As the U.S. and China duke it out over the ongoing trade war disputes, other Asian economies and country-specific ETFs could benefit from the side.

Some researchers argue that countries exporting similar products that compete with China could end up as beneficiaries in the trade war between the U.S. and China, the Wall Street Journal reports.

For example, Bank of America Merrill Lynch economists predict Taiwan, Vietnam and South Korea have the most to gain, given the countries’ similar export profiles to China.

Furthermore, some Asian economies could capitalize on a redeployment of investment capital from wary companies that are operating in China but are looking to diversify away from the trade uncertainty. According to a recent survey conducted by the American Chamber of Commerce in South China, around 70% of companies are considering relocating some or all of their manufacturing out of China, with Southeast Asia indicated as the preferred destination.

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