Vietnam Seeks Market Economy Status For Antidumping

On September 8, 2023, the Government of Vietnam requested that the United States treat Vietnam as a Market Economy (ME) for antidumping (AD) law purposes versus the current Non-Market Economy (NME) status (attached). ME status generally means lower and more manageable/predictable (AD) dumping margins, so it is preferred for AD purposes.  Western press (e.g., Financial Times) have indicated of late that Vietnam has moved to being a ME.  President Biden visited Vietnam to seek closer relations with Vietnam including trade deals.  We will see what happens.  But this could be good for Vietnam if done. 

Notably, in a joint statement (attached) between President Biden and his Vietnam counterpart,

“The United States noted Vietnam officially requested the review of its market economy status on September 8, 2023.  The United States will review Vietnam’s request as expeditiously as possible, in accordance with U.S. law. The United States appreciates Vietnam’s ongoing efforts to further modernize and enhance the transparency of its monetary policy and exchange rate management framework, to promote macroeconomic stability, and to ensure the safety and soundness of the banking system.”

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CFIUS Clearance: Ørsted A/S and Uncommitted lease area for wind development from Eversource Energy

Status:                  Clearance

Acquirer:              Ørsted A/S (Denmark)

Acquired:             Uncommitted lease area for wind development from Eversource Energy (U.S.)

Value:                    $625 million

Industry Tags:    Energy

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Upcoming/New Filing: Mars Acquisition Corp. and ScanTech Identification Beam Systems, LLC

Status:                   Upcoming/New Filing

Acquirer:               Mars Acquisition Corp. (Cayman Islands)

Acquired:              ScanTech Identification Beam Systems, LLC (U.S.)

Value:                   $149.5 million

Industry Tags:       Logistics; Security Solutions

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CFIUS Upcoming/New Filing: Enbridge Inc. and Dominion Energy

Status:                  Upcoming/New Filing

Acquirer:              Enbridge Inc. (Canada)

Acquired:             Three gas utility businesses of Dominion Energy (U.S.)

Value:                    $14 billion

Industry Tags:    Regulated Utilities; Energy; Oil & Gas

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CFIUS Investigation: Sina Corporation and TuSimple Holdings Inc.

Status:  Mitigation; Clearance

Digital Car

Acquirer:  Sina Corporation (China)

Revised Acquirer:  TuSimple (Cayman) Limited (Cayman Islands)

Acquired:   TuSimple Holdings Inc. (US)

Value:  Unknown

Industry:  Autonomous Vehicles

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Upcoming/New CFIUS Filing: Paccar Inc.; Cummins, Inc.; Daimler Trucks Group Company; EVE Energy Co., Ltd. – Joint Venture

Status:                  Upcoming/New Filing

Acquirer:              Paccar Inc. (U.S.); Cummins Inc. (U.S.); Daimler Trucks Group Company (Germany); EVE Energy Co., Ltd. (China)

Acquired:             New joint venture (U.S.)

Value:                   $2-3 billion

Industry Tags:    Battery and Electronic Component Manufacturing; Electric Vehicles

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U.S. Commerce Secretary’s Meetings in China Reinforce Trade Relations and Deepen Bilateral Discussions

U.S. Secretary of Commerce Raimondo’s recent visit to China in late August was “part of ongoing efforts to deliver on President Biden’s directive following his meeting with President Xi in November 2022 to deepen bilateral discussions.” (Commerce Press Release, Aug. 28, 2023.)  Throughout the meetings, the Commerce Secretary sought to reinforce U.S. economic interests in China, but also reiterated the Administration’s “small yard, high fence” approach that narrowly restricts sensitive technologies relevant to U.S. national security interests or human rights. 

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Upcoming/New CFIUS Filing: Cegeka Groep NV and Computer Task Group

Status:       Upcoming/New Filing

Acquirer:              Cegeka Groep NV (Belgium)     

Acquired:             Computer Task Group (U.S.)

Value:                   Over $170 million

Industry Tags:    Technology Services

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CFIUS Pending Filing: Stratasys Ltd. and Desktop Metal, Inc.

Status:        Pending

Acquirer:              Stratasys Ltd. (Israel)     

Acquired:             Desktop Metal, Inc. (US)

Value:                   Over $500 million

Industry Tags:    3D Printing; Additive Manufacturing

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CFIUS Upcoming/New Filing: BAE Systems, Inc.; BAE Systems, plc and Aerospace business of Ball Corporation

Status: Upcoming/New Filing

Acquirer: BAE Systems, Inc.; BAE Systems, plc (U.K.)

Acquired: Aerospace business of Ball Corporation (U.S.)

Value: $5.6 billion

Industry Tags: Aerospace; Defense

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