Vietnam was one of only two countries that Trump said has clinched a deal with the US by a July 9 deadline to avoid his so-called reciprocal tariffs. This week, many of its neighbours received letters from the White House threatening, in some cases, higher levies.

Vietnam's economy benefits from the deal, but the VanEck Vietnam ETF's limited manufacturing exposure means the news isn't a strong buy catalyst. Learn more on VNM ETF here.

Shares of Nike, Wayfair, and other retailers with a significant production footprint in Vietnam rose Wednesday as President Trump said the U.S. reached a trade deal with the country.