Inside the Non-Market Economy Decision
Will it have an impact?
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On to the news.
Vietnam’s bid to become a market economy began on September 8, 2023, when the Vietnamese government requested a review from the U.S. Department of Commerce (DOC).
It’s likely no coincidence that this was two days before President Joe Biden arrived in Hanoi to cement the double upgrade to a Comprehensive Strategic Partnership for the U.S. - there is speculation that Vietnam may have expected market economy status in return.
The DOC initiated this review on October 30, and we know what the result was: no change in Vietnam’s non-market economy (NME) status.
This was the first such review for Vietnam since 2002 - suffice to say the country’s economy has changed dramatically since then. To quote the 284-page DOC final decision: