Vietnam was the retail industry's backup plan when Trump first imposed duties on China, so some executives are relieved to see a potential deal with 20% levies.

Vietnam finds itself caught between its two biggest trading partners as the Trump administration tries to stop Chinese exporters using Vietnam as a way station.

The tariff deal between the United States and Vietnam sets the stage for a further climb in trade volumes between the countries and will also impact the energy generation mix that powers the fast-growing Vietnamese economy.