Vietnam is a top destination for retailers and brands looking to reduce their reliance on factories in China, but has also become a target of Trump's aggressive trade policy.

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.

Shares of Nike, Wayfair, and other retailers with a significant production footprint in Vietnam rose Wednesday as President Trump said the U.S. reached a trade deal with the country.