81% of American businesses concern about potential US tariffs on Vietnam: survey

As many as 81% of American firms in Vietnam are concerned about potential tariff imposed by the Trump administrative on Vietnamese goods, according to the American Chamber of Commerce in Ho Chi Minh City (AmCham).

In a survey made in early February, featuring over 100 member companies as respondents, AmCham elaborated that the “concern” sentiment is particularly strong within the manufacturing sector with 92% noting their concerns.

Many businesses fear that increased costs due to tariffs could disrupt supply chains and force them to rethink their operations, according to AmCham.

“If these tariffs go through, it will be a major setback for our industry. We rely heavily on exports to the U.S., and additional costs will mean reduced competitiveness,” said one respondent from the manufacturing sector.

Regarding operations, the survey showed that over 75% of businesses believe tariffs would negatively impact their operations, leading to financial strain and reduced market access. As many as 94% of manufacturers anticipate negative consequences.

About human resources, 46% of respondents indicated they might have to streamline staff if tariffs are implemented, while 25% said they would not. Among manufacturers, nearly two-thirds foresee potential layoffs.

Besides, over 85% of businesses believe tariffs would harm Vietnam’s economy, and more than 65% believe they would negatively impact the U.S. economy. Moreover, 41% of respondents are considering diversifying their business away from the U.S. market and seeking alternative markets, thanks to Vietnam developing itself as a key player in global trade.

“The survey results clearly indicate the significant anxieties felt by American businesses operating in Vietnam regarding potential tariffs,” remarked Travis Mitchell, AmCham executive director.

Despite concerns, 94% of respondents and 98% of manufacturers believe Vietnam remains a good place to do business, citing its growing infrastructure, skilled workforce, and strategic location, the chamber pointed out.

On February 13 (U.S. time), the White House released its "Reciprocal Trade and Tariffs" policy. It said "the United States imposes fewer barriers to imports than other major world economies, including those with similar political and economic systems."

Relevant agencies of the United States and President Donald Trump will work on details of the policy soon, it added.