Ninety-two per cent of such companies in the manufacturing sector are worried the tariffs may disrupt supply chains and affect competitiveness, the survey covering 100 member businesses revealed.
Over three-quarters of the respondents believe that the imposition of the tariffs will have a negative impact on their operations, limiting their market access and creating financial pressure, media outlets in Vietnam reported.
Nearly half, including two-thirds of manufacturing businesses, plan to cut their payroll if the tariffs come into effect.
More than 85 per cent fear the proposed US tariffs will reduce trade volume, disrupt business relationships and affect the Vietnamese economy.
The survey results distinctly reflect ‘the significant level of concern’ among US businesses about the tariffs, AmCham executive director in the country Travis Mitchell said.
But their confidence in Vietnam stays strong. The chamber said 94 per cent of businesses in general, including 98 per cent of manufacturers, believe in Vietnam's potential, thanks to its developed infrastructure, skilled workforce and strategic location.
ALCHEMPro News Desk (DS)
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