On October 22, 2024, the U.S. Department of Commerce initiated an administrative review of anti-dumping duties on Vietnamese oil country tubular goods (OCTG). This review will cover the period from September 1, 2023, to August 31, 2024. Companies involved in the export of OCTG must notify the Department of Commerce within 30 days if they did not export during the review period. Additionally, mandatory respondents will be selected within 35 days based on their export volumes, and businesses must apply for separate duty rates within the same 30-day timeframe. The final conclusions of this review are expected by September 30, 2025 [4cce8aa8].
This review comes amid ongoing tensions regarding Vietnam's trade status with the U.S. Earlier in August 2024, the U.S. Department of Commerce denied Vietnam's application for market economy status, maintaining its classification as a non-market economy. This decision was influenced by the significant government involvement in Vietnam's economy, which has led to higher margin rates on imports from the country [552a4903].
Vietnam has expressed disappointment over the denial, emphasizing that 72 countries recognize it as a market economy and that it has made substantial progress in aligning with market principles. The Vietnamese government has been actively engaging with U.S. officials to advocate for a reclassification [fabf1874].
The implications of the anti-dumping review and the market economy status denial are significant for trade relations between the U.S. and Vietnam. As Vietnam continues to position itself as a key manufacturing hub, the U.S. may need to reassess its trade policies to foster stronger economic ties [38a145c9] [1e51a2eb].