Whitepaper | Cost of doing business in Asia - TMX
Do you know the most expensive market in Asia to do business in?
- Singapore is the most expensive country in Asia, with its monthly average operating costs at approximately 64% to 76% higher than other countries in the region; Myanmar, Cambodia, and Vietnam are the three markets with the lowest operating costs
- Labour forms major component – up to 55% – of total costs across countries; Vietnam ranks as fourth most affordable market in terms of labour after Cambodia, Myanmar, and the Philippines
- Despite the high costs, Singapore is the top choice for companies with higher-value-added manufacturing with complex processes and automation requirements
Understanding which stage of the manufacturing value chain the business is in is a critical factor of consideration before deciding on an optimal location in Asia to establish a new manufacturing outpost. This is according to a new report released by TMX, the leading end-to-end supply chain consultancy in Asia Pacific.
The report, entitled ‘The Great Supply Chain Migration – Breaking down the Cost of Doing Business in Asia’, has been developed amidst a renewed drive by businesses to diversify manufacturing locations and expand operations into new markets in Asia.It delves into the average costs of doing business in Asia and the corresponding country competitiveness across nine popular potential manufacturing locations: Cambodia, India, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
The report also investigated the competitiveness of the markets based on qualitative factors comprising business environment, talent performance, logistics performance, and readiness for digitalisation.
Click on the link to download the report - Whitepaper | Cost of doing business in Asia - TMX