Multinational companies are starting to question whether it's time to shift production out of China due to the ongoing trade war between Washington and Beijing.

Many firms are already making the move to other countries, with Vietnam as one of the major beneficiaries of tensions between the world's two largest economies.

President Donald Trump is set to meet with Chinese President Xi Jinping at the G-20 summit in Japan later this week, where the two leaders are expected to restart stalled trade talks.

However, if talks were to prove unsuccessful the White House has threatened to place 25% tariffs on an additional $300 billion worth of Chinese goods, essentially all remaining imports into the U.S. from China.

Some companies, such as Brooks Running — which is part of Warren Buffett's Berkshire Hathaway — are not waiting to see if the additional China tariffs will go into effect. CEO Jim Weber said back in May that Brooks would be "predominantly in Vietnam by the end of the year." He also said about 8,000 jobs will move there from China.

Such relocation plans raise the question of whether Vietnam can become the new China. CNBC's Carl Quintanilla reports from Hanoi, ahead of the Trump-Xi meeting, with a look at Vietnam's manufacturing boom and whether it can be sustained.