Notice of Determination Pursuant to Section 301: Vietnam's Acts, Policies, and Practices Related to Currency Valuation, 6732-6733 [2021-01352]

Download as PDF 6732 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices jbell on DSKJLSW7X2PROD with NOTICES at or near Ingle, Cal.; (2) the Westside Branch (Lower Los Banos) from Ingle, milepost 181.9 to Fresno, Cal., at milepost 207.0 and including the Riverdale Branch from Ingle, milepost 181.8 to the end of the track at or near milepost 206.2 at Burrell, Cal.; (3) the Buttonwillow Branch from Kern Jct., Cal., milepost 316.3 to Gosford, Cal., milepost 322.6; and (4) the Buttonwillow Branch from Gosford, milepost 322.6 to the end of the track at or near Buttonwillow, Cal., milepost 346.3. According to SJVR, it has entered into a lease with UP (the Lease) to replace a 1994 lease (the Original Lease) between UP’s predecessor company, Southern Pacific Transportation Company, and SJVR, as an assignee of Port Railroads, Inc., and that SJVR is currently the operator of the Lines under the Original Lease.1 SJVR states that it entered the Lease with UPRR on December 28, 2020, to further extend the term of the Original Lease and make other commercial revisions and that SJVR will continue to be the operator after the transaction. SJVR certifies that the Lease contains an interchange commitment.2 Accordingly, SJVR has provided additional information regarding the interchange commitment, as required by 49 CFR 1150.43(h). SJVR certifies that its projected revenues as a result of the transaction will not exceed those that would qualify it as a Class III carrier but also certifies that its revenues currently exceed $5 million. Pursuant to 49 CFR 1150.42(e), if a carrier’s projected annual revenues will exceed $5 million, it must, at least 60 days before the exemption becomes effective, post a notice of its intent to undertake the proposed transaction at the workplace of the employees on the affected lines, serve a copy of the notice on the national offices of the labor unions with employees on the affected lines, and certify to the Board that it has done so. However, SJVR’s verified notice includes a request for waiver of the 60-day advance labor notice requirements. SJVR’s waiver request will be addressed in a separate decision. The Board will establish the effective 1 See Port R.Rs.—Lease & Operation Exemption— S. Pac. Transp. Co., FD 32457 (ICC served Mar. 14, 1994) (authorizing lease of approximately 107.438 miles of line); San Joaquin Valley R.R.—Corp. Family Transaction Exemption—Port R.Rs., FD 32906 (STB served May 3, 1996). According to the verified notice, the milepost designations differ slightly from the Original Lease, reflecting updated mileposts on the Lines. 2 A copy of the Lease with the interchange commitment was submitted under seal. See 49 CFR 1150.43(h)(1). VerDate Sep<11>2014 19:27 Jan 21, 2021 Jkt 253001 date of the exemption in its separate decision on the waiver request. If the verified notice contains false or misleading information, the exemption is void ab initio. Petitions to revoke the exemption under 49 U.S.C. 10502(d) may be filed at any time. The filing of a petition to revoke will not automatically stay the effectiveness of the exemption. Petitions for stay must be filed no later than January 29, 2021. All pleadings, referring to Docket No. FD 36466, should be filed with the Surface Transportation Board via efiling on the Board’s website. In addition, a copy of each pleading must be served on SJVR’s representative, Eric M. Hocky, Clark Hill PLC, Two Commerce Square, 2001 Market St., Suite 2620, Philadelphia, PA 19103. According to SJVR, this action is categorically excluded from environmental review under 49 CFR 1105.6(c) and from historic preservation reporting requirements under 49 CFR 1105.8(b). Board decisions and notices are available at www.stb.gov. Decided: January 15, 2021. By the Board, Allison C. Davis, Director, Office of Proceedings. Kenyatta Clay, Clearance Clerk. [FR Doc. 2021–01356 Filed 1–21–21; 8:45 am] BILLING CODE 4915–01–P OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE [Docket Number USTR–2020–0037] Notice of Determination Pursuant to Section 301: Vietnam’s Acts, Policies, and Practices Related to Currency Valuation Office of the United States Trade Representative (USTR). ACTION: Notice. AGENCY: The U.S. Trade Representative has determined that Vietnam’s acts, policies, and practices related to currency valuation, including excessive foreign exchange market interventions and other related actions, taken in their totality, are unreasonable and burden or restrict U.S. commerce, and thus actionable under Section 301. FOR FURTHER INFORMATION CONTACT: For questions concerning the investigation, contact Michael T. Gagain, Assistant General Counsel, 202–395–9529, or Marta M. Prado, Deputy Assistant U.S. Trade Representative for Southeast Asia and the Pacific, 202–395–6216. SUPPLEMENTARY INFORMATION: SUMMARY: PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 I. Proceedings in the Investigation On October 2, 2020, the U.S. Trade Representative initiated an investigation of Vietnam’s acts, policies, and practices related to the valuation of its currency pursuant to section 302(b)(1)(A) of the Trade Act of 1974, as amended (the Trade Act). See 85 FR 63637 (Oct. 8, 2020) (notice of initiation). In the notice of initiation, USTR explained that the Government of Vietnam, through the State Bank of Vietnam, tightly manages the value of its currency, and that the State Bank of Vietnam’s management of Vietnam’s currency is closely tied to the U.S. dollar. USTR also explained that available analysis indicated that Vietnam’s currency had been undervalued over the past three years, and that available evidence indicated that Vietnam, through the State Bank of Vietnam, actively intervened in the exchange market, which contributed to the dong’s undervaluation in 2019. The notice of initiation solicited written comments regarding various issues in the investigation. Interested persons filed 66 written submissions in response to the notice of initiation. In a notice published on November 25, 2020, USTR announced further opportunities for public input. See 85 FR 75397 (Nov. 25, 2020) (hearing notice). In the hearing notice, USTR announced that the interagency Section 301 Committee would hold a virtual public hearing on December 29, 2020, and that interested persons could submit post-hearing comments, addressed to any matter raised in the hearing testimony or prior written submissions, by January 7, 2021. In response to an inquiry from certain interested persons, USTR confirmed that post-hearing comments may address the December 16, 2020, Department of the Treasury report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. During the public hearing, 21 witnesses provided testimony and responded to questions. USTR received 18 written submissions following the hearing. The written submissions are publicly available on the docket in this investigation. A transcript of the public hearing is available on the public docket and is posted on USTR’s website. Under section 303 of the Trade Act, the U.S. Trade Representative requested consultations with the Government of Vietnam regarding the issues involved in the investigation. Consultations were held on December 23, 2020. E:\FR\FM\22JAN1.SGM 22JAN1 jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices II. Determination on the Acts, Policies, and Practices Under Investigation Based on information obtained during the investigation, and in consultation with the Department of the Treasury and other agencies represented on the Section 301 Committee, USTR has prepared and published a comprehensive report on Vietnam’s acts, policies, and practices related to the undervaluation of its currency (the Report). The Report, which is posted on the USTR website at https://ustr.gov/ issue-areas/enforcement/section-301investigations/section-301-vietnam, includes a full discussion on whether the acts, policies, and practices under investigation are actionable under section 301(b) of the Trade Act. The Report supports a finding that Vietnam’s acts, policies, and practices related to currency valuation, including excessive foreign exchange market interventions and other related actions, taken in their totality, are unreasonable and burden or restrict U.S. commerce. In consultation with the Department of the Treasury, based on the information obtained during the investigation, and taking account of public comments and the advice of the Section 301 Committee and advisory committees, the U.S. Trade Representative has made the following determination under sections 301(b) and 304(a) of the Trade Act (19 U.S.C. 2411(b) and 2414(a)): As described in the Report, Vietnam’s acts, policies, and practices related to currency valuation, including excessive foreign exchange market interventions and other related actions, taken in their totality, are unreasonable and burden or restrict U.S. commerce, and thus actionable under Section 301(b) of the Trade Act. In particular: 1. Vietnam’s acts, policies, and practices with respect to currency valuation, including excessive foreign exchange market interventions and other related actions, taken in their totality and as discussed in further detail in the Report, are unreasonable in light of U.S. and international norms that exchange rate policy should not be undertaken to gain an unfair competitive advantage in international trade, should not artificially enhance a country’s exports and restrict its imports in ways that do not reflect the underlying competitiveness, should not prevent exchange rates from reflecting underlying economic and financial conditions, and should not prevent balance of payments adjustment; 2. Vietnam’s acts, policies, and practices that contribute to undervaluation of its currency through VerDate Sep<11>2014 19:27 Jan 21, 2021 Jkt 253001 excessive foreign exchange market interventions and other related actions burden or restrict U.S. commerce; and, accordingly, 3. The acts, policies, and practices under investigation are actionable under Section 301(b) of the Trade Act. III. Further Proceedings Sections 301(b) and 304(a)(1)(B) of the Trade Act provide that if the U.S. Trade Representative determines that an act, policy, or practice of a foreign country is unreasonable or discriminatory and burdens or restricts U.S. commerce, the U.S. Trade Representative shall determine what action, if any, to take under Section 301(b). These matters will be addressed in subsequent proceedings under Section 301. Juan Millan, Assistant U.S. Trade Representative for Monitoring and Enforcement, Office of the United States Trade Representative. [FR Doc. 2021–01352 Filed 1–21–21; 8:45 am] BILLING CODE 3290–F0–P DEPARTMENT OF TRANSPORTATION Maritime Administration Small Shipyard Grant Program; Application Deadlines Maritime Administration, Department of Transportation. AGENCY: Notice of Small Shipyard Grants Application Deadlines. ACTION: Under the Small Shipyard Grant Program, $19,600,000 is currently available for grants to: (1) Make capital and related improvements to qualified shipyard facilities that will be effective in fostering efficiency, competitive operations, and quality ship construction, repair, and reconfiguration, and (2) provide training for workers in shipbuilding, ship repair, and associated industries. This notice announces the intention of the Maritime Administration (MARAD) to provide for grants to small shipyards. Federal Assistance Listing Number: 20.814 (formerly known as the Catalog of Federal Domestic Assistance Number). Potential applicants are advised that it is expected, based on experience, that the number of applications will far exceed the funds available and that only a small percentage of applications will be funded. Historically, the program has selected roughly 15–30 applications for funding with an average grant amount of about $1 million. SUMMARY: PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 6733 Timing of Grant Applications In accordance with the statutory requirement at 46 U.S.C. 54101(f)(1) that applications must be submitted within 60 days of the Consolidated Appropriations Act, 2021 (Pub. L. 116– 260, December 27, 2020), applications must be received by MARAD by 5:00 p.m. EST on February 25, 2021. Applications received later than this time will not be considered. The Administrator shall award grants under this section not later than 120 days after the date of the enactment of the appropriations Act for the fiscal year concerned. Grant Applications should be sent to the Associate Administrator for Business and Finance Development, Room W21–318, Maritime Administration, 1200 New Jersey Avenue SE, Washington, DC 20590. Only applicants who comply with all submission requirements described in this notice will be eligible for award. FOR FURTHER INFORMATION CONTACT: For further information concerning this notice, please contact David M. Heller, Director, Office of Shipyards and Marine Engineering, Maritime Administration, Room W21–318, 1200 New Jersey Avenue SE, Washington, DC 20590; phone: (202) 366–5737; or fax: (202) 366–6988. SUPPLEMENTARY INFORMATION: Grants under MARAD’s Small Shipyard Grant Program may not be used to construct buildings or other physical facilities or to acquire land. Grant funds may be used for maritime training programs to foster employee skills and enhanced productivity related to shipbuilding, ship repair, and associated industries. Grants for such training programs may only be awarded to ‘‘Eligible Applicants’’ as described below, but training programs can be established through vendors to such applicants. ADDRESSES: Table of Contents A. Program Description B. Federal Award Information C. Eligibility Information D. Application and Submission Information E. Application Review Information F. Federal Award Administration Information G. Federal Awarding Agency Contacts H. Other Information A. Program Description The Small Shipyard Grant Program was authorized under Section 3501 of the National Defense Authorization Act for Fiscal Year 2020 (Pub. L. 116–92), codified at 46 U.S.C. 54101. The statute authorizes the Maritime Administrator to provide assistance in the form of E:\FR\FM\22JAN1.SGM 22JAN1

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[Federal Register Volume 86, Number 13 (Friday, January 22, 2021)]
[Notices]
[Pages 6732-6733]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01352]


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OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE

[Docket Number USTR-2020-0037]


Notice of Determination Pursuant to Section 301: Vietnam's Acts, 
Policies, and Practices Related to Currency Valuation

AGENCY: Office of the United States Trade Representative (USTR).

ACTION: Notice.

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SUMMARY: The U.S. Trade Representative has determined that Vietnam's 
acts, policies, and practices related to currency valuation, including 
excessive foreign exchange market interventions and other related 
actions, taken in their totality, are unreasonable and burden or 
restrict U.S. commerce, and thus actionable under Section 301.

FOR FURTHER INFORMATION CONTACT: For questions concerning the 
investigation, contact Michael T. Gagain, Assistant General Counsel, 
202-395-9529, or Marta M. Prado, Deputy Assistant U.S. Trade 
Representative for Southeast Asia and the Pacific, 202-395-6216.

SUPPLEMENTARY INFORMATION:

I. Proceedings in the Investigation

    On October 2, 2020, the U.S. Trade Representative initiated an 
investigation of Vietnam's acts, policies, and practices related to the 
valuation of its currency pursuant to section 302(b)(1)(A) of the Trade 
Act of 1974, as amended (the Trade Act). See 85 FR 63637 (Oct. 8, 2020) 
(notice of initiation). In the notice of initiation, USTR explained 
that the Government of Vietnam, through the State Bank of Vietnam, 
tightly manages the value of its currency, and that the State Bank of 
Vietnam's management of Vietnam's currency is closely tied to the U.S. 
dollar. USTR also explained that available analysis indicated that 
Vietnam's currency had been undervalued over the past three years, and 
that available evidence indicated that Vietnam, through the State Bank 
of Vietnam, actively intervened in the exchange market, which 
contributed to the dong's undervaluation in 2019.
    The notice of initiation solicited written comments regarding 
various issues in the investigation. Interested persons filed 66 
written submissions in response to the notice of initiation.
    In a notice published on November 25, 2020, USTR announced further 
opportunities for public input. See 85 FR 75397 (Nov. 25, 2020) 
(hearing notice). In the hearing notice, USTR announced that the 
interagency Section 301 Committee would hold a virtual public hearing 
on December 29, 2020, and that interested persons could submit post-
hearing comments, addressed to any matter raised in the hearing 
testimony or prior written submissions, by January 7, 2021. In response 
to an inquiry from certain interested persons, USTR confirmed that 
post-hearing comments may address the December 16, 2020, Department of 
the Treasury report on Macroeconomic and Foreign Exchange Policies of 
Major Trading Partners of the United States. During the public hearing, 
21 witnesses provided testimony and responded to questions. USTR 
received 18 written submissions following the hearing.
    The written submissions are publicly available on the docket in 
this investigation. A transcript of the public hearing is available on 
the public docket and is posted on USTR's website.
    Under section 303 of the Trade Act, the U.S. Trade Representative 
requested consultations with the Government of Vietnam regarding the 
issues involved in the investigation. Consultations were held on 
December 23, 2020.

[[Page 6733]]

II. Determination on the Acts, Policies, and Practices Under 
Investigation

    Based on information obtained during the investigation, and in 
consultation with the Department of the Treasury and other agencies 
represented on the Section 301 Committee, USTR has prepared and 
published a comprehensive report on Vietnam's acts, policies, and 
practices related to the undervaluation of its currency (the Report). 
The Report, which is posted on the USTR website at https://ustr.gov/issue-areas/enforcement/section-301-investigations/section-301-vietnam, 
includes a full discussion on whether the acts, policies, and practices 
under investigation are actionable under section 301(b) of the Trade 
Act. The Report supports a finding that Vietnam's acts, policies, and 
practices related to currency valuation, including excessive foreign 
exchange market interventions and other related actions, taken in their 
totality, are unreasonable and burden or restrict U.S. commerce.
    In consultation with the Department of the Treasury, based on the 
information obtained during the investigation, and taking account of 
public comments and the advice of the Section 301 Committee and 
advisory committees, the U.S. Trade Representative has made the 
following determination under sections 301(b) and 304(a) of the Trade 
Act (19 U.S.C. 2411(b) and 2414(a)): As described in the Report, 
Vietnam's acts, policies, and practices related to currency valuation, 
including excessive foreign exchange market interventions and other 
related actions, taken in their totality, are unreasonable and burden 
or restrict U.S. commerce, and thus actionable under Section 301(b) of 
the Trade Act. In particular:
    1. Vietnam's acts, policies, and practices with respect to currency 
valuation, including excessive foreign exchange market interventions 
and other related actions, taken in their totality and as discussed in 
further detail in the Report, are unreasonable in light of U.S. and 
international norms that exchange rate policy should not be undertaken 
to gain an unfair competitive advantage in international trade, should 
not artificially enhance a country's exports and restrict its imports 
in ways that do not reflect the underlying competitiveness, should not 
prevent exchange rates from reflecting underlying economic and 
financial conditions, and should not prevent balance of payments 
adjustment;
    2. Vietnam's acts, policies, and practices that contribute to 
undervaluation of its currency through excessive foreign exchange 
market interventions and other related actions burden or restrict U.S. 
commerce; and, accordingly,
    3. The acts, policies, and practices under investigation are 
actionable under Section 301(b) of the Trade Act.

III. Further Proceedings

    Sections 301(b) and 304(a)(1)(B) of the Trade Act provide that if 
the U.S. Trade Representative determines that an act, policy, or 
practice of a foreign country is unreasonable or discriminatory and 
burdens or restricts U.S. commerce, the U.S. Trade Representative shall 
determine what action, if any, to take under Section 301(b). These 
matters will be addressed in subsequent proceedings under Section 301.

Juan Millan,
Assistant U.S. Trade Representative for Monitoring and Enforcement, 
Office of the United States Trade Representative.
[FR Doc. 2021-01352 Filed 1-21-21; 8:45 am]
BILLING CODE 3290-F0-P