These opposing strategies reflect the state of confusion amongst exporters in Southeast Asia's industrial hub, hit by a 46% tax imposed by the Trump administration - and then temporarily suspended until July.

"Factories are adapting their production schedules and human resources, dividing shifts into alternate days — Monday-Wednesday-Friday or Tuesday-Thursday-Saturday — instead of operating at full capacity, because large orders are on hold," explains Calvin Nguyen, director of the Vietnamese logistics company WeDo Forwarding.

He cites three companies – in the textile, footwear and agri-food sectors – that have had to adjust their operations after orders were frozen, even after President Donald Trump suspended "reciprocal" tariffs on April 9.

Two surveys of companies, as well as three other industry sources, confirm that cost-cutting measures have been taken, while some foreign companies are suspending their investment plans.

Vietnam is one of the United States' main suppliers of shoes and clothing, produced by dozens of subcontractors for multinationals such as Nike, Adidas and Gap.

A survey by the European Chamber of Commerce, conducted amongst 183 European companies based in Vietnam from April 4 to 9, reveals that the majority are considering cuts, including staff reductions and downsizing their operations.

Sudden slowdown in electronics

In the electronics sector, the main driver of Vietnamese exports to the US, Samsung Electronics briefly ramped up production before the tariffs came into effect, according to two employees. The company is now considering adjustments.

Meanwhile, South Korean appliance maker LG Electronics has suspended refrigerator production at its factory in Haiphong, in the north of the country, according to a local government report published online last week before being withdrawn.

The report, which was still visible in some local media outlets on Thursday, also stated that LG had frozen its investments in microwave oven production at the same site.

A LG spokesperson said the company was monitoring the situation closely and managing its production "flexibly."

In the Haiphong region, the company most exposed to the 46% tax is Taiwanese electronics manufacturer Pegatron, according to the same report.

However, the temporary suspension of the taxes seems to have given it a reprieve: Pegatron has decided to increase its production for the US market.

"In the next three months, their production for the US will skyrocket," said a source close to the matter. "US warehouses will be flooded with products in the coming months."

MarketScreener with Reuters.