US ponders trade status upgrade for Vietnam despite some opposition
==========

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. Vietnam has engaged a lobbying firm in Washington to help it win congressional support for a status upgrade. The U.S. is Vietnam's most important export market with two-way trade totaling more than $125 billion in 2023. Both Abuza and Hiebert believe that Vietnam is pushing hard to secure the upgrade before the November U.S. election that could bring Trump back into office. More than 30 U.S. lawmakers in January sent joint letters to U.S. Secretary of Commerce Gina Raimondo urging the Biden administration not to grant market economy status to Vietnam. U.S. manufacturing groups have expressed opposition to Vietnam's request, arguing that Vietnam continues to operate as a nonmarket economy.

#Us #Vietnam #Trade #NonmarketEconomies #DiplomaticRelations #Lobbying #ManufacturingFirms

https://www.voanews.com/a/us-ponders-trade-status-upgrade-for-vietnam-despite-some-opposition/7578314.html