Central Louisiana News

U.S. Senators Bill Cassidy (R-LA), Tom Cotton (R-AR), and five colleagues have urged U.S. Secretary of Commerce Gina Raimondo not to grant market economy status to the Socialist Republic of Vietnam, emphasizing the need to protect American industries and national interests. The senators cited concerns over Vietnam's controlled currency, lack of labor rights, and extensive state intervention.

"As your department has been made amply aware by numerous domestic industry submissions, graduating Vietnam to market economy status would deprive American industries and workers across the country of the necessary tools to defend themselves against such unfair trade," wrote the senators. "For the past two decades, Vietnam’s aggressive pricing practices have injured domestic producers. A premature decision to graduate Vietnam could cripple these producers, damage secure and critical supply chains, and eliminate good jobs in our country’s most vulnerable regions."

Cassidy and Cotton were joined by U.S. Senators Roger Wicker (R-MS), Cindy Hyde-Smith (R-MS), Josh Hawley (R-MO), Katie Britt (R-AL), and John Boozman (R-AR) in signing the letter.

The letter addressed ongoing concerns regarding the U.S. Department of Commerce’s review of Vietnam’s non-market economy status with a determination deadline approaching. It argued that Vietnam does not meet criteria for a market economy due to its currency controls, lack of labor protections, and government control over prices and production through state-owned or heavily subsidized enterprises.

"Vietnam has been a communist country since 1975," noted the letter. "In the years that have followed, the Vietnamese government has had every opportunity to pursue real internal reforms to earn a market economy designation." Instead, it pointed out measures like Directive 24 issued by the Communist Party of Vietnam (CPV) aimed at eliminating perceived foreign threats which further tighten governmental control over various sectors.

The senators expressed skepticism about any strategic benefits from granting market economy status to Vietnam in terms of drawing it away from China's influence: "There is no evidence that Vietnam will change its diplomatic or military policies regarding China in exchange for greater market access." They also warned that such a move might incentivize greater cooperation between China and Vietnam.

The letter concluded with an appeal for Raimondo's department to continue treating Vietnam as a non-market economy: "We urge you to honor this mandate and continue to treat Vietnam as a non-market economy."