Derek Tran Issues Statement Supporting Biden Administration’s Decision to Uphold Vietnam’s Decision as a ‘Non-Market’ Economy

Aug

2024

PRESS RELEASE

Derek Tran Issues Statement Supporting Biden Administration’s Decision to Uphold Vietnam’s Decision as a ‘Non-Market’ Economy

Workers’ Rights Advocate, U.S. Army Veteran, City Commissioner, Small Business Owner, and CA-45 congressional candidate Derek Tran issues statement on the Biden Administration’s decision to maintain Vietnam’s non-market economy status:

“President Biden’s administration made the right call in upholding Vietnam’s designation as a non-market economy. This decision protects American jobs and industries from unfair competition and ensures a level playing field for our businesses. Vietnam’s trade practices have consistently undercut U.S. manufacturers and maintaining this status is crucial for our economic stability.

We cannot allow foreign competitors to exploit our markets through unfair trade practices. As the son of Vietnamese refugees and a business owner, I understand the importance of fair and transparent trade policies that benefit American workers and protect our economic interests. I commend the Biden Administration for standing firm on this issue, protecting a free and fair market that ultimately prioritizes a lower cost of living for American families.”

Background:

The U.S. Department of Commerce has maintained Vietnam's status as a non-market economy, a designation initially made in 2002. This status means that Vietnam’s pricing structures are not based on market principles, resulting in unfair competition against U.S. manufacturers. Despite Vietnam's request to be reclassified, significant evidence shows continued anti-competitive practices, including circumvention of antidumping duties by labeling Chinese goods as "Made in Vietnam." This decision aligns with the need to protect American industries and ensure fair trade practices.