Maybe not yet, but it surely gives them the capability to spy later on. My country, Vietnam, also banned Huawei equipment[1], and I don't believe it's pure paranoia. China has been taking every chances to spy on us, from illegally buy houses near Da Nang airport[2] (nearest airbase to Paracels) to 'tourists' walking near the Ministry of Defence to Advanced Persistent Threat targeting petroleum or maritime corporation…
All tech we use these days can be used for spying. The whole Huawei craze is just the U.S. realizing that they are no longer the only power to fear.