Vietnam business leaders reassure investors amid stock market plunge
Leaders of many Vietnamese companies have made clear about their business situation and economic relationship with the U.S. to reassure shareholders, following the significant declines in the stock market after the U.S. announced its new tariff policy on April 2.

The VN-Index has lost more than 185 points within only three trading sessions since the U.S. announcing 46% tariffs on imports from Vietnam on April 2, 2025. Photo by The Investor/Trong Hieu.
Within only three trading sessions since the U.S. announcing 46% tariffs on imports from Vietnam on April 2, 2025, the VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), lost more than 185 points to get out of the 1,133-point range, erasing all efforts to break through since the year beginning. Early Wednesday morning, the HoSE sank into the red.
As a result, numerous stocks recorded multiple consecutive sessions of hitting their floor prices, losing more than 20% of their value, regardless of the impact of the tariff on businesses.
Le Vu Hoang, chairman of Ho Chi Minh City Infrastructure Investment JSC (CII) stated that 95% of the company’s total investment is currently focused on domestic infrastructure sectors, including transportation and urban real estate projects. Therefore, the US tariff policy, which primarily affects industries related to international trade, does not have a direct impact on the firm’s core business operations.
Furthermore, the company does not have loans in USD, and in its upcoming fundraising plans, it does not intend to use foreign currency loans, he said, affirming that risks related to exchange rates or USD-denominated financial costs do not affect the company currently or in the near future.
Hoang shared that CII’s operations continue to receive strong support from the government’s focus on developing synchronized infrastructure and promoting public investment. The company expects to maintain steady and sustainable growth in the context of the overall domestic economic development.
In a letter to shareholders, Doan Nguyen Duc, chairman of Hoang Anh Gia Lai JSC (HAG) confirmed that Trump’s tariff policy does not impact the company’s main production and export activities. Specifically, the company’s bananas are mainly exported to China, South Korea, and Japan, not to the U.S.
For goods exported to South Korea and Japan, prices are fixed annually. For exports to China, prices are set weekly, and this week, the company has locked in a price of over $12 per box, 10% higher than last week. In addition, the continuous rise in the USD/VND exchange rate has had a positive impact on the company’s export revenue since most of its input costs are in VND.
However, the company will continue to closely monitor international policy developments and proactively adjust its business strategies when necessary to protect the common interests, he said, noting that its production and export activities continue to operate smoothly and as planned.
Nguyen Dang Quang, chairman of retail giant Masan Group (MSN) assessed that the tariff proposed by the U.S. would have a very limited impact on the group’s business operations and prospects because the U.S. market contributes less than 1% to its subsidiary Masan Consumer's revenue.
Key products of another member Masan High-Tech Materials are exempt from the announced duty. The prices of essential goods at its WinCommerce remain competitive compared to all other market channels. Additionally, Vietnam has proposed a 0% tariff on U.S. goods, which could help reduce raw material costs for Masan’s convenience foods and meats, as well as lower production costs.
However, the chairman emphasized that Masan would not be complacent and that the leadership has been closely monitoring the implementation of the tariff rates and their potential impact on the consumer market in Vietnam. The group is preparing business strategies to adapt to all possible tariff scenarios.
Nguyen Thanh Bình, CEO of logistics heavyweight Gemadept (GMD) expressed that the new U.S. tariff on Vietnamese goods exported to the U.S. could have some impact on the company’s operations.
For example, the Nam Dinh Vu port cluster in the northern city of Hai Phong, where exports to the U.S. account for less than 10% of the total volume, and Gemalink deep-water port, where shipments to the U.S. make up less than 32%. However, in April, Gemalink launched four new service routes to Africa, Europe, Canada, and Brazil, reducing the proportion of goods destined for the U.S. to 20%.
On the other hand, the new tariff policy is expected to boost intra-Asian trade growth, as countries seek alternative markets and build stronger regional supply chains. Regarding imports, the flow of goods from the U.S. may not be affected and could even see potential growth, thanks to proactive policies take by Vietnam, including the proposal for a 0% import tariff and increased purchases of strategic items of U.S. strength and Vietnam’s demand, such as renewable energy equipment, semiconductor technology, and pharmaceuticals.
To respond to the situation, Binh mentioned that the company has been in talks with shipping lines and export-import customers to accelerate the delivery of export orders. It is keeping a close watch on market developments, and approaching customers or products that are less affected by U.S. tariffs.
Sectors affected by tariffs
According to broker Saigon Securities (SSI), among listed companies, textile, seafood, and wood firms are the largest exporters to the U.S. For textiles, the U.S. is the largest export market, accounting for about 40% of export volume in 2024, 4-5 times higher than other key markets like Japan, the EU, South Korea, and China. Therefore, shifting to other markets will take time.
For seafood, the U.S. made up about 18% of export value in 2024, lower than China (19%), but higher than Japan (15%), the EU (10%), and South Korea (8%). The tariff on Vietnamese seafood is lower than that for China, but this gap is narrowing significantly.
The seafood sector may face challenges if global demand stagnates and pressure from Chinese products increases in other export markets. The rising shipping cost and longer customs clearance processes could also add pressure to the sector.
Wood exports to the U.S. accounted for 55.4% of total wood exports in 2024. Vietnam’s wood shipments to the U.S. fetched more than $8.8 billion last year, a 23.9% increase from 2023. Key products included wooden chairs, bedroom furniture, and kitchen furniture.
Another industry that is expected to experience indirect negative impacts is industrial real estate. SSI believed that the 46% tariff on imports from Vietnam is higher than those for other FDI-attracting countries in Asia, such as Indonesia (32%), India (26%), and the Philippines (17%), which could affect the trend of investment shifting from China to Vietnam. Investors may adopt a wait-and-see approach, potentially impacting the demand for industrial land in Vietnam.
Similarly, Maybank Investment Bank also assessed that with high tariffs, FDI flows will be the most critical factor during this period. This organization forecast that FDI registrations will slow down this year. However, Vietnam's core advantages - established electronics, textiles, and footwear manufacturing centers, a large and untapped consumer market with a population of 100 million, along with a cheap and abundant labor force - will make foreign investors think carefully before deciding to move to another country.
Additionally, the tax gap between Vietnam and its competitors such as India, Bangladesh, Indonesia, Pakistan, and Cambodia is only around 10%, and this gap could narrow if the Vietnamese government reaches an agreement with the U.S, it said.
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