Vietnam Tariffs: Corporate Winners and Losers

Hardest-hit Vietnam risks losing $25 billion from US tariffs, UN estimates

Winners:

Gildan Activewear ($GIL) — Vertically integrated manufacturing across the Americas and Bangladesh means limited exposure to Vietnam; basics like tees and fleece face less tariff pressure versus Vietnam-sourced rivals, creating share and margin tailwinds in mass wholesale.

Hanesbrands ($HBI) — In-house production in the Caribbean/Central America (CAFTA-DR) and Asia outside Vietnam gives flexibility to shift orders; competitors relying on Vietnam for underwear/activewear may be forced to raise prices or swallow margins, improving HBI’s relative positioning.

Apple ($AAPL) — Consumer electronics currently enjoy tariff exemptions, and Apple’s Vietnam assembly (e.g., audio accessories) is less directly hit; relative resilience versus footwear/ ...