Vietnam breathed a sigh of relief when US President Donald Trump announced a trade deal had been struck between Hanoi and Washington. The Vietnam Stock Index reached its highest level since April 2022, indicating confidence that export stability had been achieved.On the face of it, the deal is highly unbalanced, with US exports to Vietnam enjoying tariff-free market access, while Vietnamese exports in the other direction now face a 20 per cent rate, slightly over twice last year’s average rate...