In a week marked by dramatic shifts in global trade and financial markets, Vietnam’s economic resilience and strategic positioning have come sharply into focus. As the world watched the fallout from the United States’ latest move to escalate its trade war with China, Vietnamese businesses and policymakers found themselves both confronting new challenges and seizing fresh opportunities.
On October 11, 2025, former U.S. President Donald Trump announced a sweeping new set of tariffs: a 100% additional tax on all imported goods from China, effective November 1. According to Nhadautu.vn, Trump’s statement, delivered via his social media platform, also included plans to impose export controls on all “important software” produced in the U.S. starting the same date. The move, he said, was a direct response to China’s tightening of rare earth exports—a resource where China holds a commanding 90% share of the global market, supplying vital materials for everything from smartphones and electric vehicles to aircraft engines and military radar.
“China’s restriction of rare earth supplies is an extremely aggressive act,” Trump declared, in a quote that quickly reverberated through financial circles. The rare earths, after all, are the lifeblood of many high-tech and defense industries, and Beijing’s grip on their supply has long been a source of anxiety for manufacturers worldwide.
The market reaction was swift and severe. The Dow Jones Industrial Average plunged 878.82 points, or 1.9%, to close at 45,479.60. The S&P 500 tumbled 2.71%, and the Nasdaq Composite dropped 3.56%—the sharpest single-day losses since April 10, as reported by Nhadautu.vn. The shockwaves extended across the Pacific, with major Asian indices also taking a hit: Hong Kong’s Hang Seng fell 5.26%, the China A50 lost 4.59%, and Japan’s Nikkei 225 plummeted 6.81%.
Yet, amid this turbulence, Vietnam’s stock market and broader economic outlook have remained remarkably steady. Industry experts and financial leaders in Hanoi and Ho Chi Minh City have urged local investors not to panic in the face of global volatility. “With strong political and macroeconomic fundamentals, Vietnamese investors need not worry excessively about external instability,” said Truong Hien Phuong, Senior Director at KIS Vietnam Securities Corporation, in comments to Nhadautu.vn.
Phuong noted that while the U.S. and global markets were rattled by Trump’s announcement and concerns over American economic growth and inflation, Vietnam’s market fundamentals are robust. “Vietnam has been upgraded by FTSE Russell, opening a new chapter for the domestic stock market and raising expectations for increased inflows from index-tracking funds,” he explained. This upgrade, he argued, is one of several internal factors supporting the Vietnamese market, alongside a strategic focus on science and technology, innovation, digital transformation, international integration, and legal reforms.
There’s more to Vietnam’s resilience than just strong numbers and policy upgrades. According to Tran Tuan Minh, CEO of TVI Financial Investment, the country is also well-positioned to benefit from the shifting sands of global trade. “If the U.S. imposes additional tariffs on China, Vietnam could be a beneficiary, as it currently faces only a 20% tariff rate,” Minh told Nhadautu.vn. He did caution, however, that Vietnam’s continued trade surplus with the U.S. could eventually draw scrutiny and the risk of new tariffs, potentially leading to short-term market volatility. Nevertheless, Minh remained upbeat about the medium-term outlook, citing record GDP growth and a low interest rate environment as reasons for investors to hold onto promising stocks less exposed to tariff risks.
Vietnam’s corporate sector isn’t standing still, either. The country’s flagship energy conglomerate, Petrovietnam, is actively charting a course through this era of uncertainty. According to Chuyển động DN, Petrovietnam is developing a comprehensive international business and cooperation strategy aimed at overcoming major challenges by 2025. The company’s board has approved a resolution targeting aggressive expansion into strategic markets—including the Middle East, Central Asia, Southeast Asia, North America, and the European Union—for the 2026-2030 period. This push into international markets is seen as a strategic pillar, crucial for ensuring growth and demonstrating global competitiveness.
The numbers back up this strategy. In the first nine months of 2025, Petrovietnam’s international business revenue reached an impressive 94,700 billion VND, making a significant contribution to the group’s overall growth. The company has set its sights on international business accounting for 30% of consolidated revenue by 2030. “International business has been identified as a strategic pillar in Petrovietnam’s development strategy, ensuring growth targets and proving the group’s global competitiveness,” Chuyển động DN reported.
Petrovietnam’s operational successes extend beyond boardroom strategies. By the end of September, the group’s Phu My urea fertilizer production had surpassed 682,000 tons—3% above plan—while its NPK fertilizer output reached nearly 172,000 tons, a remarkable 38% above target. These achievements, highlighted by Chuyển động DN, underscore the group’s ability to not only weather storms but outperform expectations.
Vietnam’s broader business environment has also benefited from recent regulatory reforms. The Law 68/2025/QH15, governing the management and investment of state capital in enterprises, came into effect on August 1, 2025. This legislation has removed numerous obstacles for state-owned enterprises, enabling greater flexibility and efficiency in their operations—a change widely welcomed by the business community.
Back on the financial front, experts see more reasons for optimism. Le Anh Tuan, CEO of Dragon Capital Vietnam, pointed to the government’s determination to achieve GDP growth above 10% as a major driver for the stock market. “Looking at South Korea, Taiwan, and China, when their economies grew at double digits for three to five years, their stock markets multiplied,” Tuan said at a recent investor event. He noted that the forward P/E ratio of the VN-Index for the end of the year stands at around 12-13, with listed companies’ profits expected to grow 22-28% in 2026. For Tuan, even a 5-10% drop in the market during a growth cycle is “normal” and can actually present major investment opportunities.
Still, caution remains. As Vietnam’s exports to the U.S. continue to rise, there are concerns that the country could eventually face its own tariff challenges. Policymakers and business leaders are keeping a wary eye on these developments, even as they work to capitalize on the current window of opportunity.
In a world roiled by trade disputes and economic uncertainty, Vietnam’s steady hand and forward-thinking strategies stand out. Whether navigating the choppy waters of global finance or forging new paths in international markets, the nation’s blend of pragmatism and ambition is unmistakable. For now, at least, Vietnam appears well-placed to turn global disruptions into engines of growth.