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.

A trade deal announced by the U.S. and Vietnam creates new question marks for sportswear and clothing retailers like Nike and Adidas that source shoes and clothes from factories in the Southeast Asian country,