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ARTICLE · 03 JUNE 2024

Vietnam Should Not Become A Release Valve For Pressure On China

Wiley Rein
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In conjunction with President Biden's visit to Vietnam in September 2023, Vietnam's government petitioned the US Department of Commerce (DOC) for "market economy" treatment.

GlobalGovernment, Public Sector
Alan H. Price
Alan H. Price
John Allen Riggins
John Allen Riggins

This article was originally published in Steel Market Update on May 24, 2024 and can be found here.

In conjunction with President Biden's visit to Vietnam in September 2023, Vietnam's government petitioned the US Department of Commerce (DOC) for "market economy" treatment. This would be a major trade concession, as DOC has recognized for years that Vietnam's economy does not operate according to market principles. However, graduating Vietnam to market economy status would be factually incorrect, geopolitically naïve, and harmful to all US producers—particularly US steelmakers.

DOC considers Vietnam, China, and several former Soviet Union countries to be nonmarket economies (NMEs). Systemic, distortive, economic forces in these countries make it impossible for DOC to determine a true market price when calculating an antidumping rate. Therefore, DOC substitutes surrogate prices from market economies to calculate what the fair value of products would be

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