Guitars manufactured overseas are generally made to a set of specifications by companies outside the country of manufacture. The tolerances, wood, binding, finish, pickups, hardware, etc., are spec'd and the factory builds to those specifications.
Factories in Indochina/Asia/wherever are capable of building to whatever specification is required, be it of high or low quality or something in between. The continued operation of these factories depends on their ability to deliver the product specified by their customers.
The company that imports the guitars is responsible for the quality of the instrument. Most companies that import don't brag about it, but the code phrases are easy enough to see: "Expertly Set Up In Our Shop In California," for example, is a dead giveaway.
Rambling, sorry. Anyhow, back the original complaint: I expect that if any item carries a "Made in [insert country]" label, that the final assembly of the item will have taken place in that country. In the case of guitars, I would assume that to be that the luthery would have taken place in the named country, but that certain components may come from someplace other than the named country of manufacture.