Chinese businesses are increasingly favouring investment in countries including Vietnam and Mexico as trade tensions rise between western governments and Beijing.

During the year to March, at least 41 Chinese manufacturing and logistics projects were announced for Mexico, while at least 39 were scheduled for Vietnam, according to the latest data from Financial Times subsidiary FDI Markets.

This represents the highest number of announced projects in either country since FDI Intelligence began tracking foreign investment news and company announcements in 2003, with both Mexico and Vietnam now overtaking the US as the top destinations for Chinese manufacturing and logistics projects. Thailand, Malaysia, Hungary and Egypt also welcomed record levels of Chinese projects in the year to the end of March.