On September 8, 2023, the Government of Vietnam requested that the United States treat Vietnam as a Market Economy (ME) for antidumping (AD) law purposes versus the current Non-Market Economy (NME) status (attached). ME status generally means lower and more manageable/predictable (AD) dumping margins, so it is preferred for AD purposes.  Western press (e.g., Financial Times) have indicated of late that Vietnam has moved to being a ME.  President Biden visited Vietnam to seek closer relations with Vietnam including trade deals.  We will see what happens.  But this could be good for Vietnam if done. 

Notably, in a joint statement (attached) between President Biden and his Vietnam counterpart,

“The United States noted Vietnam officially requested the review of its market economy status on September 8, 2023.  The United States will review Vietnam’s request as expeditiously as possible, in accordance with U.S. law. The United States appreciates Vietnam’s ongoing efforts to further modernize and enhance the transparency of its monetary policy and exchange rate management framework, to promote macroeconomic stability, and to ensure the safety and soundness of the banking system.”