“Everybody was expecting problems but frankly we’ve been surprised by the so-called reciprocal tariffs as it is a very odd measure,” said an investment adviser with a long experience in Vietnam. He declined to be named to speak more freely.
Multiple analysts have said Vietnam may become a target of new duties due to its huge trade surplus with the US, the fourth biggest among US partners, and may be hit hard by tariffs on semiconductors as it is one of the top chip exporters to the US.
Investors in Vietnamese shares accelerated sales in recent weeks.
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The survey, conducted by the AmCham section in Vietnam’s business hubs of Ho Chi Minh City and Danang, found that 81 per cent of respondents expressed concern about potential tariffs, with the percentage growing to 92 per cent among manufacturers.
“Many businesses fear that increased costs due to tariffs could disrupt supply chains and force them to rethink their operations,” AmCham said in a press release, noting 94 per cent of manufacturers expected a negative impact.
AmCham said 41 per cent of respondents were considering diversifying their business away from the US market, which is the most important for Vietnam at the moment.
“This shift could see companies redirecting exports to other markets or adjusting supply chains to reduce their reliance on the US,” AmCham said.
Companies in other countries are also expressing concern about the impact of US tariffs. Almost nine out of 10 Japanese firms expect Trump’s policies to negatively affect business, a Reuters survey showed on Thursday.
