Vietnam’s stock benchmark is closing in on a record high, fueled by optimism over sweeping political reforms and clarity on a trade deal with the US.

U.S. President Donald Trump has announced a flurry of trade deals that will relieve some pressure on companies and consumers from sharply higher tariffs on imports from Japan and a handful of other Asian countries.

Analysts say China will be scrutinising the fine print of the bilateral pacts, wary of any provisions that could directly or indirectly undermine its economic interests.

Vietnam’s negotiators are still working on the terms of the tariff deal with their US counterparts, more than two weeks after it was first announced by US President Donald Trump.

These provisions of the Vietnam deal show that China remains the central focus of U.S. trade policy even after Washington and Beijing reached a shaky trade truce and discussions with other partners over trade drag on. The agreement implies that other ...

The announcement came after President Trump in April proposed a steep 46% tariff on Vietnamese imports; he later paused those tariffs while talks continued.