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The trade war can have a ripple effect across SEA, with yuan depreciation being the main channel.

https://www.bloomberg.com/view/articles/2018-08-09/vietnamese-dong-feels-the-ripples-of-china-s-yuan-rout

Vietnam is Southeast Asia’s most open economy on some measures, with imports accounting for almost 100 percent of GDP. As a result, it’s more vulnerable to price pressures. A 1 percentage point fall in the dong could lead to a 0.25 percentage point increase in headline inflation, HSBC Holdings Plc estimates.

If the market pressure persists, Vietnam will be forced into grudging rate increases, like its Southeast Asian peers Indonesia and the Philippines.