Manufacturing has been any thing but destroyed. We are still the largest manufacturer in the world. Manufacturing has been a growing sector in the US despite the recent economic downturn. the growth has come in the high tech, high wage, specialized, smaller factory sector. The international economy we live in resulted in sweat shop like factories - textiles in the south - to move to poorer low wage countries. That's a good thing.
The good new in all of this "globalization" (read: China and those who are emulating China of the past 30 years) of manufacturing is the US still leads at the upper end and most technically demanding manufactured products. There is simply no substitute for US quality control, material management, engineering, etc. While China, Indonesia, Pakistan, Sri Lanka, etc. have grabbed a lot of the mass, low- and mid-quality items, those are easier to roll down to for our workers (if it comes to that) than it would be for them to produce anything like the standards of our high-end products.
S. Korea and Japan are following the US model, focusing on quality over quantity - and they also make some products of industry-leading quality.
If you were in charge of an Asian business, would you want it to be in Japan/South Korea, or Vietnam/China?