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
Trade talks with Vietnam 'fruitful': US Trade Representative
U.S. Trade Representative (USTR) Jamieson Greer has described the ongoing trade talks with Vietnam and other countries as “fruitful”, saying “they understand what we're trying to solve for”.
Economy - Fri, May 9, 2025 | 2:48 pm GMT+7
Operation of Vietnam's retail giant Petrolimex 'still normal' despite CEO suspension
Petrolimex is operating normally despite the Ministry of Finance's (MoF) recent "temporary suspension" of its CEO Dao Nam Hai, says a corporate representative.
Companies - Fri, May 9, 2025 | 2:02 pm GMT+7
Bien Hoa Consumer, UOB Venture Management sign strategic partnership for sustainable growth
Bien Hoa Consumer Joint Stock Company (BHC), a core subsidiary of TTC AgriS (AgriS, HoSE: SBT), has announced the successful completion of a strategic fundraising round from UOB Venture Management Pte Ltd (UOBVM) managed funds.
Companies - Fri, May 9, 2025 | 2:01 pm GMT+7
Retailers, restaurateurs flee HCMC street spaces as rents bite
A wave of restaurants and retail chains abandoning their street spaces despite healthy business signals relentless retail rent hikes in Ho Chi Minh City, with no end in sight.
Real Estate - Fri, May 9, 2025 | 11:07 am GMT+7
US tariff shock sharply reduces global container shipping orders: Phaata CEO
The tariff shock from the U.S. and China has caused a sharp decline in container shipping orders, forcing businesses to re-evaluate their entire global supply chain strategies.
Economy - Fri, May 9, 2025 | 8:17 am GMT+7
Malaysian eyes global hub for advanced chip industry
Malaysia is rapidly emerging as a preferred destination for high-value investments in the semiconductor sector, Prime Minister Anwar Ibrahim said at the launch of the East Coast Rail Link (ECRL) operations and maintenance training program.
Southeast Asia - Thu, May 8, 2025 | 10:53 pm GMT+7
Indonesia faces challenge of boosting labour productivity
Despite being in a demographic golden period, Indonesia continues to struggle with low labor productivity, prompting calls for clear and sustainable reforms.
Southeast Asia - Thu, May 8, 2025 | 10:49 pm GMT+7
Singapore, EU ink digital trade agreement
Singapore and the EU on May 7 signed a landmark Digital Trade Agreement (DTA) to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly.
Southeast Asia - Thu, May 8, 2025 | 10:46 pm GMT+7
Initiative to position Malaysia as Southeast Asia’s digital hub
Malaysia is positioning itself as Southeast Asia's digital hub through its digital agenda program, a move aligned with the nation's transition towards a high-technology economy.
Southeast Asia - Thu, May 8, 2025 | 5:45 pm GMT+7
Central Vietnam province proposes including geothermal power project in national power plan
Authorities of Binh Dinh province have proposed the Ministry of Industry and Trade include the 15-megawatt Hoi Van geothermal power plant project in the revised National Power Development Plan VIII (PDP8).
Energy - Thu, May 8, 2025 | 4:56 pm GMT+7
Vietnam firms vow to intensify cooperation with US partners, facilitate country trade talks
Major Vietnamese enterprises have committed to intensifying cooperation with U.S. partners from now until June 2025 to realize signed agreements and MoU, paving the way for trade talks with the U.S.
Economy - Thu, May 8, 2025 | 4:19 pm GMT+7
Phu My Fertilizer becomes main sponsor of Vietnam Women’s Volleyball Team
PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – Phu My) has become the main sponsor of the Vietnam Women’s Volleyball Team, the firm announced in a Wednesday release.
Companies - Thu, May 8, 2025 | 4:15 pm GMT+7
AES earns $12 mln in Q1 pre-tax income from coal-fired power plant in Vietnam
U.S.-based energy giant AES Corporation earned a pre-tax income of $12 million from the Mong Duong 2 coal-fired power plant in Vietnam’s northern province of Quang Ninh in the first quarter of this year.
Companies - Thu, May 8, 2025 | 3:33 pm GMT+7
Vietnam insurer Pjico stock plummets amid insurance sector gains
Petrolimex Insurance Corporation (Pjico) saw its stock (HoSE: PGI) tumble nearly 6% on Wednesday, which contrasts with the broader insurance sector which posted solid gains of 1.77%, second only to telecommunications (2.54%).
Companies - Thu, May 8, 2025 | 3:21 pm GMT+7
Vietnam tech unicorn VNG reports loss for 7th straight quarter
VNG Corporation, Vietnam’s first tech unicorn, recorded a post-tax loss of VND15 billion ($577,723) in Q1, marking the seventh consecutive quarterly loss, according to its Snapshot Q1/2025.
Companies - Thu, May 8, 2025 | 12:01 pm GMT+7
Vietnam's government bond auctions raise $1.62 bln in April
The Hanoi Stock Exchange (HNX) held 20 government bond auctions on the primary market in April, raising over VND42.42 trillion ($1.62 billion), the bourse reported.
Finance - Thu, May 8, 2025 | 8:32 am GMT+7