“Vice Chair of the Securities Commission: VN-Index Surges Past 1,400, Liquidity Tops VND30 Trillion, but Is It Too Early to Attribute This to Vietnam-US Trade Agreement?”

On July 9, over 500 global financial experts and investors attended the Techcombank Investment Conference 2025 in Hanoi. Among the hot topics discussed was the US tax policy and its potential implications.

Mr. Bui Hoang Hai, Vice Chairman of the Securities Commission, shared his insights at the conference. He stated that the new US tax policy could increase costs for American citizens and reduce global demand for imports.

“Not only exporting countries will be affected, but American consumers will also feel the direct impact. This has forced the US President to reconsider and temporarily suspend the application of certain taxes,” said Mr. Hai.

According to Mr. Hai, the tax policy will impact the entire economy, not just individual businesses. With a high level of trade openness, the Vietnamese economy is sensitive to external fluctuations. Any impact on exports will have a ripple effect on the overall economy.

For the stock market, Vietnamese companies in the export sector, such as footwear, apparel, and industrial real estate, will be noticeably affected by the US tax policies. Although FDI enterprises account for a significant portion of export turnover, not all are listed on the stock exchange, resulting in varying degrees of reflection in stock prices.

However, other businesses, even if not directly related, will also be impacted to varying degrees as they are all interconnected within the economic ecosystem.

Regarding the impact of the new agreement between Vietnam and the US, the Vice Chairman of the Securities Commission noted that there are positive signs in the stock market. Firstly, the VN-Index has continuously risen in the past few days, surpassing the 1,400-point mark for the first time in over three years. Secondly, market liquidity has also increased significantly, reaching nearly VND 30,000 billion, equivalent to over USD 1 billion. Foreign investment inflows have also returned strongly, with a significant increase in net buying value.

“However, it is too early to attribute these positive signs solely to the agreement between Vietnam and the US,” said the representative of the Securities Commission.

Mr. Hai added that the announced tax rates for goods from Vietnam are still lower than those of some other countries, giving Vietnam a relative advantage. However, the true impacts will become clearer once more details are released about the content of the agreement between the two countries, especially the formula used by the US government to determine what constitutes a Vietnamese product versus a transshipment product.

“In today’s globalized world, no product is manufactured entirely in one country. Therefore, only with full information can we accurately assess the impact of these policies,” concluded Mr. Bui Hoang Hai, Vice Chairman of the Securities Commission.