The share price of Nike rose nearly 6% to $58.57 per share on Friday following the report that Vietnam is terminating all import tariffs on goods from the U.S. in hope to avoid a sweeping 46% reciprocal tariffs from the Trump Administration. Its share price was down nearly 17% in the previous session.
Half of Nike’s footwear is made in Vietnam, while production of apparel is around 30%, based on the company’s 2024 financial year
Vietnam’s stock market saw some life at the end of the trading session on Friday after the report that the Southeast Asian country is making a prompt action on negotiating with the Trump Administration about tariffs.
In addition to an urgent negotiation team, there is also a report that Vietnam will eliminate all tariffs on U.S. goods, according to Derrick Evans, Former member of the West Virginia House and Candidate for US Senate in West Virginia on X.
The fact-checking regarding this post is under way, but the reaction in the Vietnamese stock market could prove some ground to this story.
The Ho Chi Minh Stock Index (VNI) plunged as much as 5.8% in early trade, but was able to pare a majority of its losses to close at -1.56%.
The recovery came after the report that Vietnam’s trade ministry has urged the Trump administration to delay its proposed 46% tariff on Vietnamese imports and enter into further discussions.
Following President Donald Trump’s announcement of a minimum 10% import tax on all nations exporting to the US, with additional levies for around 60 countries, Vietnam faced one of the highest “reciprocal” tariffs.
In a diplomatic communication, the ministry requested talks and a possible conversation between Minister of Industry and Trade Nguyen Hong Dien and US Trade Representative Jamieson Greer. The ministry emphasized the need for dialogue and negotiation, indicating that Vietnamese exports to the US primarily compete with products from other nations rather than American goods.
A delegation led by Deputy Prime Minister Ho Duc Phoc is scheduled to travel to the US this weekend, reflecting Vietnam’s ongoing efforts to address the situation diplomatically.
