Snapshot Report: Impact of The New US Tariff on Vietnamese Businesses

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1. Level of impact on business situation

According to the survey results, as many as 38% of Vietnamese businesses are currently facing significant challenges due to the changes in the new US tariff policies. Notably, only a very small portion – approximately 15% of the surveyed businesses – reported not impact from these policies.

2. Most affected aspects

The survey indicates that price & profitability is the most affected aspect, accounting for 50% of the responses. Following this, supply chain & logistics is also a major concern, rated as the second most significantly affected area by 38% of businesses. In contrast, only a small fraction of businesses is experiencing the greatest impact in areas such as product costs (7%) and customer demand (5%).

3. Response plan

In response to the situation, Vietnamese businesses have swiftly implemented various response strategies. Notably, diversifying export markets is the top priority for most businesses, with 55% choosing this approach. Additionally, 23% of businesses are considering adjusting prices/reducing profits. On the other hand, measures such as seeking new supply sources (17%) and investing in high value-added products (5%) are less favored by businesses in the current context.

4. Level of impact on human resources

Regarding human resources, as many as 35% of Vietnamese businesses reported a significant impact on personnel due to the new US tariff. Conversely, 33% of businesses stated no impact on HR from this change. Meanwhile, 20% of businesses felt a moderate impact, and finally, 12% noted a minor impact on the human resources aspect.

5. HR changes occurring about to occur in businesses

48% of Vietnamese businesses indicated that labor restructuring is the most common HR change occurring due to the impact of the new US tariff. Following this, 33% of businesses are implementing changes in recruitment plans to cope with the new situation. Furthermore, 17% of businesses are focusing on upskilling/reskilling employees, while only a small number, around 2%, are implementing employee relocations.

Be proactive to face all fluctuations

The figures above clearly demonstrate that the new US tariff is creating multi-dimensional waves of impact on Vietnamese businesses, from core business operations to human resource management. In this challenging environment, proactively assessing risks, building flexible response scenarios, and optimizing resources are more important than ever.

As one of the leading HR consulting firms in Vietnam, Talentnet is proud to be a trusted partner, ready to accompany businesses in overcoming all market fluctuations with comprehensive solutions.

• Downsizing & restructuring HR consulting: For businesses looking to change their business model or scale, Talentnet can accompany you from the consulting phase to implementation, ensuring a smooth restructuring process that complies with legal regulations, optimizes costs, and safeguards your company’s brand image. Contact our HR Consulting service to learn more now!
• Supporting talents recruitment at all levels: With a large candidate database across all industries and levels built over nearly 20 years, Talentnet is ready to quickly provide qualified candidates that meet your needs. Contact Talentnet’s HR Outsourcing or Executive Search for more details!
• Building talent development strategies: In the context of a constantly changing market, equipping businesses with systematic people management skills has become essential. Talentnet Academy’s in-depth training programs help businesses upgrade their team management capabilities to Mercer’s international standards – a methodology proven effective in over 130 countries.