Hanoi has found itself in the eye of a political and economic storm. In a surprising move, former U.S. President Donald Trump announced a new tariff deal with Vietnam, marking the third such agreement he has reached after similar ones with the UK and China.

Vietnam was one of only two countries that Trump said has clinched a deal with the US by a July 9 deadline to avoid his so-called reciprocal tariffs. This week, many of its neighbours received letters from the White House threatening,