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.
U.S. President Joe Biden’s efforts to strengthen ties with Vietnam faced a hurdle this week as discussions unfolded regarding the potential upgrade of the country to market economy status.
The move, aimed at reducing anti-dumping duties on Vietnamese imports, has sparked debate among trade experts, highlighting the delicate balance between strategic alliances and…
