.268 12.893 21.545 23.411 21.545 8.822-.17 16.286-4.071 16.286-13.91z" fill="#231F20" fill-rule="evenodd"></path></svg></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/content/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-primary" class="o-header__row o-header__search o-header__search--primary" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-primary" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-primary" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-primary"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-primary" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div><nav id="o-header-nav-desktop" class="o-header__row o-header__nav o-header__nav--desktop" role="navigation" aria-label="Primary navigation" data-trackable="header-nav:desktop"><div class="o-header__container"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" id="o-header-link-0" data-trackable="Home">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" id="o-header-link-1" data-trackable="World">World</a><div class="o-header__mega" id="o-header-mega-1" role="group" aria-labelledby="o-header-link-1" data-o-header-mega="true" data-trackable="meganav | World"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world" data-trackable="link">World Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-war" data-trackable="link">Middle East war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/global-economy" data-trackable="link">Global Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world-uk" data-trackable="link">UK</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/china" data-trackable="link">China</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/africa" data-trackable="link">Africa</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/asia-pacific" data-trackable="link">Asia Pacific</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/emerging-markets" data-trackable="link">Emerging Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/europe" data-trackable="link">Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/war-in-ukraine" data-trackable="link">War in Ukraine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/americas" data-trackable="link">Americas</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-north-africa" data-trackable="link">Middle East & North Africa</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/dc981cd9-857d-4af0-a9f1-a01ce6242471" data-trackable="link">Trump calls Zelenskyy a ‘dictator’ as US rift with Ukraine deepens</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2506b4ae-52f3-4adb-9dd2-7f07a153316d" data-trackable="link">Trump signals Ukraine to blame for war with Russia</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/beb38eb8-408c-4cdb-8086-77545d52099f" data-trackable="link">How Europe can defend itself without US help</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fda734fc-6023-4ad9-b3ae-33234ee40505" data-trackable="link">Chinese warships sail within 150 nautical miles of Sydney</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8735a325-2071-410a-9372-3362008965da" data-trackable="link">EU agrees new Russia sanctions in the face of US push to end Ukraine war</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" id="o-header-link-2" data-trackable="US">US</a><div class="o-header__mega" id="o-header-mega-2" role="group" aria-labelledby="o-header-link-2" data-o-header-mega="true" data-trackable="meganav | US"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-economy" data-trackable="link">US Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/investing-in-america" data-trackable="link">Investing in America</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-companies" data-trackable="link">US Companies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-politics-policy" data-trackable="link">US Politics & Policy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-presidential-election-2024" data-trackable="link">US Presidential Election 2024</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/dc981cd9-857d-4af0-a9f1-a01ce6242471" data-trackable="link">Trump calls Zelenskyy a ‘dictator’ as US rift with Ukraine deepens</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2506b4ae-52f3-4adb-9dd2-7f07a153316d" data-trackable="link">Trump signals Ukraine to blame for war with Russia</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/beb38eb8-408c-4cdb-8086-77545d52099f" data-trackable="link">How Europe can defend itself without US help</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f24122a5-7cac-4fff-a057-5cdceadee947" data-trackable="link">Trump’s late-night posts send currency traders to Asian markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9ac3fc3b-2a95-40e0-ad73-03263fde67f7" data-trackable="link">Elon Musk’s wrecking ball</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" id="o-header-link-3" data-trackable="Companies">Companies</a><div class="o-header__mega" id="o-header-mega-3" role="group" aria-labelledby="o-header-link-3" data-o-header-mega="true" data-trackable="meganav | Companies"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/companies" data-trackable="link">Companies Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/energy" data-trackable="link">Energy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/financials" data-trackable="link">Financials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/health" data-trackable="link">Health</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/industrials" data-trackable="link">Industrials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/media" data-trackable="link">Media</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/professional-services" data-trackable="link">Professional Services</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/retail-consumer" data-trackable="link">Retail & Consumer</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology-sector" data-trackable="link">Tech Sector</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/telecoms" data-trackable="link">Telecoms</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/transport" data-trackable="link">Transport</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/beb38eb8-408c-4cdb-8086-77545d52099f" data-trackable="link">How Europe can defend itself without US help</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d8d21b17-ec77-40a0-bc29-b99bbb6a41e0" data-trackable="link">KKR confronts €449mn earnings hole as flagship Italian deal sours</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/669dd6dd-68fc-4110-875d-af679f6f5c58" data-trackable="link">Former OpenAI technology chief Mira Murati launches rival start-up</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8735a325-2071-410a-9372-3362008965da" data-trackable="link">EU agrees new Russia sanctions in the face of US push to end Ukraine war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2bc85543-d3a2-401b-b7cb-88c834657408" data-trackable="link">BYD’s strategy shift is bad news for global automakers</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" id="o-header-link-4" data-trackable="Tech">Tech</a><div class="o-header__mega" id="o-header-mega-4" role="group" aria-labelledby="o-header-link-4" data-o-header-mega="true" data-trackable="meganav | Tech"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology" data-trackable="link">Tech Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/artificial-intelligence" data-trackable="link">Artificial intelligence</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/semiconductors" data-trackable="link">Semiconductors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/cyber-security" data-trackable="link">Cyber Security</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/social-media" data-trackable="link">Social Media</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/669dd6dd-68fc-4110-875d-af679f6f5c58" data-trackable="link">Former OpenAI technology chief Mira Murati launches rival start-up</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2bc85543-d3a2-401b-b7cb-88c834657408" data-trackable="link">BYD’s strategy shift is bad news for global automakers</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a60f44f5-81ca-4e66-8193-64c956b09820" data-trackable="link">Microsoft claims quantum breakthrough after 20-year pursuit of elusive particle</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/30d6f79f-d1ee-49dc-bff5-719f18c1a9e5" data-trackable="link">Europe’s dependence on US tech is a critical weakness</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6e53cc55-9031-4ba4-9e7c-e5e9c02b3203" data-trackable="link">Google builds AI ‘co-scientist’ tool to speed up research</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" id="o-header-link-5" data-trackable="Markets">Markets</a><div class="o-header__mega" id="o-header-mega-5" role="group" aria-labelledby="o-header-link-5" data-o-header-mega="true" data-trackable="meganav | Markets"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/markets" data-trackable="link">Markets Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/alphaville" data-trackable="link">Alphaville</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://markets.ft.com/data" data-trackable="link">Markets Data</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/crypto" data-trackable="link">Crypto</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/capital-markets" data-trackable="link">Capital Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/commodities" data-trackable="link">Commodities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/currencies" data-trackable="link">Currencies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/equities" data-trackable="link">Equities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-wealth-management" data-trackable="link">Wealth Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/moral-money" data-trackable="link">Moral Money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/etf-hub" data-trackable="link">ETF Hub</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/fund-management" data-trackable="link">Fund Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-trading-room" data-trackable="link">Trading</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8735a325-2071-410a-9372-3362008965da" data-trackable="link">EU agrees new Russia sanctions in the face of US push to end Ukraine war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f24122a5-7cac-4fff-a057-5cdceadee947" data-trackable="link">Trump’s late-night posts send currency traders to Asian markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/533f9322-f098-4b82-823f-a7a8ef9350f1" data-trackable="link">BlackRock and Vanguard halt meetings with companies after SEC cracks down on ESG</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f4fe59c4-0c05-4adb-af28-6ff3dbfe628a" data-trackable="link">Glencore reviews London listing as miners sour on UK market </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/73aef243-0518-42b5-b732-2e64ace3994c" data-trackable="link">China’s holdings of US Treasuries fall to lowest level since 2009</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" id="o-header-link-6" data-trackable="Climate">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" id="o-header-link-7" data-trackable="Opinion">Opinion</a><div class="o-header__mega" id="o-header-mega-7" role="group" aria-labelledby="o-header-link-7" data-o-header-mega="true" data-trackable="meganav | Opinion"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/opinion" data-trackable="link">Opinion Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/columnists" data-trackable="link">Columnists</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-view" data-trackable="link">The FT View</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/the-big-read" data-trackable="link">The Big Read</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/lex" data-trackable="link">Lex</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/obituaries" data-trackable="link">Obituaries</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/letters" data-trackable="link">Letters</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2bc85543-d3a2-401b-b7cb-88c834657408" data-trackable="link">BYD’s strategy shift is bad news for global automakers</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9ac3fc3b-2a95-40e0-ad73-03263fde67f7" data-trackable="link">Elon Musk’s wrecking ball</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2be871f2-f7c0-48ae-a39a-822207a3cb88" data-trackable="link">Europe and the crumbling Atlantic alliance</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6a4dbf64-6752-4f9c-8fc2-08a67a66c3f1" data-trackable="link">In defence of the state</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/0979fe9f-50ff-45b4-8acb-9e35b873654f" data-trackable="link">Innovation and the cult of the firestarter</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" id="o-header-link-8" data-trackable="Lex">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" id="o-header-link-9" data-trackable="Work & Careers">Work & Careers</a><div class="o-header__mega" id="o-header-mega-9" role="group" aria-labelledby="o-header-link-9" data-o-header-mega="true" data-trackable="meganav | Work & Careers"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/work-careers" data-trackable="link">Work & Careers Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/business-education" data-trackable="link">Business School Rankings</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-education" data-trackable="link">Business Education</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="link">Europe's Start-Up Hubs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/entrepreneurship" data-trackable="link">Entrepreneurship</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/recruitment" data-trackable="link">Recruitment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-books" data-trackable="link">Business Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-travel" data-trackable="link">Business Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/working-it" data-trackable="link">Working It</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/12afc90d-b8e2-4d71-a3c3-8bb48377abb3" data-trackable="link">Diet Coke is a symbol of modern office culture </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a8822d89-73d7-4c62-962a-62ddc8af582b" data-trackable="link">‘It’s gonna be some work’: David Rhodes on saving Sky News from a TV grave</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8e35f2ce-9331-4026-968c-246daf6b79ec" data-trackable="link">Maria Callas and Paris: a love story</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a5cc281c-a11a-4313-8a30-7e07ea110c48" data-trackable="link">Hong Kong’s hottest new social scene? Running clubs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f4615bfd-b3dd-4d12-9e5c-55bbd8bc6bd9" data-trackable="link">How Trump’s war on DEI is changing corporate culture</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" id="o-header-link-10" data-trackable="Life & Arts">Life & Arts</a><div class="o-header__mega" id="o-header-mega-10" role="group" aria-labelledby="o-header-link-10" data-o-header-mega="true" data-trackable="meganav | Life & Arts"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/life-arts" data-trackable="link">Life & Arts Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/arts" data-trackable="link">Arts</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/books" data-trackable="link">Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/food-drink" data-trackable="link">Food & Drink</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/magazine" data-trackable="link">FT Magazine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/house-home" data-trackable="link">House & Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/style" data-trackable="link">Style</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/puzzles-games" data-trackable="link">Puzzles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/travel" data-trackable="link">Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/globetrotter" data-trackable="link">FT Globetrotter</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/baa9f97b-9ccd-4dbd-a753-d7f2128ed3ec" data-trackable="link">British country attire is in fashion — but does it beat the real thing?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/88a3ffd4-d5cd-4aee-aaa0-4efab27056a0" data-trackable="link">Run to the sun: on board Amtrak’s new 47-hour Chicago-Miami sleeper </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c11a117d-590b-4469-9e0b-9d48a4ccd561" data-trackable="link">Russia Starts Here — ordinary lives on the edge of Putin’s empire</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a8822d89-73d7-4c62-962a-62ddc8af582b" data-trackable="link">‘It’s gonna be some work’: David Rhodes on saving Sky News from a TV grave</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d995c73b-58a7-4ff6-b34f-d94e707dbd4f" data-trackable="link">Marbella 2.0: beyond the bling?</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" id="o-header-link-11" data-trackable="HTSI">HTSI</a></li></ul></div></nav></header><header class="o-header o-header--simple o-header--sticky o--if-js" data-o-component="o-header" data-o-header--sticky="true" aria-hidden="true"><div class="o-header__row o-header__top" data-trackable="header-sticky"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" data-trackable="drawer-toggle" tabindex="-1"><span class="o-header__top-link-label">Menu</span></a><a href="#" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-sticky" data-trackable="search-toggle" tabindex="-1"><span class="o-header__top-link-label">Search</span></a></div><div class="o-header__top-column o-header__top-column--center"><div class="o-header__top-takeover"><div class="o-header__nav"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" data-trackable="Home" tabindex="-1">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" data-trackable="World" tabindex="-1">World</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" data-trackable="US" tabindex="-1">US</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" data-trackable="Companies" tabindex="-1">Companies</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" data-trackable="Tech" tabindex="-1">Tech</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" data-trackable="Markets" tabindex="-1">Markets</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" data-trackable="Climate" tabindex="-1">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" data-trackable="Opinion" tabindex="-1">Opinion</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" data-trackable="Lex" tabindex="-1">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" data-trackable="Work & Careers" tabindex="-1">Work & Careers</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" data-trackable="Life & Arts" tabindex="-1">Life & Arts</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" data-trackable="HTSI" tabindex="-1">HTSI</a></li></ul></div></div><a class="o-header__top-logo o-header__hide--L" data-trackable="logo" href="/" title="Go to Financial Times homepage" tabindex="-1"><span class="o-header__visually-hidden">Financial Times</span></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe" tabindex="-1">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/content/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-sticky" class="o-header__row o-header__search o-header__search--sticky" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-sticky" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-sticky" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-sticky"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-sticky" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div></header></div><div class="n-layout__row n-layout__row--content"><div><div data-reactroot=""><div id="n-exponea-top-slot"></div><div class="article-content"><div class="article-topper"><div class="o-topper article-topper o-topper--color-black o-topper--full-bleed-offset"><div class="o-topper__content" id="o-topper"><div class="o-topper__tags"><div class="topper__primary-theme"><span><a href="/stream/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" class="o-topper__topic n-content-tag--with-follow js-primary-theme" data-trackable="primary-theme" aria-label="posted in category Vietnam" data-concept-id="ba15fdc1-6edd-3dc1-83d7-04a04991e0c8">Vietnam</a></span><form action="/myft/add/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" data-js-action="/__myft/api/core/followed/concept/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8?method=put" class="n-myft-ui n-myft-ui--follow" method="GET" data-myft-ui="follow" data-concept-id="ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" data-myft-ui-variant="followPlusInstantAlerts"><div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Vietnam." data-unpressed-text="No longer following Vietnam."></div><input type="hidden" data-myft-csrf-token="true" value="" name="token"/><button aria-label="Add Vietnam to myFT" title="Add Vietnam to myFT" data-alternate-label="Added Vietnam to myFT: click to manage alert preferences or remove from myFT" aria-pressed="false" data-alternate-text="Added" class="n-myft-follow-button n-myft-follow-button--instant-alerts n-myft-follow-button--monochrome" data-concept-id="ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" data-trackable="follow" type="submit" data-component-id="myft-follow-plus-instant-alerts">Add to myFT</button></form><div class="n-myft-ui__preferences-modal " data-component-id="myft-preferences-modal" data-concept-id="ba15fdc1-6edd-3dc1-83d7-04a04991e0c8"><div class="n-myft-ui__preferences-modal__content"><span class="o-forms-input o-forms-input--checkbox"><label for="receive-instant-alerts"><input type="checkbox" id="receive-instant-alerts" name="receive-instant-alerts" value="receive-instant-alerts" data-component-id="myft-preferences-modal-checkbox" data-trackable-context-concept_id="ba15fdc1-6edd-3dc1-83d7-04a04991e0c8"/><span class="o-forms-input__label n-myft-ui__preferences-modal__checkbox__message">Get instant alerts for this topic</span></label></span><p data-component-id="myft-preferences-modal-list" class="n-myft-ui__preferences-modal__text"></p><a class="n-myft-ui__preferences-modal__text" href="/myft/alerts" data-trackable="pop-up-box|contact-preference" data-trackable-context-concept_id="ba15fdc1-6edd-3dc1-83d7-04a04991e0c8">Manage your delivery channels here</a><span class="n-myft-ui__preferences-modal-error" data-component-id="myft-preference-modal-error"></span><button class="n-myft-ui__preferences-modal__remove-button" data-component-id="myft-preference-modal-remove" data-trackable="pop-up-box|remove-from-myFT" data-trackable-context-concept_id="ba15fdc1-6edd-3dc1-83d7-04a04991e0c8">Remove from myFT</button></div></div></div></div><h1 class="o-topper__headline o-topper__headline--large"><span class="headline__text">Vietnam becomes vital link in supply chain as business pivots from China</span></h1><div class="o-topper__standfirst">Rising investment amid geopolitical tensions puts infrastructure under strain</div></div><div class="o-topper__background"></div><figure class="o-topper__visual"><picture class="o-topper__picture"><source media="(min-width: 491px) and (max-width: 1219px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A1b57152d-0a52-468e-9757-8d56f3047ba9?source=next-article&fit=scale-down&quality=highest&width=800&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A1b57152d-0a52-468e-9757-8d56f3047ba9?source=next-article&fit=scale-down&quality=highest&width=800&dpr=2 2x" width="2290" height="1288"/><source media="(max-width: 490px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A14c24a8a-aabd-4eb0-aadc-c45741813e66?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A14c24a8a-aabd-4eb0-aadc-c45741813e66?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x" width="1444" height="1444"/><source media="(min-width: 1220px) and (max-width: 1439px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A4c5c9d9e-69b0-4600-a89d-b162a6ce4ac2?source=next-article&fit=scale-down&quality=highest&width=1220&dpr=1 1x" width="2215" height="738"/><source media="(min-width: 1440px) and (max-width: 1919px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A4c5c9d9e-69b0-4600-a89d-b162a6ce4ac2?source=next-article&fit=scale-down&quality=highest&width=1440&dpr=1 1x" width="2215" height="738"/><source media="(min-width: 1920px) and (max-width: 3839px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A4c5c9d9e-69b0-4600-a89d-b162a6ce4ac2?source=next-article&fit=scale-down&quality=highest&width=1920&dpr=1 1x" width="2215" height="738"/><source media="(min-width: 3840px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A4c5c9d9e-69b0-4600-a89d-b162a6ce4ac2?source=next-article&fit=scale-down&quality=highest&width=2215&dpr=1 1x" width="2215" height="738"/><img alt="" class="o-topper__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A1b57152d-0a52-468e-9757-8d56f3047ba9?source=next-article&fit=scale-down&quality=highest&width=1440&dpr=1"/></picture><figcaption class="o-topper__image-credit">© Linh Pham/FT</figcaption></figure></div></div><article id="site-content" role="main" class="article article-grid article-grid--full-width-graphics" data-content-id="29070eda-3a0c-4034-827e-0b31a0f3ef11" data-access-level="free" data-syndicatable="yes" data-article-type="full-width-graphics" data-cp-content-pipeline="true" data-feature-ads-pg="on" data-editorial-desk="/FT/WorldNews/Asia Pacific"><div class="main-image"></div><div class="share-nav" data-trackable="share | top"><div class="share-nav__vertical" data-share-nav-vertical="true" data-component="share-nav"><div data-o-component="o-share" data-o-share-article="true" class="o-share o-share--vertical "><ul data-toolbar="share"><li class="o-share__action share-nav__x-action" data-share="twitter"><a class="o-share__icon o-share__icon--x" rel="noopener" href="https://twitter.com/intent/tweet?url=https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11&text=Vietnam%20becomes%20vital%20link%20in%20supply%20chain%20as%20business%20pivots%20from%20China&via=ft" data-trackable="twitter"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M554.158 472.797L740.663 256H696.467L534.525 444.242L405.182 256H256L451.592 540.655L256 768H300.198L471.213 569.21L607.809 768H756.991L554.158 472.797ZM316.123 289.272H384.009L696.488 736.241H628.602L316.123 289.272Z"></path></svg></div><span class="o-share__text">Vietnam becomes vital link in supply chain as business pivots from China on x (opens in a new window)</span></a></li><li class="o-share__action share-nav__facebook-action" data-share="facebook"><a class="o-share__icon o-share__icon--facebook" rel="noopener" href="https://www.facebook.com/sharer.php?u=https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11&t=Vietnam%20becomes%20vital%20link%20in%20supply%20chain%20as%20business%20pivots%20from%20China" data-trackable="facebook"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M550.162 768V534.446H625.725L636.955 443.476H550.162V385.335C550.162 359.033 557.204 341.037 593.558 341.037H640V259.56C632.006 258.373 604.407 256 572.431 256C505.433 256 459.753 298.518 459.753 376.436V443.674H384V534.643H459.753V768H550.162Z"></path></svg></div><span class="o-share__text">Vietnam becomes vital link in supply chain as business pivots from China on facebook (opens in a new window)</span></a></li><li class="o-share__action share-nav__linkedin-action" data-share="linkedin"><a class="o-share__icon o-share__icon--linkedin" rel="noopener" href="https://www.linkedin.com/sharing/share-offsite/?url=https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-trackable="linkedin"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M740.978 716.786V548.432C740.978 458.221 692.399 416.247 627.626 416.247C575.358 416.247 551.93 444.747 538.88 464.752V410.005L435.201 409.6C436.508 437.161 435.201 716.786 435.201 716.786H538.88V552.8C538.88 544.049 539.512 535.27 542.125 529.009C549.231 511.465 565.438 493.309 592.628 493.309C628.272 493.309 642.513 520.23 642.513 559.701V716.8L740.978 716.786Z"></path><path d="M332.488 384C364.215 384 384 361.225 384 332.779C383.416 303.714 364.229 281.6 333.099 281.6C301.969 281.6 281.6 303.7 281.6 332.779C281.6 361.225 301.358 384 331.918 384H332.488Z"></path><path d="M384 716.8V409.6H281.6V716.8H384Z"></path></svg></div><span class="o-share__text">Vietnam becomes vital link in supply chain as business pivots from China on linkedin (opens in a new window)</span></a></li><li class="o-share__action share-nav__whatsapp-action" data-share="whatsapp"><a class="o-share__icon o-share__icon--whatsapp" rel="noopener" href="whatsapp://send?text=Vietnam%20becomes%20vital%20link%20in%20supply%20chain%20as%20business%20pivots%20from%20China%20-%20https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-trackable="whatsapp"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M758.188 436.819C722.368 314.827 605.046 240.531 477.16 258.73C360.442 275.429 267.672 380.223 265.257 497.316C264.351 542.813 274.816 585.211 295.845 625.508C298.461 630.408 298.964 637.708 297.455 643.107C293.33 658.506 287.594 673.606 282.463 688.805L256 768C300.775 753.801 342.733 740.602 384.591 726.902C391.936 724.503 397.772 725.103 404.614 728.402C453.816 752.301 505.534 759.9 559.768 750.801C705.766 726.302 799.542 578.011 758.188 436.819V436.819ZM542.361 710.903C494.466 716.303 449.993 707.204 408.84 682.605C403.406 679.405 398.879 678.805 392.942 680.805C372.617 687.605 351.99 694.004 331.565 700.504C329.15 701.304 326.634 701.704 322.006 702.904C327.339 686.805 330.659 671.706 337.199 658.106C346.657 638.008 343.74 622.309 332.873 602.21C275.118 496.216 319.993 364.824 432.988 315.227C558.46 260.13 704.357 339.625 723.374 474.617C741.385 603.71 645.696 699.204 542.361 710.903V710.903ZM641.269 566.312C644.187 568.012 646.501 574.011 646.199 577.911C644.388 605.31 626.377 624.208 598.808 628.308C594.179 629.008 589.45 629.208 584.721 629.708L584.419 630.708C575.565 628.808 566.61 627.408 558.057 624.808C500.202 607.009 455.527 571.811 422.423 521.614C408.739 500.816 395.055 480.217 391.835 454.818C388.716 430.62 396.464 410.121 413.066 392.522C423.53 381.523 436.51 382.123 449.59 384.822C452.508 385.422 455.728 389.022 457.036 392.022C463.979 408.721 470.821 425.42 476.556 442.519C478.065 447.219 476.053 453.318 474.544 458.518C473.739 461.518 470.922 464.018 468.809 466.618C453.816 484.917 454.018 484.817 467.098 504.415C485.008 531.314 508.855 551.213 537.732 565.612C546.788 570.112 553.53 569.312 559.768 561.412C565 554.912 570.937 548.913 576.37 542.513C580.395 537.713 585.023 536.514 590.658 539.413C607.562 548.313 624.768 556.812 641.269 566.312"></path></svg></div><span class="o-share__text">Vietnam becomes vital link in supply chain as business pivots from China on whatsapp (opens in a new window)</span></a></li><li class="o-share__action share-nav__save-action"><div><form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="29070eda-3a0c-4034-827e-0b31a0f3ef11" data-myft-ui="saved" action="/myft/save/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-js-action="/__myft/api/core/saved/content/29070eda-3a0c-4034-827e-0b31a0f3ef11?method=put" data-myft-ui-save-config="nonModal"> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save this article to myFT for later" aria-label="Save this article to myFT for later" data-alternate-label=" Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="29070eda-3a0c-4034-827e-0b31a0f3ef11" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form></div></li></ul></div><div id="article-progress"></div><div id="share-modal-vertical"></div></div><div class="share-nav__horizontal" data-share-nav-vertical="false" data-component="share-nav"><div data-o-component="o-share" data-o-share-article="true" class="o-share o-share--horizontal "><ul data-toolbar="share"><li class="o-share__action share-nav__x-action" data-share="twitter"><a class="o-share__icon o-share__icon--x" rel="noopener" href="https://twitter.com/intent/tweet?url=https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11&text=Vietnam%20becomes%20vital%20link%20in%20supply%20chain%20as%20business%20pivots%20from%20China&via=ft" data-trackable="twitter"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M554.158 472.797L740.663 256H696.467L534.525 444.242L405.182 256H256L451.592 540.655L256 768H300.198L471.213 569.21L607.809 768H756.991L554.158 472.797ZM316.123 289.272H384.009L696.488 736.241H628.602L316.123 289.272Z"></path></svg></div><span class="o-share__text">Vietnam becomes vital link in supply chain as business pivots from China on x (opens in a new window)</span></a></li><li class="o-share__action share-nav__facebook-action" data-share="facebook"><a class="o-share__icon o-share__icon--facebook" rel="noopener" href="https://www.facebook.com/sharer.php?u=https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11&t=Vietnam%20becomes%20vital%20link%20in%20supply%20chain%20as%20business%20pivots%20from%20China" data-trackable="facebook"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M550.162 768V534.446H625.725L636.955 443.476H550.162V385.335C550.162 359.033 557.204 341.037 593.558 341.037H640V259.56C632.006 258.373 604.407 256 572.431 256C505.433 256 459.753 298.518 459.753 376.436V443.674H384V534.643H459.753V768H550.162Z"></path></svg></div><span class="o-share__text">Vietnam becomes vital link in supply chain as business pivots from China on facebook (opens in a new window)</span></a></li><li class="o-share__action share-nav__linkedin-action" data-share="linkedin"><a class="o-share__icon o-share__icon--linkedin" rel="noopener" href="https://www.linkedin.com/sharing/share-offsite/?url=https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-trackable="linkedin"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M740.978 716.786V548.432C740.978 458.221 692.399 416.247 627.626 416.247C575.358 416.247 551.93 444.747 538.88 464.752V410.005L435.201 409.6C436.508 437.161 435.201 716.786 435.201 716.786H538.88V552.8C538.88 544.049 539.512 535.27 542.125 529.009C549.231 511.465 565.438 493.309 592.628 493.309C628.272 493.309 642.513 520.23 642.513 559.701V716.8L740.978 716.786Z"></path><path d="M332.488 384C364.215 384 384 361.225 384 332.779C383.416 303.714 364.229 281.6 333.099 281.6C301.969 281.6 281.6 303.7 281.6 332.779C281.6 361.225 301.358 384 331.918 384H332.488Z"></path><path d="M384 716.8V409.6H281.6V716.8H384Z"></path></svg></div><span class="o-share__text">Vietnam becomes vital link in supply chain as business pivots from China on linkedin (opens in a new window)</span></a></li><li class="o-share__action share-nav__whatsapp-action" data-share="whatsapp"><a class="o-share__icon o-share__icon--whatsapp" rel="noopener" href="whatsapp://send?text=Vietnam%20becomes%20vital%20link%20in%20supply%20chain%20as%20business%20pivots%20from%20China%20-%20https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-trackable="whatsapp"><div class="o-share__icon__image"><svg viewBox="0 0 1024 1024" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M758.188 436.819C722.368 314.827 605.046 240.531 477.16 258.73C360.442 275.429 267.672 380.223 265.257 497.316C264.351 542.813 274.816 585.211 295.845 625.508C298.461 630.408 298.964 637.708 297.455 643.107C293.33 658.506 287.594 673.606 282.463 688.805L256 768C300.775 753.801 342.733 740.602 384.591 726.902C391.936 724.503 397.772 725.103 404.614 728.402C453.816 752.301 505.534 759.9 559.768 750.801C705.766 726.302 799.542 578.011 758.188 436.819V436.819ZM542.361 710.903C494.466 716.303 449.993 707.204 408.84 682.605C403.406 679.405 398.879 678.805 392.942 680.805C372.617 687.605 351.99 694.004 331.565 700.504C329.15 701.304 326.634 701.704 322.006 702.904C327.339 686.805 330.659 671.706 337.199 658.106C346.657 638.008 343.74 622.309 332.873 602.21C275.118 496.216 319.993 364.824 432.988 315.227C558.46 260.13 704.357 339.625 723.374 474.617C741.385 603.71 645.696 699.204 542.361 710.903V710.903ZM641.269 566.312C644.187 568.012 646.501 574.011 646.199 577.911C644.388 605.31 626.377 624.208 598.808 628.308C594.179 629.008 589.45 629.208 584.721 629.708L584.419 630.708C575.565 628.808 566.61 627.408 558.057 624.808C500.202 607.009 455.527 571.811 422.423 521.614C408.739 500.816 395.055 480.217 391.835 454.818C388.716 430.62 396.464 410.121 413.066 392.522C423.53 381.523 436.51 382.123 449.59 384.822C452.508 385.422 455.728 389.022 457.036 392.022C463.979 408.721 470.821 425.42 476.556 442.519C478.065 447.219 476.053 453.318 474.544 458.518C473.739 461.518 470.922 464.018 468.809 466.618C453.816 484.917 454.018 484.817 467.098 504.415C485.008 531.314 508.855 551.213 537.732 565.612C546.788 570.112 553.53 569.312 559.768 561.412C565 554.912 570.937 548.913 576.37 542.513C580.395 537.713 585.023 536.514 590.658 539.413C607.562 548.313 624.768 556.812 641.269 566.312"></path></svg></div><span class="o-share__text">Vietnam becomes vital link in supply chain as business pivots from China on whatsapp (opens in a new window)</span></a></li><li class="o-share__action share-nav__save-action"><div><form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="29070eda-3a0c-4034-827e-0b31a0f3ef11" data-myft-ui="saved" action="/myft/save/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-js-action="/__myft/api/core/saved/content/29070eda-3a0c-4034-827e-0b31a0f3ef11?method=put" data-myft-ui-save-config="nonModal"> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save this article to myFT for later" aria-label="Save this article to myFT for later" data-alternate-label=" Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="29070eda-3a0c-4034-827e-0b31a0f3ef11" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form></div></li></ul></div><div id="share-modal-horizontal"></div></div><span class="myft-ui-create-list-variant-announcement o-normalise-visually-hidden" role="region" aria-live="assertive"></span></div><div class="article__content" data-trackable="article-body" data-component="article-body"><div class="article-info"><div class="article-info__time-byline"><p class="article-info__byline"><a class="n-content-tag--author" href="/orla-ryan" data-trackable="author">Orla Ryan</a> in Haiphong</p> <time data-o-component="o-date" class="article-info__timestamp o-date" dateTime="2023-07-03T01:12:28.612Z">July 3 2023</time></div><a id="o-comments-count" data-o-component="o-comments" data-o-comments-article-id="29070eda-3a0c-4034-827e-0b31a0f3ef11" data-o-comments-count="true" data-o-comments-article-url="https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-o-comments-title="Vietnam becomes vital link in supply chain as business pivots from China" class="article-comment-count" title="Jump to comments section" href="#comments-anchor"><span class="o-normalise-visually-hidden">Jump to comments section</span></a><button class="article-print" data-component="print-button" data-trackable="print" title="Print this page"><span class="o-normalise-visually-hidden">Print this page</span></button></div><div class="article__content-sign-up"><div class="article__content-sign-up-topic-title">Unlock the Editor’s Digest for free</div><p class="article__content-sign-up-topic-description"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.</span></p><iframe class="article__content-sign-up-iframe close" scrolling="no" id="signUpIframe" data-prev-url="/register/in-article-sign-up?ft-content-uuid=29070eda-3a0c-4034-827e-0b31a0f3ef11"></iframe></div><article id="article-body" class="n-content-body js-article__content-body" data-attribute="article-content-body" data-component="article-content-body"><p>Space at the Deep C Two industrial estate in northern Vietnam is in such demand that its developer is already thinking about how to create more — by pushing back the South China Sea.</p><p>Some of the biggest suppliers to global tech companies such as Apple are clustered at Deep C Two, close to northern Vietnam’s biggest port, Haiphong. Now geopolitical tensions between Beijing and Washington and the risks to business exposed by the Covid-19 pandemic are spurring more manufacturers to shift out of China — and Deep C, a Belgian developer which runs five zones in Vietnam, is getting ready.</p><p>If there is enough demand, “we will reclaim the land from the sea”, said Dung Bui Thi Thuy, a marketing executive.</p><p>The accelerating shift to countries such as <a href="https://www.ft.com/stream/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" data-trackable="link">Vietnam</a> is part of a growing “China plus one” strategy to redraw global supply chains. As rivalries grow between China and the US over technology and security, more companies fear curbs on what and where they can manufacture. As a result, many are supplementing production in China, still the world’s biggest manufacturing hub, with expansion to other countries.</p><p>“Koreans, Taiwanese, Chinese — there seems to be an unstoppable transfer or at least relocation from mainland China into other countries,” said Koen Soenens, Deep C’s sales and marketing director. “Foreign companies currently in China, ask them what’s next. [They say] ‘For the Chinese market, we stay in China; to serve our overseas clients, we are looking for a new location’.”</p><div class="n-content-layout" data-component="flourish" data-component-id="14253032" data-component-type="flourish-in-article"><figure class="n-content-picture n-content-layout__container"><a href="#14253032"><picture data-asset-type="flourish" data-flourish-id="14253032" data-flourish-type="visualisation"><div id="14253032" class="cp-message o-message o-message--inform o-message--notice" data-o-component="o-message"><div class="o-message__container"><div class="o-message__content"><p class="o-message__content-main">Some content could not load. Check your internet connection or browser settings.</p></div></div></div><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fpublic.flourish.studio%2Fvisualisation%2F14253032%2Fthumbnail%3FcacheBuster%3D966637?source=cp-content-pipeline&fit=scale-down&quality=highest&width=1020&dpr=1" alt=""/></picture></a></figure></div><p>But the trend also exposes the risks and uncertainties of shifting resources to countries such as Vietnam, where the bureaucratic and physical infrastructure, including the electricity grid, is straining under the weight of demand just as the country faces headwinds from a turbulent global economy.</p><p>Vietnam’s export-led growth has pulled millions of people out of poverty over the past 30 years, and the country has won a big role in the tech <a href="https://www.ft.com/supply-chains" data-trackable="link">supply chain</a>: Apple already produces millions of AirPods there.</p><p>But one European diplomat there said the country was “at a crossroads” where it had to ease bureaucracy, create a more transparent regulatory framework and get rid of “absurd” red tape.</p><p>“They received this strong trend of investment . . . up till now it has been easy for them,” the diplomat said, questioning whether Vietnam had the infrastructure for further growth.</p><div class="n-content-layout" data-layout-width="full-grid"><figure class="n-content-picture n-content-picture--wide n-content-layout__container" data-component="image-set"><picture><source media="(max-width: 490px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A8402230d-f3f7-48fd-b320-211a7a6689e0?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A8402230d-f3f7-48fd-b320-211a7a6689e0?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A8402230d-f3f7-48fd-b320-211a7a6689e0?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x" width="1619" height="1619"/><source media="(min-width: 980px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ad4273d10-621b-4382-a2d7-20656d373af0?source=next-article&fit=scale-down&quality=highest&width=1200&dpr=1 1x" width="2063" height="1540"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F65b349f9-06c1-482f-a488-b70755e7ff57.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="Aerial view of the Deep C Industrial Zones in Haiphong, Vietnam" data-image-type="image" width="2159" height="1440" loading="lazy"/></picture><figcaption class="n-content-picture__caption"><span>The Deep C industrial zone in Haiphong, Vietnam, is home to some of the biggest suppliers to global tech companies</span><span> © Linh Pham/FT</span></figcaption></figure></div><p>Vietnam generated $22.4bn from foreign direct investment projects in 2022, an increase of 13.5 per cent over the previous year, according to government data. While FDI is slightly down in the first five months of the year on the same period last year, investors, analysts and officials said interest remained strong. Vietnam attracted 962 new FDI projects in the first five months of the year, up from 578 in the same period last year.</p><div class="n-content-layout" data-component="flourish" data-component-id="14252901" data-component-type="flourish-in-article"><figure class="n-content-picture n-content-layout__container"><a href="#14252901"><picture data-asset-type="flourish" data-flourish-id="14252901" data-flourish-type="visualisation"><div id="14252901" class="cp-message o-message o-message--inform o-message--notice" data-o-component="o-message"><div class="o-message__container"><div class="o-message__content"><p class="o-message__content-main">Some content could not load. Check your internet connection or browser settings.</p></div></div></div><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fpublic.flourish.studio%2Fvisualisation%2F14252901%2Fthumbnail%3FcacheBuster%3D966637?source=cp-content-pipeline&fit=scale-down&quality=highest&width=1020&dpr=1" alt=""/></picture></a></figure></div><p>Ho Duc Phoc, Vietnam’s finance minister, said in an interview that the country’s infrastructure was “improving and becoming more modern” and highlighted a big attraction for investors: cheap labour.</p><p>“We have an abundant and cheap supply of labour . . . [it] will be cheap for a long time,” he told the Financial Times.</p><p>Still, some investors are already noticing a tightening labour market. Soenens points to Pegatron, one of the biggest suppliers to Apple, which began production of electronic equipment in Haiphong in 2021. By the end of next year, the Taiwanese company hopes to have 20,000 workers in Deep C.</p><figure class="n-content-image n-content-image--inline" style="width:200px;max-width:100%" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac8acc7aa-344e-4c3c-925e-2c25500650a5?source=next-article&fit=scale-down&quality=highest&width=200&dpr=1 1x" width="200" height="300"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc8acc7aa-344e-4c3c-925e-2c25500650a5.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="Koen Soenens" data-image-type="image" width="200" height="300" loading="lazy"/></picture><figcaption class="n-content-picture__caption"><span>Koen Soenens</span><span> © Linh Pham/FT</span></figcaption></figure><p>“How are they going to find those people? Most probably outside the city limits, thanks to their investment in dormitories for workers,” said Soenens. </p><p>Some 150km away at the Thanh Oai industrial complex in Hanoi, where B. Braun employs about 1,100 people, the medical technology company is considering building dormitories on site as it plans to double investment and its workforce within the next five years.</p><p>The labour market is taut and “getting more and more difficult . . . highly skilled labour is needed by every company”, said Torben Minko, managing director of B. Braun Vietnam. “The challenge is the human capital. If you have to build a huge factory that needs 10,000 workers, they need to come from somewhere.”</p><p>Vietnam’s highly qualified young people also expect to earn far more than the monthly minimum wage, which for the biggest cities is 4.68mn dong ($198). “I can tell you now the normal average salary for people my age is 15mn to 18mn a month,” said Tran Khanh Ly, a 24-year-old business developer in Ho Chi Minh City.</p><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A4a8c0211-b8bd-41e1-98c8-7da22918edee?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A4a8c0211-b8bd-41e1-98c8-7da22918edee?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A4a8c0211-b8bd-41e1-98c8-7da22918edee?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x" width="2290" height="1526"/><source media="(max-width: 490px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Abff385ac-3801-4fac-a96e-2d300fd2d5c7?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Abff385ac-3801-4fac-a96e-2d300fd2d5c7?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Abff385ac-3801-4fac-a96e-2d300fd2d5c7?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x" width="1526" height="1526"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4a8c0211-b8bd-41e1-98c8-7da22918edee.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="Construction of a new factory at the Deep C industrial zone in Haiphong, Vietnam" data-image-type="image" width="2290" height="1526" loading="lazy"/></picture><figcaption class="n-content-picture__caption"><span>Construction of a new factory at the Deep C industrial zone in Haiphong, Vietnam</span><span> © Linh Pham/FT</span></figcaption></figure><p>New investors quickly find the wheels of bureaucracy grind slowly in a consensus-driven and decentralised system in which multiple signatures are required for every approval. Companies already in Vietnam said expansion was tough.</p><p>A big corruption crackdown has exacerbated delays. “Government has become paralysed by procurement anxiety, a fear of making a mistake and winding up in prison for corruption or misuse of public resources,” one western official said.</p><p>The finance minister said the impact of the crackdown on business had been minimal. “The aim . . . is to make the economy healthy and transparent, for protecting the rights of the citizens and the enterprises,” he said.</p><p>“The length of procedure and the complexity is an issue,” said Jean-Jacques Bouflet, vice-president of the European Chamber of Commerce in Vietnam, citing the absence of a centralised investment agency as one reason why approvals for everything from work permits to solar panels move slowly.</p><div class="n-content-layout" data-component="flourish" data-component-id="14059547" data-component-type="flourish-in-article"><figure class="n-content-picture n-content-layout__container"><a href="#14059547"><picture data-asset-type="flourish" data-flourish-id="14059547" data-flourish-type="visualisation"><div id="14059547" class="cp-message o-message o-message--inform o-message--notice" data-o-component="o-message"><div class="o-message__container"><div class="o-message__content"><p class="o-message__content-main">Some content could not load. Check your internet connection or browser settings.</p></div></div></div><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fpublic.flourish.studio%2Fvisualisation%2F14059547%2Fthumbnail%3FcacheBuster%3D966637?source=cp-content-pipeline&fit=scale-down&quality=highest&width=1020&dpr=1" alt=""/></picture></a></figure></div><p>As Vietnam develops, it remains highly dependent on ties to China’s crucible of manufacturing around the Pearl River delta, which — marketing material from Deep C at Haiphong points out — is just “12 trucking hours” away.</p><p>That proximity allows for easy transfer of materials but leaves Vietnam’s supply chain more vulnerable, according to Brian Lee Shun Rong, an economist at Maybank in Singapore. “What happens if there are any disruptions to the flow of imports from China?” he said.</p><p>“This is our Achilles heel,” said Michael Kokalari, chief economist at VinaCapital in Ho Chi Minh City. “To the extent there are supply chains, it is [companies such as] Samsung or LG bringing their whole supply chains here.”</p><aside aria-labelledby="aside-label" class="n-content-recommended--single-story n-content-recommended--inset" data-component="recommended"><p class="n-content-recommended__title">Recommended</p><div class="o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image js-teaser" data-id="dafa8f95-b35e-4457-bd9c-13c01cec75ea"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Interview</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" aria-label="Category: Vietnam">Vietnam</a></div><div class="o-teaser__heading"><a href="/content/dafa8f95-b35e-4457-bd9c-13c01cec75ea" data-trackable="heading-link" class="js-teaser-heading-link">Vietnam must take ‘aggressive’ action to meet growth goals, says finance minister</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/dafa8f95-b35e-4457-bd9c-13c01cec75ea" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="aspect-ratio:2491/1401"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252F907f61fd-b3ac-435f-a6ab-309d898e75c4.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=240" alt="Vietnam’s finance minister Ho Duc Phoc"/></div></a></div></div></aside><p>One solution is for big anchor investors to play a role in improving the whole supplier ecosystem. Samsung, which has six factories in Vietnam as well as a research and development centre and is the biggest foreign investor, said since 2015, it had worked with about 400 Vietnamese companies to help them improve product quality.</p><p>Another solution is for companies to move in clusters. Deep C cites the example of Pyeong Hwa Automotive, which moved to the Haiphong zone with three others in 2019.</p><p>Whatever the doubts about labour, infrastructure or other issues, few expect “China plus one” growth to end soon. “The gates open, they come in,” said Soenens of Deep C, which is considering further sites. “It doesn’t stop.”</p><p><em>Additional reporting by Andy Lin in Hong Kong</em></p></article><script class="js-magnet-data" type="application/json">{"contentId":"29070eda-3a0c-4034-827e-0b31a0f3ef11","annotations":[{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Asia-Pacific economy","id":"2c9058b4-369b-43db-a018-d1f8a4fe5a82","url":"https://www.ft.com/asia-pacific-economy"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Haiphong","id":"36089563-edcf-3472-90e1-f0904154a67b","url":"https://www.ft.com/stream/36089563-edcf-3472-90e1-f0904154a67b"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Supply chains","id":"59d55e5c-cb83-49dc-bacb-26dcc51566d0","url":"https://www.ft.com/supply-chains"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Vietnam","id":"ba15fdc1-6edd-3dc1-83d7-04a04991e0c8","url":"https://www.ft.com/stream/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Foreign direct investment","id":"f40bf06a-ce0d-4201-879c-a7370304ebde","url":"https://www.ft.com/foreign-direct-investment"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/hasAuthor","prefLabel":"Orla Ryan","id":"b281c97c-62cc-4471-aa66-731241b1d64d","url":"https://www.ft.com/orla-ryan"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Malayan Banking Bhd","id":"0be06846-b462-49b8-bbf8-38c8f05bd91d","url":"https://www.ft.com/stream/0be06846-b462-49b8-bbf8-38c8f05bd91d"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Samsung Electronics Co Ltd","id":"18fac44d-7b87-4341-ab9b-b0cd8ccf498f","url":"https://www.ft.com/stream/18fac44d-7b87-4341-ab9b-b0cd8ccf498f"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"US","id":"3e2eb1c1-7ecd-4600-8cbb-c02ba53ced4b","url":"https://www.ft.com/us"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Michael Kokalari","id":"585115f2-2421-3ebf-b552-37676df98019","url":"https://www.ft.com/stream/585115f2-2421-3ebf-b552-37676df98019"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"PHA Co., Ltd.","id":"6a90a564-82ea-3b98-9ee2-f3cbe436e6c0","url":"https://www.ft.com/stream/6a90a564-82ea-3b98-9ee2-f3cbe436e6c0"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Hong Kong","id":"6b9b4b25-7b43-443e-b416-16dbcde07dcc","url":"https://www.ft.com/hong-kong"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Financial Times","id":"7bcfe07b-0fb1-49ce-a5fa-e51d5c01c3e0","url":"https://www.ft.com/stream/7bcfe07b-0fb1-49ce-a5fa-e51d5c01c3e0"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Singapore","id":"9ca95260-8287-4805-8f98-47c449f214a8","url":"https://www.ft.com/singapore"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Apple Inc","id":"a39a4558-f562-4dca-8774-000246e6eebe","url":"https://www.ft.com/apple-inc"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Hanoi","id":"b1a8e5fb-e929-3daf-bd4d-554c04e048d9","url":"https://www.ft.com/stream/b1a8e5fb-e929-3daf-bd4d-554c04e048d9"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"VinaCapital Vietnam Opportunity Fund Ltd","id":"c19bc481-35c1-336a-b9a9-42a0f8991ffd","url":"https://www.ft.com/stream/c19bc481-35c1-336a-b9a9-42a0f8991ffd"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Pegatron Corp","id":"c497968e-cd5d-478b-a62a-877f47b5e578","url":"https://www.ft.com/stream/c497968e-cd5d-478b-a62a-877f47b5e578"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Ho Chi Minh City","id":"d054f9a8-bfeb-3f7a-ac44-a39d68812c2d","url":"https://www.ft.com/stream/d054f9a8-bfeb-3f7a-ac44-a39d68812c2d"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"LG Corp","id":"ea69771a-2946-40df-90c9-57be7b7c3a25","url":"https://www.ft.com/stream/ea69771a-2946-40df-90c9-57be7b7c3a25"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Government of China","id":"f07ceabf-c962-48e3-9a2e-07a5931c848f","url":"https://www.ft.com/stream/f07ceabf-c962-48e3-9a2e-07a5931c848f"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Andy Lin","id":"fe4de6d0-7944-44b7-8059-2d122df6c159","url":"https://www.ft.com/andy-lin"},{"type":"GENRE","predicate":"http://www.ft.com/ontology/classification/isClassifiedBy","prefLabel":"News","id":"a579350c-61ce-4c00-97ca-ddaa2e0cacf6","url":"https://www.ft.com/stream/a579350c-61ce-4c00-97ca-ddaa2e0cacf6"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/hasDisplayTag","prefLabel":"Vietnam","id":"ba15fdc1-6edd-3dc1-83d7-04a04991e0c8","url":"https://www.ft.com/stream/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Asia-Pacific","id":"1b0e0dc0-21f2-4216-8c14-1204b0ae26d8","url":"https://www.ft.com/asia-pacific"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Asia","id":"1ce14256-65c6-3261-a16d-a45c974f1017","url":"https://www.ft.com/stream/1ce14256-65c6-3261-a16d-a45c974f1017"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Indochina","id":"1e4144e1-1946-3f75-9c81-8f41fbe60eab","url":"https://www.ft.com/stream/1e4144e1-1946-3f75-9c81-8f41fbe60eab"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Global Economy","id":"29e67a92-a3b8-410c-9139-15abe9b47e12","url":"https://www.ft.com/global-economy"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"South-East Asia","id":"676ae90a-d2ec-4180-9640-5c6a84b8a95e","url":"https://www.ft.com/south-east-asia"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"World","id":"82645c31-4426-4ef5-99c9-9df6e0940c00","url":"https://www.ft.com/world"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Companies","id":"c47f4dfc-6879-4e95-accf-ca8cbe6a1f69","url":"https://www.ft.com/companies"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Red River Delta","id":"e9608322-78e4-3737-a7be-4618e276de02","url":"https://www.ft.com/stream/e9608322-78e4-3737-a7be-4618e276de02"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Economy","id":"ec4ffdac-4f55-4b7a-b529-7d1e3e9f150c","url":"https://www.ft.com/economy"}]}</script><div class="magnet-cta js-magnet-cta" data-trackable="magnet-cta"></div></div><div class="article-tools" data-trackable="article-tools"><footer class="n-content-copyright"><a href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="link-copyright">Copyright</a> The Financial Times Limited 2025. <span class="n-content-copyright__rights">All rights reserved.</span></footer><div class="article-tools__buttons"><a class="article-tools__reuse" data-trackable="reuse-content-button" target="_blank" rel="noreferrer" href="https://enterprise.ft.com/en-gb/services/republishing/republish-content-request?ft-content-uuid=29070eda-3a0c-4034-827e-0b31a0f3ef11">Reuse this content <span class="o-normalise-visually-hidden">(opens in new window)</span></a><a class="article-tools__comments" data-trackable="view-comments-button" title="Jump to comments section" aria-label="click to go to the comment section" href="#comments-anchor"><span data-o-component="o-comments" data-o-comments-article-id="29070eda-3a0c-4034-827e-0b31a0f3ef11" data-o-comments-count="false"></span> Comments<span class="o-normalise-visually-hidden">Jump to comments section</span></a></div></div><div class="article__right" data-component="article-rhr"></div><div class="promoted-content__container"><h2 class="h2-promoted-content follow-tags__title" style="display:none">Promoted Content</h2><div class="o-ads o-ads--center native-ad__fullwidth" data-o-ads-init="true" data-o-ads-name="native-ad__fullwidth" data-o-ads-targeting="pos=native&format=stacked&appname=article" data-o-ads-formats="MediumRectangle" data-o-ads-formats-default="PartnerContent"></div></div><div class="onward-journey onward-journey--simple" data-component="onward-journey__bottom" data-trackable-context-component="{"name":"onward-journey","type":"container","app":"article","asset_type":"page"}"></div><div class="article-content__concepts"><div><div class="concept-list" data-trackable="mentions"> <h2 class="concept-list__title"> Follow the topics in this article </h2> <ul class="concept-list__list"> <li class="concept-list__list-item"> <a href="/asia-pacific-economy" data-trackable="concept" class="concept-list__concept"> Asia-Pacific economy </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="2c9058b4-369b-43db-a018-d1f8a4fe5a82" action="/myft/add/2c9058b4-369b-43db-a018-d1f8a4fe5a82" data-js-action="/__myft/api/core/followed/concept/2c9058b4-369b-43db-a018-d1f8a4fe5a82?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Asia-Pacific economy." data-unpressed-text="No longer following Asia-Pacific economy." ></div> <button aria-pressed="false" aria-label="Add to myFT: Asia-Pacific economy" title="Add Asia-Pacific economy to myFT" data-alternate-label="Added Asia-Pacific economy to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="2c9058b4-369b-43db-a018-d1f8a4fe5a82" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/supply-chains" data-trackable="concept" class="concept-list__concept"> Supply chains </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="59d55e5c-cb83-49dc-bacb-26dcc51566d0" action="/myft/add/59d55e5c-cb83-49dc-bacb-26dcc51566d0" data-js-action="/__myft/api/core/followed/concept/59d55e5c-cb83-49dc-bacb-26dcc51566d0?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Supply chains." data-unpressed-text="No longer following Supply chains." ></div> <button aria-pressed="false" aria-label="Add to myFT: Supply chains" title="Add Supply chains to myFT" data-alternate-label="Added Supply chains to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="59d55e5c-cb83-49dc-bacb-26dcc51566d0" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/foreign-direct-investment" data-trackable="concept" class="concept-list__concept"> Foreign direct investment </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="f40bf06a-ce0d-4201-879c-a7370304ebde" action="/myft/add/f40bf06a-ce0d-4201-879c-a7370304ebde" data-js-action="/__myft/api/core/followed/concept/f40bf06a-ce0d-4201-879c-a7370304ebde?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Foreign direct investment." data-unpressed-text="No longer following Foreign direct investment." ></div> <button aria-pressed="false" aria-label="Add to myFT: Foreign direct investment" title="Add Foreign direct investment to myFT" data-alternate-label="Added Foreign direct investment to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="f40bf06a-ce0d-4201-879c-a7370304ebde" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/stream/36089563-edcf-3472-90e1-f0904154a67b" data-trackable="concept" class="concept-list__concept"> Haiphong </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="36089563-edcf-3472-90e1-f0904154a67b" action="/myft/add/36089563-edcf-3472-90e1-f0904154a67b" data-js-action="/__myft/api/core/followed/concept/36089563-edcf-3472-90e1-f0904154a67b?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Haiphong." data-unpressed-text="No longer following Haiphong." ></div> <button aria-pressed="false" aria-label="Add to myFT: Haiphong" title="Add Haiphong to myFT" data-alternate-label="Added Haiphong to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="36089563-edcf-3472-90e1-f0904154a67b" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/stream/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" data-trackable="concept" class="concept-list__concept"> Vietnam </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" action="/myft/add/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" data-js-action="/__myft/api/core/followed/concept/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Vietnam." data-unpressed-text="No longer following Vietnam." ></div> <button aria-pressed="false" aria-label="Add to myFT: Vietnam" title="Add Vietnam to myFT" data-alternate-label="Added Vietnam to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="ba15fdc1-6edd-3dc1-83d7-04a04991e0c8" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> </ul> </div></div></div><div class="comments-container"><h2 class="standalone-teaser-heading">Comments</h2><div id="comments-anchor"><div class="comments"><div class="comments__rum-indicator"></div><div class="o-comments" id="o-comments-stream" data-o-component="o-comments" data-o-comments-use-staging-environment="false" data-o-comments-article-id="29070eda-3a0c-4034-827e-0b31a0f3ef11" data-o-comments-title="Vietnam becomes vital link in supply chain as business pivots from China" data-o-comments-article-url="https://www.ft.com/content/29070eda-3a0c-4034-827e-0b31a0f3ef11"></div></div></div></div><div class="comments-rhr"></div></article></div></div></div></div><div class="n-layout__row n-layout__row--footer"><footer id="site-footer" class="o-footer o-footer--theme-dark" data-o-component="o-footer"><div class="o-footer__container"><div class="o-footer__row"><h2 class="o-normalise-visually-hidden">Useful links</h2><nav class="o-footer__matrix" role="navigation" aria-label="Useful links"><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-0">Support</h3><div class="o-footer__matrix-content" id="o-footer-section-0"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/tour" data-trackable="View Site Tips"><span class="o-footer__matrix-link__copy">View Site Tips</span></a><a class="o-footer__matrix-link" href="https://help.ft.com" data-trackable="Help Centre"><span class="o-footer__matrix-link__copy">Help Centre</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/contact-us" data-trackable="Contact Us"><span class="o-footer__matrix-link__copy">Contact Us</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/aboutus" data-trackable="About Us"><span class="o-footer__matrix-link__copy">About Us</span></a><a class="o-footer__matrix-link" href="/accessibility" data-trackable="Accessibility"><span class="o-footer__matrix-link__copy">Accessibility</span></a><a class="o-footer__matrix-link" href="/tour/myft" data-trackable="myFT Tour"><span class="o-footer__matrix-link__copy">myFT Tour</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/en-gb/careers/" data-trackable="Careers"><span class="o-footer__matrix-link__copy">Careers</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/suppliers" data-trackable="Suppliers"><span class="o-footer__matrix-link__copy">Suppliers</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-1">Legal & Privacy</h3><div class="o-footer__matrix-content" id="o-footer-section-1"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/terms-conditions/" data-trackable="Terms & Conditions"><span class="o-footer__matrix-link__copy">Terms & Conditions</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/privacy/" data-trackable="Privacy Policy"><span class="o-footer__matrix-link__copy">Privacy Policy</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/cookies/" data-trackable="Cookie Policy"><span class="o-footer__matrix-link__copy">Cookie Policy</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/preferences/manage-cookies" data-trackable="Manage Cookies"><span class="o-footer__matrix-link__copy">Manage Cookies</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="Copyright"><span class="o-footer__matrix-link__copy">Copyright</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal/slavery-statement/" data-trackable="Slavery Statement & Policies"><span class="o-footer__matrix-link__copy">Slavery Statement & Policies</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-2">Services</h3><div class="o-footer__matrix-content" id="o-footer-section-2"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/securedrop" data-trackable="Share News Tips Securely" data-o-tracking-do-not-track="true"><span class="o-footer__matrix-link__copy">Share News Tips Securely</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/products" data-trackable="Individual Subscriptions"><span class="o-footer__matrix-link__copy">Individual Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/professional-subscriptions?segmentId=383c7f[…]4-b62d-cb33-4c278e6fdf61&cpccampaign=B2B_link_ft.com_footer" data-trackable="Professional Subscriptions"><span class="o-footer__matrix-link__copy">Professional Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/republishing/" data-trackable="Republishing"><span class="o-footer__matrix-link__copy">Republishing</span></a><a class="o-footer__matrix-link" href="https://www.exec-appointments.com/" data-trackable="Executive Job Search"><span class="o-footer__matrix-link__copy">Executive Job Search</span></a><a class="o-footer__matrix-link" href="https://commercial.ft.com/" data-trackable="Advertise with the FT"><span class="o-footer__matrix-link__copy">Advertise with the FT</span></a><a class="o-footer__matrix-link" href="https://twitter.com/ft" data-trackable="Follow the FT on X"><span class="o-footer__matrix-link__copy">Follow the FT on X</span></a><a class="o-footer__matrix-link" href="https://channels.ft.com/" data-trackable="FT Channels"><span class="o-footer__matrix-link__copy">FT Channels</span></a><a class="o-footer__matrix-link" href="https://enterprise.ft.com/en-gb/services/group-subscriptions/secondary-education/" data-trackable="FT Schools"><span class="o-footer__matrix-link__copy">FT Schools</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-3">Tools</h3><div class="o-footer__matrix-content" id="o-footer-section-3"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio"><span class="o-footer__matrix-link__copy">Portfolio</span></a><a class="o-footer__matrix-link" href="https://applink.ft.com/A6lV/2khsqyrh" data-trackable="FT App"><span class="o-footer__matrix-link__copy">FT App</span></a><a class="o-footer__matrix-link" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition"><span class="o-footer__matrix-link__copy">FT Digital Edition</span></a><a class="o-footer__matrix-link" href="https://ftedit.ft.com/Ju3k/pqkac2ds" data-trackable="FT Edit"><span class="o-footer__matrix-link__copy">FT Edit</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/alerts/" data-trackable="Alerts Hub"><span class="o-footer__matrix-link__copy">Alerts Hub</span></a><a class="o-footer__matrix-link" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings"><span class="o-footer__matrix-link__copy">Business School Rankings</span></a><a class="o-footer__matrix-link" href="https://subscription-manager.ft.com/" data-trackable="Subscription Manager"><span class="o-footer__matrix-link__copy">Subscription Manager</span></a><a class="o-footer__matrix-link" href="/news-feed" data-trackable="News feed"><span class="o-footer__matrix-link__copy">News feed</span></a><a class="o-footer__matrix-link" href="/newsletters" data-trackable="Newsletters"><span class="o-footer__matrix-link__copy">Newsletters</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/currencies" data-trackable="Currency Converter"><span class="o-footer__matrix-link__copy">Currency Converter</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-4">Community & Events</h3><div class="o-footer__matrix-content" id="o-footer-section-4"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://events.ft.com/events-list" data-trackable="FT Live Events"><span class="o-footer__matrix-link__copy">FT Live Events</span></a><a class="o-footer__matrix-link" href="https://forums.ft.com/" data-trackable="FT Forums"><span class="o-footer__matrix-link__copy">FT Forums</span></a><a class="o-footer__matrix-link" href="https://bdp.ft.com/" data-trackable="Board Director Programme"><span class="o-footer__matrix-link__copy">Board Director Programme</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title o-footer__matrix-title--link"><a class="o-footer__matrix-link o-footer__matrix-link--more" id="o-footer-5" href="https://ft.com/more-from-ft-group"><span class="o-footer__matrix-link__copy">More from the FT Group</span></a></h3></div></nav></div><div class="o-footer__copyright"><small>Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2025. <abbr title="Financial Times" aria-label="F T">FT</abbr> and ‘Financial Times’ are trademarks of The Financial Times Ltd.<br/>The Financial Times and its journalism are subject to a self-regulation regime under the <a href="https://aboutus.ft.com/en-gb/ft-editorial-code/" aria-label="F T Editorial Code of Practice">FT Editorial Code of Practice</a>.</small></div></div><div class="o-footer__brand"><div class="o-footer__container"><div class="o-footer__brand-logo"></div></div></div></footer><div class="n-layout__footer-after"><script data-pixel-src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22article%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D">(function coreExperience() { if (/\bcore\b/.test(document.documentElement.className)) { // eslint-disable-next-line no-var var currentScript = document.scripts[document.scripts.length - 1]; // eslint-disable-next-line no-var var img = new Image(); img.alt = ''; img.src = currentScript.getAttribute('data-pixel-src'); } })();</script><noscript><img src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22article%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D" alt=""/></noscript><script id="chartbeat-script"> ;(function() { if (/\bcore\b/.test(document.documentElement.className)) { console.warn('Chartbeat not loaded: Core browser') return; } const testing = new URL(location).searchParams.has('chartbeatTest') || false; window._sf_async_config = { uid: 14181, domain: testing ? 'testing.ft.com' : 'ft.com', useCanonical: true, useCanonicalDomain: true, topStorageDomain: 'ft.com', }; const script = document.createElement('script'); script.async = true; script.src = 'https://static.chartbeat.com/js/chartbeat.js'; const last = document.scripts[document.scripts.length - 1]; last.parentNode.insertBefore(script, last); })(); </script></div></div><div class="o-header__drawer" id="o-header-drawer" role="modal" aria-label="Drawer menu" aria-modal="true" data-o-header-drawer="true" data-o-header-drawer--no-js="true" data-trackable="drawer" data-trackable-terminate="true"><div class="o-header__drawer-inner"><div class="o-header__drawer-tools"><button type="button" class="o-header__drawer-tools-close" title="Close side navigation menu" aria-controls="o-header-drawer" data-trackable="close"><span class="o-header__visually-hidden">Close side navigation menu</span></button><nav class="o-header__drawer-menu o-header__drawer-edition-switcher" aria-label="Edition switcher"><span class="o-header__drawer-menu-item">Edition:</span><span class="o-header__drawer-menu-item o-header__drawer-current-edition">International</span><div class="o-header__drawer-divider"></div><a class="o-header__drawer-menu-link" href="/?edition=uk">UK</a></nav></div><div class="o-header__drawer-search"><form class="o-header__drawer-search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-drawer-search-term" class="o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-drawer-search-term" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" data-trackable="search-term" data-n-topic-search-input="true" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-drawer-search-term" data-n-topic-search-drawer="true"/><button class="o-header__drawer-search-submit" type="submit" data-trackable="search-submit"><span class="o-header__visually-hidden">Search</span></button></span></label></form></div><div class="o-header__drawer-actions"><a class="o-header__drawer-button" role="button" href="/products?segmentId=4526c036-7527-ab37-9a29-0b0403fa0b5f" data-trackable="subscribe-button">Subscribe for full access</a></div><nav class="o-header__drawer-menu o-header__drawer-menu--primary"><h2 id="top-sections" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">Top sections</h2><ul aria-labelledby="top-sections" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/" data-trackable="Home">Home</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/world" data-trackable="World">World</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-1" data-trackable="sub-level-toggle | World">Show more World</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-1" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-war" data-trackable="Middle East war">Middle East war</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/global-economy" data-trackable="Global Economy">Global Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/world-uk" data-trackable="UK">UK</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us" data-trackable="US">US</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/china" data-trackable="China">China</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/africa" data-trackable="Africa">Africa</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/asia-pacific" data-trackable="Asia Pacific">Asia Pacific</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/emerging-markets" data-trackable="Emerging Markets">Emerging Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/europe" data-trackable="Europe">Europe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/war-in-ukraine" data-trackable="War in Ukraine">War in Ukraine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/americas" data-trackable="Americas">Americas</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-north-africa" data-trackable="Middle East & North Africa">Middle East & North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investing-in-america" data-trackable="Investing in America">Investing in America</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-presidential-election-2024" data-trackable="US Presidential Election 2024">US Presidential Election 2024</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/etf-hub" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/next-act" data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/podcasts" data-trackable="Podcasts">Podcasts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/news-feed" data-trackable="News feed">News feed</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-schools" data-trackable="FT Schools">FT Schools</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://events.ft.com/events-list" data-trackable="FT Live Events">FT Live Events</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://forums.ft.com/" data-trackable="FT Forums">FT Forums</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://bdp.ft.com/" data-trackable="Board Director Programme">Board Director Programme</a></li></ul><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--divide"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="/myft" data-trackable="myFT">myFT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio">Portfolio</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition">FT Digital Edition</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/crossword" data-trackable="Crossword">Crossword</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/tour/apps" data-trackable="Our Apps">Our Apps</a></li></ul></nav><nav class="o-header__drawer-menu o-header__drawer-menu--user" data-trackable="user-nav"><ul class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="https://help.ft.com" data-trackable="Help Centre">Help Centre</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/products?segmentId=d290332b-e8e8-d29b-2ff4-2019b13f008a" data-trackable="Subscribe">Subscribe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/login?location=/content/29070eda-3a0c-4034-827e-0b31a0f3ef11" data-trackable="Sign In">Sign In</a></li></ul></nav></div></div></div><script type="application/json" id="page-kit-app-context">{"appName":"article","product":"next","edition":"international","appVersion":"5da016d7034b9bf1daa940a9d359f3fb4ffcb07c","abTestState":"messageSlotBottom:cookieConsentC,chartbeat:variant,articlecommunitypromoevent:variant2,articleJourneyTestsX:variant1,appleSignUpForBuyFlowTest:variant,ads-pg-article:variant,adsmvt2:variant-3,article-bullet-point-summary-v2:control","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.2.1","contentId":"29070eda-3a0c-4034-827e-0b31a0f3ef11","contentType":"Article"}</script><script type="application/json" id="page-kit-flags-embed">{"articleRelatedContent":true,"ads":true,"javascript":true,"oTracking":true,"articleComments":true,"myFtApi":true,"articleShareButtons":true,"myFtApiWrite":true,"adTargetingUserApi":true,"videoPlayerAdvertising":true,"streamMostRead":true,"openGraph":true,"nativeAds":true,"syndication":true,"myFTEmailDisableABAlloc":true,"streamRecommendedStoriesList":true,"newsletterSignupOnArticle":true,"myFTInstantNotifications":true,"myftPrioritiseTopics":true,"myftIndustryRecs":true,"showEventPromo":true,"myftConsentSwitch":true,"manageCookiesWhiteLabel":true,"myftIndustryRecsFeed":true,"AdsPermutive":true,"syndication_promo":true,"messageSlotBottom":"cookieConsentC","enableGTM":true,"myftPageAppNotificationsToggle":true,"realUserMonitoringForPerformance":true,"textCopyTracking":true,"enableBrandmetricsSurveyScript":true,"managePremiumCancellationJourney":true,"articleInstantAlertsPromo":true,"manageStepUpCancellationJourney":true,"manageStandardCancellationJourney":true,"manageStepUpTransitionJourney":true,"manageDirectCancellationJourney":true,"privShowCCPALinkOnFooter":true,"optimizely":true,"graphicSyndication":true,"adsNativeLazyload":true,"enableRavelinOnProd":true,"enableMarketingAnalyticsTags":true,"streamPageGraphicsList":true,"useFlourish":true,"adsHighImpact":true,"monthlyTermForPremiumCovidCohort":true,"enableNonUKDeliveryAddress":true,"homePageHeaderMarketsData":true,"enableGoogleExtendedMeter":true,"inArticleContentSignUp":true,"frontPageCommunitySection":true,"newBuyFlow":true,"bizzaboRegistrationEnabled":true,"enableSingleTermSubscriptions":true,"newsletterAutoEnrolment":true,"eventsInMyFtPage":true,"eventsInDigestEmails":true,"eventsInStreamPage":true,"ftGlobetrotterBanner":true,"scrollytellingImages":true,"chartbeat":"variant","emailVerificationOnSignupForms":true,"AdsExtraMobileSlot":true,"dotcomPages":true,"fomoPage":true,"exponeaOnsiteMessaging":true,"homepageInteractivesEmbeds":true,"bankTransferFeature":true,"articlecommunitypromoevent":"variant2","purgeableLongTailArticleCaching":true,"myAccountLanding":true,"chatterboxChat":true,"liveChat":true,"articleJourneyTestsX":"variant1","AdsCompaniesTypeaheadDemo":true,"reverseCancellation":true,"adsPGHomePage":true,"saveMeDisplayEdit":true,"adsCommentsRHR":true,"adsPGSearchPage":true,"stripeForIndia":true,"showNoOffersPageInRetention":true,"adsDisableInternalCMP":true,"myFTInstantAlertsOnboarding":true,"proCentralBanking":true,"magnetOnArticle":true,"myftFollowButton":true,"customCodeComponent":true,"extensibleFrontends":true,"adsAppDisableInternalCMP":true,"experimentalAccountEntryTest":true,"enableSubX":true,"homepageClips":true,"enableAppleSignUpForRegFlow":true,"enableAppleSignUpForBuyFlow":true,"workspaceTeaserContextMenu":true,"appleSignUpForBuyFlowTest":"variant","personalFinanceCourseOfferSubscriberRenewalJourney":true,"retentionDirectToSeperateCancelCompareController":true,"enableCorporateBarrier":true,"onboardingCsatSurveyEnabled":true,"adsInsertTexasDNSLink":true,"pro-signup-welcome-page-v2-enabled":true,"inArticleContentSignUpUSElectionNewsletter":true,"enableFTEditRegisterFlow":true,"backToTopButton":true,"amplitudeExperiment":true,"pro-signup-onboarding-enabled":true,"useFlourishIFrame":true,"commentsOnlySubscriber":true,"pro-workspace-recommendation-cards-enabled":true,"articleToolsBox":true,"accountSettingsBillingDetailsPaypal":true,"adsVideoPageConsent":true,"clipsEnhancedPlayer":true,"adsEnableMiniBillboard":true,"ads-refresh-pc":true,"enableProfessionalSubscriptionCheck":true,"ads-validate-traffic-ias":true,"adsMarketsDataWidget":true,"professional-newsletter-autoenrol-ab":true,"adsArticlePcStyling":true,"mprHomePageSlice":true,"liveChatProjectFelix":true,"ads-first-party-gtm":true,"liveBlogPagination":true,"enableWhiteHouseWatchNewsletterSignup":true,"articleBulletPointSummary":true,"adsEnableGpp":true,"adsValidateTraffic":true,"enableZephr":true,"enableOneMustReadNewsletterSignup":true,"ads-pg-article":"variant","adsmvt2":"variant-3"}</script></body></html>