Vietnamese building materials, garment, seafood firms to be hardest hit by US new tariffs: broker
Many building materials, garment, and seafood firms in Vietnam, along with industrial parks, are expected to suffer a “very negative impact” from the newly-announced U.S. reciprocal tariffs, according to Hanoi-based Vietcombank Securities.

A production line at Dony Garment Company in Ho Chi Minh City, southern Vietnam, Photo courtesy of Vietnam News Agency.
The broker (VCBS) has conducted an analysis of the potential impact on nearly 100 listed firms spanning 17 industries in Vietnam, after President Donald Trump on April 2 announced that he will levy 46% tariffs on imports from Vietnam as part of a new wave of global impositions.
The tax rate for Vietnam, effective from April 9, is among the highest, only after Laos (48%) and Madagascar (47%). However, the tariffs are expected to change following negotiations.
In its report, VCBS said it hopes that monetary policy will continue to be managed in a direction that supports businesses and aligns with the goal of sustainable growth.
According to its assessment, in the building material sector, steel giants like Hoa Phat (HPG), Hoa Sen (HSG), and Nam Kim Steel (NKG), all listed on the Ho Chi Minh Stock Exchange (HoSE), are expected to face a neutral impact from the tariffs, as their exports to the U.S. account for only 2-10% of their total revenue.
Meanwhile, Phu Tai (HoSE: PTB) would be hit hard as its quartz stone products are primarily exported to the U.S. and Europe, accounting for 60% of total exports. A similar hit is forecast for Vicostone (HoSE: VCS), another quartz stone exporter to the U.S.
Notably, in the garment-textile industry, companies like Thanh Cong (HoSE: TCM), TNG Investment and Trading JSC (HNX: TNG), Song Hong (HoSE: MSH), Vinatex (UPCoM: VGT), and Century Corp (HoSE: STK), which have high proportions of exports to the U.S., with Song Hong shipping up to 80% of its goods to this market, would feel a severe impact.
The situation is further exacerbated by the fact that the U.S. has imposed lower tariffs on textile products from key competitors, including India and Bangladesh, putting Vietnamese exporters at a disadvantage.
In the food sector, Vinh Hoan (HoSE: VHC), a major pangasius fish producer, generates 32% of its export revenue from the U.S. The new tariffs are expected to undermine its competitive edge in the market.
Sao Ta Food (HoSE: FMC) and Minh Phu (UPCoM: MPC) are highly exposed to the tariff impact, as their shrimp exports account for a significant portion of their revenue, 34% and 27%, respectively.
In the rubber sector, Danang Rubber (HoSE: DRC), a major producer of tires that generated 28% of its revenue from exports to the U.S. in 2024, would also be under the tax pressure.
Industrial parks wiould be heavily affected due to the reduced demand for leasing by export-import companies and FDI enterprises, according to the VCBS report.
Major brokers like Saigon Securities (HoSE: SSI), which derive a significant portion of their profits from margin lending and securities investment, are expected to be less affected by sharp fluctuations in the index. In fact, during volatile trading sessions, they may even benefit from higher fee revenue.
On the other hand, smaller securities companies with a large proportion of revenue coming from stock investments, such as VIX Securities (HoSE: VIX) and Saigon-Hanoi Securities Corporation (HNX: SHS), are likely to be heavily impacted.
While transportation and oil firms, and banks would experience an indirect impact, those in transportation, real estate, retail, construction, and technology would see no or slight impact.
Some experts argue that the U.S. tariff imposition is not as alarming as it seems, as the situation will ultimately depend on the negotiations between the two parties,
“What we need to watch is the trip of Deputy Prime Minister Ho Duc Phoc to the U.S. to see how the U.S. responds. Investors should not panic over the figure of 46%, or later 36%, 26%. I think it’s just a number because the real issue is on the negotiation table,” said Pham Luu Hung, chief economist at leading broker Saigon Securities (SSI).
Hung noted that in the current context, investors should manage their portfolio risks. If the portfolio is highly risky, they should restructure and focus more on domestic manufacturing sectors or those with a high margin ratio.
Deputy Prime Minister Ho Duc Phoc, accompanied by executives from companies, is now in the U.S. for a high-level policy dialogue at Columbia University in New York, and a working visit to the U.S., starting April 6.
- Read More
Vingroup stocks pull VN-Index up for sixth consecutive session
VN-Index, which represents the Ho Chi Minh Stock Exchange, on Friday increased for the sixth consecutive session thanks to large-cap stocks, with foreign investors continuing to strongly net buy.
Finance - Fri, July 11, 2025 | 7:20 pm GMT+7
Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province
Coca-Cola Beverages Vietnam on Friday inaugurated a $136 million factory in Tay Ninh province, the largest-scale among its four facilities in Vietnam.
Industries - Fri, July 11, 2025 | 5:27 pm GMT+7
Vietnam halts use of German ODA loans for HCMC metro line
The Government has approved a proposal by Ho Chi Minh City to stop borrowing official development assistance (ODA) loans from Germany’s KfW development bank for Metro Line No. 2 and instead use domestic funds to avoid further delays.
Economy - Fri, July 11, 2025 | 3:25 pm GMT+7
Seventeen housing projects foreigners allowed to buy in HCMC
Ho Chi Minh City has announced a list of 17 residential projects located in areas where foreign organizations and individuals are allowed to own houses.
Real Estate - Fri, July 11, 2025 | 3:17 pm GMT+7
Auto enterprises to enjoy preferential import tariff policies
The Government has issued a decree amending and supplementing Decree No. 26/2023/ND-CP on the export and preferential import tariff schedules, as well as the lists of goods subject to absolute tax, mixed tax, and out-of-quota import duties.
Companies - Fri, July 11, 2025 | 2:13 pm GMT+7
Korean chaebol Samsung’s revenue makes up 13% of Vietnam’s GDP in 2024
Samsung’s revenue and export in Vietnam accounted for approximately 13.12% of the country’s GDP and 13.4% of its total export turnover in 2024, respectively, according to the National Statistics Office.
Companies - Fri, July 11, 2025 | 2:09 pm GMT+7
JPMorgan upgrades Vietnam stocks to overweight following US tariff deal
JPMorgan Chase has upgraded Vietnam stocks to overweight after the country became the first Southeast Asian nation to reach a preliminary tariff deal with the U.S.
Economy - Fri, July 11, 2025 | 11:38 am GMT+7
Vietnam government bond issuance surges nearly 70% in June
The Hanoi Stock Exchange (HNX) held 16 government bond auctions in June, raising nearly VND30.5 trillion ($1.2 billion), up 68.8% from May.
Finance - Fri, July 11, 2025 | 9:30 am GMT+7
Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam
The Ministry of Construction has asked Ninh Binh authorities to prepare a feasibility study on the potential development of an international airport in the province, the ministry said in a report submitted to the Government regarding a proposal from private construction company Xuan Truong.
Companies - Fri, July 11, 2025 | 9:18 am GMT+7
Vietnam-US tariff agreement: A strategic turning point toward deeper integration
The tariff agreement between Vietnam and the U.S. marks not only a trade or diplomatic breakthrough but also reflects a long-term strategic vision, bold foreign policy, and Vietnam’s commitment to deep global integration, writes Nguyen Tuan Viet, an export promotion expert and CEO of Vietgo.
Opinion - Fri, July 11, 2025 | 9:00 am GMT+7
Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province
China’s Luxshare-ICT, a key supplier to Apple, reported that its subsidiaries in Vietnam’s central province of Nghe An enjoyed a 0% corporate income tax last year.
Companies - Fri, July 11, 2025 | 8:00 am GMT+7
Intel’s 20 years in Vietnam: $1.5 bln invested, 4 bln chips produced
U.S. chip maker Intel has invested over $1.5 billion in its nearly 20 years in Vietnam and exported more than 4 billion products, contributing over $100 billion to Vietnam’s export revenue.
Industries - Thu, July 10, 2025 | 10:05 pm GMT+7
HCMC’s new master plan should prioritize breakthrough growth in finance, high technology, logistics: expert
Ho Chi Minh City should promote university-oriented urban models and innovation ecosystems built on the “quadruple helix” framework - collaboration among the government, universities, businesses, and the community.
Economy - Thu, July 10, 2025 | 9:42 pm GMT+7
UAE tech firm G42, Vietnamese partners plan $2 bln hyperscale data center in southern Vietnam hub
The United Arab Emirates's (UAE) state-backed firm G42 plans to partner with Vietnamese companies to develop a $2 billion hyperscale data center in Vietnam's southern hub Ho Chi Minh City.
Industries - Thu, July 10, 2025 | 4:22 pm GMT+7
Petrovietnam rakes in $19.5 bln in H1 revenue
State-owned Petrovietnam reported total revenue of VND510 trillion ($19.5 billion) in the first half of this year, driven by strong production performance.
Companies - Thu, July 10, 2025 | 4:03 pm GMT+7
Sustained momentum seen across all Vietnam's real estate sectors: Knight Frank
Ho Chi Minh City and Hanoi saw solid office leasing and apartment market rebounds after the Lunar New Year holiday (Tet). Industrial land surged with record H1 supply and strong absorption, underscoring Vietnam's appeal, while eased visa policies and new direct international flights continue to support 5‑star hotels in both the cities, write Knight Frank analysts.
Real Estate - Thu, July 10, 2025 | 2:37 pm GMT+7