Vietnam welcomes US Commerce Department’s consideration of market economy's status for Vietnam: spokesperson
Foreign Ministry spokesperson Pham Thu Hang on May 9 said that Vietnam welcomes the US Commerce Department’s consideration of upgrading Vietnam to 'market economy' status.
Foreign Ministry spokesperson Pham Thu Hang (Photo: VNA broadcasts)
Hanoi (VNA) – Foreign Ministry spokesperson Pham Thu Hang on May 9 said that Vietnam welcomes the US Comm♈erce Department’s consideration of upgrading Vietnam to 'market econo🔯my' status.
Speaking at the ministry’s regular press conference, Hang said that Vietnam welcomes the DOC for holding the hearing on the recognition of Vietnam's market economy on May 8 and this is an important step in the process of considering the recognition. At the hearing, the Vietnamese side presented arguments, information, and data affirming that the Vietnamese economy completely meets the criteria of market economy status. At the same time, it emphasised that Vietnam's economy is doing even better than many economies that have gained market economy status.
According to the spokesperson, so far, 72 countries have recognised Vietnam as having a market economy, including large economies such as the UK, Canada, Australia and Japan. Vietnam has also participated in 16 bilateral and multilateral free trade agreements with more than 60 partners across the world.
“The US's early recognition of Vietnam's market economy status will contribute to concretising the commitments of the two countries' senior leaders, strengthening the Vietnam-US comprehensive strategic partnership. Thereby, it will promote economic and trade relations, bringing practical benefits to businesses and people of the two countries," Hang emphasised./.
The newly elevated relationship between Vietnam and the US to the comprehensive strategic partnership not only deepens the two countries’ diplomatic relations but translates as an opportunity for Washington to upgrade Vietnam’s recognition as a market economy, said James Borton - a non-resident senior fellow at the Foreign Policy Institute (FPI) of the Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies (SAIS).
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Minister of Industry and Trade Nguyen Hong Dien welcomed the proposals put forward by the US side and reiterated Vietnam’s request for consideration of key areas of interest, including reciprocal tariff policies and access for Vietnamese key export products to the US market.
