AISI Applauded DOC’s Denial of Vietnam’s Request for Market Economy Status

SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) issued a statement welcoming the decision by the U.S. Department of Commerce (DOC) to deny Vietnam’s request for market economy status.

On Friday, the DOC had rejected Vietnam’s request to lift its status as a non-market economy. An acceptance of the request would have altered the way in which antidumping duties are calculated on Vietnamese imports.

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Kevin Dempsey, President and CEO, AISI noted that granting market economy status to Vietnam was not justified by the facts. Moreover, granting of such status would have been a gift to China, especially on account of the substantial Chinese direct investment in that country. Providing market economy status to a country that engages in such a wide range of unfair trade practices would encourage even more trade cheating, thus harming several U.S. industries, including steel, he added.

Meantime, the Vietnamese Ministry of Industry and Trade has expressed its regret over the decision. It noted that the country’s economy has experienced outstanding positive changes and development. It has reported strong progress in all the six criteria applied by the DOC for recognition of a market economy status for a country, the Ministry claimed.