Thailand is opening its arms to Chinese firms fleeing Donald Trump’s trade war, hoping special investment zones and tax incentives can give it the edge over its low-cost neighbour Vietnam.

Bangkok hopes the move will offset a downturn in exports and tourism, but analysts caution that tweaking tax rates may not be enough to eclipse the draw of Vietnam’s low-cost labour and free-trade agreements with global partners like the European Union.

The measures are contained in a stimulus package known…

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