Vietnam's US shipments of the toys, bedding and kitchenware on the 77-item US-China tariff-cut list will still be at least 50% above their 2024 level in the first half of 2027, with LEGO, Mattel and Hasbro among those keeping their Vietnamese output.

Although announced US-China tariff cuts can be seen as a reduction in incentives for multinationals to further relocate supply chains away from China, buyers are unlikely to immediately unwind supply chains for a cut with no published rate or start date, and the wider US-China trade truce expires on 10 January 2027, leading to lingering uncertainty. Leaving is also costly, with LEGO having built its first Vietnam factory in Binh Duong, Mattel having used Vietnamese contract manufacturers since 2018, and the fact that moving moulds takes an estimated two production cycles. The clearest winners from the cut are China-reliant sellers such as Jakks Pacific, not brands already committed to Vietnam and will need more to return to China.