Vietnam finds itself caught between its two biggest trading partners as the Trump administration tries to stop Chinese exporters using Vietnam as a way station.

With the dust far from having settled on this week’s US-Vietnam trade agreement, one thing is clear: companies operating in what’s become one of the most vibrant Asian economies are on notice to move up the value chain.

The Trump administration’s new trade deal with Vietnam aims to shut down any “backdoor” routes that allow Chinese goods to