Firms under pressure of rising costs amid trade uncertainty: HSBC survey
Vietnamese firms are facing steeper cost increases than the global average due to tariffs and trade uncertainty, according to HSBC’s Global Trade Pulse 2025 survey.
Shrimp processed for exports. Around 80 per cent of Vietnamese companies reported rising costs stemming from changes in tariffs and trade uncertainty, the HSBC report found. (Photo: VNA)
Hanoi (VNS/VNA) - Vietnamese firms are facing steeper cost increases than the global average due to tariffs and trade uncertainty, according to HSBC’s Global Trade Pulse 2025 survey.
The survey released recently found that 80% of Vietnamese companies reported rising costs stemming from changes in tariffs and trade uncertainty. Short-term cost pressures are expected to persist, with 82% of Vietnamese firms anticipating further increases. In comparison, on the global scale, two – thirds of respondents have already experienced cost increases.
Supply chain delays and disruptions also had a notable impact on Vietnamese businesses, leading to an average 20% drop in revenue – two percentage points above the global average.
“Controlling expenses is now the top concern in supply chain management,” the report concluded.
Despite challenges, 81% remain optimistic about future international growth, while 76% say trade volatility has spurred them to seek new business opportunities.
The report found that globally, 83% of businesses say they have already begun or are planning to nearshore as part of their strategy to increase resilience and minimise the impacts of tariffs and trade uncertainty.
Still, more than half of surveyed firms said that they needed external support in planning to deal with crisis and developing resilience.
According to the country head of Global Trade Solutions at HSBC Vietnam, Surajit Rakshit, working capital is now a key priority for enterprises, largely due to it being tied up in inventories and receivables.
He emphasised the importance of adaptive stra🐲tegies, urging firms to be flexible and cultivate resilient partnerships./.
HSBC executives, alongside other global business leaders, commended Vietnam’s remarkable economic achievements, commitment to reform, and forward-looking development strategy.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
