US ponders trade status upgrade for Vietnam despite some opposition
Source: VOA
April 20, 2024 6:06 PM
Washington — U.S. officials are considering a request from Vietnam to be removed from a list of “nonmarket” economies, a step that would foster improved diplomatic relations with a potential ally in Asia but would anger some U.S. lawmakers and manufacturing firms.
The Southeast Asian country is on the list of 12 nations identified by the U.S. as nonmarket economies, which also includes China and Russia because of strong state intervention in their economies.
Analysts believe Hanoi is hoping for a decision before the November U.S. election, which could mean a return to power of Donald Trump, who during his previous term as president threatened to boost tariffs on Vietnam because of its large trade surplus with the United States.
Under the Trump administration, the Department of Treasury also put Vietnam on a list of currency manipulators, which can lead to being excluded from U.S. government procurement contracts or other remedial actions. The Treasury, under the Biden administration, removed Vietnam from this list. On the eve of President Joe Biden's September visit to Hanoi, where he and Vietnamese Secretary-General Nguyen Phu Trong elevated the U.S.-Vietnam relationship to a comprehensive strategic partnership.
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