U.S. President Donald Trump implemented a 46% tariff on imports from Vietnam, one of the highest taxed countries. The U.S. is Vietnam’s largest export market, with an export turnover of $119.5 billion, accounting for 29.5% of total exports. Despite the tax impact, listed companies on HOSE generate only 2% of their revenue from direct exports to the U.S., with an estimated total revenue of around $111 billion in 2024. Industries affected include chemicals, consumer goods, and food, but the total market capitalization of these sectors represents only 5.5% of the overall market cap, indicating limited risk spread. On April 3, 2025, the Vietnamese stock market experienced its largest point drop in history, with 500 stocks hitting the floor price.
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