As a whole, Asia will be hurt by trade war between the US and China, however, there are a few countries that will obviously benefit from the conflict escalation, Bloomberg reports.

Nomura Holdings Inc. found out that efforts of American and Chinese companies to substitute import will be especially beneficial to Malaysia, which is followed by Japan, Pakistan, Thailand and Philippines. Malaysia wins in regards to electronic integrated circuits manufacturing, liquidated natural gas and communication equipment. Thailand has advantage in regards to automobile sector, as it is the largest car producing center in Southeast Asia.

Vietnam is obvious choice for companies considering moving production from China. Besides, among potential destinations are Malaysia, Singapore and India.The least benefits from import substitution will get Bangladesh, India and South Korea.

For analysis Nomura used such criteria as relative specialization in regards to each product, distance from the country to China and the US, possibility to produce the product in US or China and importance of the product for each country.