House Democrats Argue Against Change in Vietnam's NME Status
Rep. Rosa DeLauro, D-Conn., and two dozen other Democrats, told Commerce Secretary Gina Raimondo that it's clear that Vietnam doesn't meet the criteria in law to qualify as a market economy -- and that if the agency were to classify it that way, the way that status that would affect 25 antidumping and countervailing duty orders would threaten American workers.
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
"Any premature graduation to market economy status will exacerbate existing economic trade distortions, weaken trade remedies for U.S. workers and industries, erode the U.S. manufacturing base, reinforce Vietnam's role as a conduit for an influx of unfairly traded Chinese goods that evade established trade laws and circumvent regulations such as the Uyghur Forced Labor Prevention Act ('UFLPA'), and undermine U.S. supply chain resiliency," they wrote.
They noted that Vietnam's currency is not fully convertible into other currencies and that state-owned enterprises are prevalent and given advantages through the state-owned banking sector, government grants of land and more.
They noted that workers cannot form independent unions, and argued that foreign direct investment is restricted.