Taiwanese enterprises responding to a recent survey say they think the economic impact of both China and the US on Taiwan is falling. The survey was conducted by accounting firm PwC Taiwan.
The survey results give an idea of what the next steps for local companies might be now that the COVID-19 pandemic has continued for six months.
While China and the US are still seen as the two most impactful countries on Taiwan’s overall economic growth, their importance is slipping as Taiwanese companies give more attention to countries like Vietnam, Germany, and Indonesia.
Vietnam’s relevance has grown in particular. The country has become the third most important market for Taiwan. PwC Taiwan CEO Joseph Chou says that if Taiwanese companies want to keep production costs down while still mass-producing, Vietnam would be the best choice.
In addition, local enterprises are seeing “uncertain economic growth” as the main threat they face. This is the first edition of the survey in which this has been the case: in past editions, “trade conflicts" or protectionism were usually in the lead.