Most US manufacturers surveyed by the American Chamber of Commerce said they would be likely forced to lay off workers if the Trump administration imposed export tariffs on Vietnam.
Reuters reported that the survey was conducted from 4-11 February over the period when US President Donald Trump had already approved 25% tariffs on steel and aluminium and had pre-announced broader reciprocal tariffs on countries with trade imbalances, and sector-specific duties on semiconductors, cars and pharmaceuticals.
“Among manufacturers, nearly two-thirds foresee potential layoffs,” AmCham said, noting the percentage fell to less than half for all businesses. The survey is based on input from more than 100 of AmCham Vietnam’s members, which include big multinational companies such as Intel and Nike.
Vietnam has profited in recent years from big investments by manufacturers that transferred operations from China after Trump imposed tariffs on Beijing in 2018 during his first term. More than 60% of the country’s $500bn stock of foreign investment is in manufacturing, according to data from Vietnam’s government updated to the end of January.
Foreign investors with manufacturing operations in Vietnam had largely remained upbeat after Trump’s announcements of tariffs on China, Mexico and Canada at the start of his second presidential term, according to conversations Reuters had with a dozen industry specialists. But the mood has partly changed with the new tariff threats.
“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 the Communist-run country. He declined to be named to speak more freely.
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