HANOI, Vietnam: If the Trump administration pursues new tariffs, a potential wave of job losses could hit U.S. manufacturers operating in Vietnam, according to a survey by the American Chamber of Commerce in Vietnam (AmCham).

Conducted between February 4 and 11, the survey found that nearly two-thirds of Vietnamese manufacturers expect layoffs if tariffs are imposed. Among all businesses surveyed, less than half foresee job cuts. The findings come as the U.S. has already implemented 25 percent tariffs on steel and aluminum and announced plans for broader trade measures targeting countries with significant trade imbalances.

Since Trump's first term, Vietnam has been a key beneficiary of U.S. companies shifting production out of China, attracting billions in foreign investment. According to government data, more than 60 percent of Vietnam's US$500 billion foreign investment stock is in manufacturing.

However, concerns are growing that the country's large trade surplus with the U.S.—the fourth biggest among U.S. trade partners—could make it a target for new tariffs, particularly in the semiconductor sector, where Vietnam is a major supplier.

"Everybody was expecting problems, but frankly, we've been surprised by the so-called reciprocal tariffs as it is a very odd measure," said an investment adviser familiar with Vietnam's trade landscape, speaking on condition of anonymity.

The survey, which gathered responses from over 100 AmCham members, including major corporations like Intel and Nike, revealed that 81 percent of businesses are concerned about potential tariffs. That figure rises to 92 percent among manufacturers, with 94 percent expecting a negative impact on operations.

"Many businesses fear that increased costs due to tariffs could disrupt supply chains and force them to rethink their operations," AmCham said in a statement.

As a result, 41 percent of surveyed businesses are considering diversifying away from the U.S. market. AmCham noted that this shift could involve redirecting exports to alternative markets or restructuring supply chains to lessen dependence on U.S. trade.

The unease surrounding new tariffs is not limited to Vietnam. A separate Reuters survey found that nearly nine out of ten Japanese firms anticipate adverse effects from Trump's trade policies, further highlighting the global impact of U.S. trade decisions.