Vietnam's economy benefits from the deal, but the VanEck Vietnam ETF's limited manufacturing exposure means the news isn't a strong buy catalyst. Learn more on VNM ETF here.

Retail stocks with heavy exposure to Vietnam were rising Wednesday after President Donald Trump announced a trade deal with Vietnam that would lower tariffs on goods imported to the U.S. from there to 20% from the 46% announced back in April.

Shares of Nike and other apparel makers rose on Wednesday after U.S. President Donald Trump said he had struck a trade deal with Vietnam that would impose a lower than initially expected tariff rate on many imports from the Southeast Asian country.