FX.co ★ Vietnam Stocks Plunge 6.2% After Trump's Tariffs

On Thursday around noon, Vietnam's stock market experienced a significant downturn, dropping 82 points, or 6.2%, to reach 1,236. This decline wiped out the previous day's gains and was mainly triggered by U.S. President Trump's decision to implement a 46% reciprocal tariff on Vietnam. The VN Index reflected a downturn in U.S. futures, hitting its lowest point since mid-January. All sectors were in decline, with major impacts observed in transportation, technology services, energy, minerals, and retail trade and distribution services. However, the downturn was somewhat mitigated by positive data from China, Vietnam's largest trading partner. A private survey indicated that the Chinese private sector expanded at its fastest rate in four months. Nevertheless, significant declines were noted in several companies, including Vietnam Veterinary Products (-21.6%), Railway Construction Corp. (-21.0%), An Giang Fruit-Vegetables (-20.9%), and Ho Chi Minh City Ferry and Bridge (-18.8%). The U.S. remains Vietnam's largest export market, with exports reaching USD 142 billion last year, which constitutes nearly 30% of Vietnam's GDP.