Well, I think the issues related to the financial sustainability of the industry are universal internationally. Are there VFX studios in other countries making profits hand over fist? It’s unlikely as there have been many studio closures in various locales worldwide. Whether your company is located in London, Los Angeles, Singapore, Vancouver or Mumbai the goal of the major movie studios is to steer the bidding process, taking into account all relative labor costs, government subsidies, taxes, etc towards an acceptable level of work with little to no profit margin for the VFX studio doing the work. The cost of labor may vary greatly, the government subsidies may differ, but the profits are the same.
There really isn’t much room for nationalism when discussing this problem. Whether or not artists based in countries can compete with Americans isn’t even up for debate as we have seen world class work being done all over the globe for the better part of a decade now. So yeah, it’s a global industry and it’s globally unsustainable as well. The profits (or lack thereof) are unsustainable, the government subsidies are unsustainable, the forced migration of labor is unsustainable. If you think these issues will be contained only in the American VFX industry I think you may be mistaken.