By David Lawder NEW YORK (Reuters) - Vietnamese Prime Minister Pham Minh Chinh on Wednesday asked U.S. Treasury Secretary Janet Yellen to support ...
By David Lawder NEW YORK - Vietnamese Prime Minister Pham Minh Chinh on Wednesday asked U.S. Treasury Secretary Janet Yellen to support granting the communist country"market economy" statusLamborghinis on display in Point Pleasant Park | SaltWireNEW YORK - Vietnamese Prime Minister Pham Minh Chinh on Wednesday asked U.S.
He was referring to a 2002 determination that Russia's economy was market-driven, a status that limited the calculation of U.S. anti-dumping duties on Russian goods at the time. But the U.S. Commerce Department revoked Russia's market economy status in November 2022, citing significant increases in state direction of its economy, especially since its February 2022 invasion of Ukraine.
The often high duty rates are irritants for Vietnam as its economic relationship with the United States deepens. "The Biden-Harris administration views Vietnam as a key partner in our 'friend-shoring' approach to deepen integration with a broad set of partners and allies to create diverse, resilient, and sustainable supply chains in key industries," Yellen said.
But some aspects of the relationship remain strained, including Commerce Department investigations into Vietnamese exports of steel, solar panels and other products for potentially circumventing duties on Chinese-origin goods through further processing in Vietnam.
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