I don't see it that way. I talk to lots of companies in lots of industries. Yes, all have moved parts of their business -- Vietnam, Indonesia, many more. All have problems. All struggle with conditions that are not identical across Asia. Almost none are in China for labor cost.
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SEA's supply chain is getting better every year. Yes, most of the products made in SEA today include significant imported subcomponents from China, but it gets less and less every year. At the same time, China's workers are fewer, older, and relatively more expensive.
In China, there are factory towns that specialize in certain types of products. There is no reason why we will not see the same develop in SEA. For example, India is proficient in jute, cotton apparel, and jewelry. Their supply chain for these products is strong.
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