U.S. Commerce Department Reaffirms Vietnam’s Non-Market Economy Status

The U.S. Commerce Department has confirmed that Vietnam will continue to be designated as a non-market economy. This announcement has caused disappointment in Hanoi but aligns with the interests of U.S. steelmakers, shrimpers, and honey farmers. The status affects antidumping duties on Vietnamese imports and holds significance amid U.S.-China dynamics.

The U.S. Commerce Department has announced that Vietnam will remain classified as a non-market economy, a decision likely to disappoint Hanoi amidst ongoing U.S. efforts to counter China's influence.

Vietnam has sought reclassification to reflect its economic reforms, but U.S. steelmakers, Gulf Coast shrimpers, and honey farmers have resisted the change. The department maintains that existing calculations for antidumping duties on Vietnamese imports will remain unchanged.

Despite economic reforms cited by Vietnam, opponents argue that the country's policy commitments lack concrete action and that it operates under a planned economy governed by the Communist Party. The designation debate has become more delicate with the upcoming U.S. elections, as both countries emphasize worker rights.

(With inputs from agencies.)