Is Vietnam a Market Economy? U.S. Considers Status Upgrade
The U.S. is in a dilemma about whether to upgrade the non-market economy status of Vietnam to that of a market economy. This would align with President Joe Biden’s goal to make the Southeast Asian manufacturing hub a ‘friend-shoring’ destination for the U.S. amid efforts to diversify supply chains away from China. If the status upgrade is accepted by the U.S. Department of Commerce, it will mean an end to high tax (anti-dumping and countervailing duty) on Vietnamese imports in the U.S.