Requesting the US to objectively evaluate and move towards recognizing Vietnam as a market economy
During the visit and working session in the US from July 31 to August 4, in Washington D.C., Mr. Nguyen Xuan Thang, Politburo member, Director of the Ho Chi Minh National Academy of Politics, Chairman of the Central Theoretical Council and the working delegation had meetings and discussions with US partners.
Regarding the US Department of Commerce’s announcement that it has not recognized Vietnam as a market economy, Mr. Nguyen Xuan Thang stated that Vietnam is very sorry and disappointed about this because in recent times, trade and investment relations between the two countries have developed strongly like never before; the two countries have also made great efforts to elevate the relationship to a Comprehensive Strategic Partnership; Vietnam has met all 6 criteria set by the US Department of Commerce when considering recognizing a country with a market economy. Mr. Nguyen Xuan Thang suggested that the two sides need to continue to increase exchanges, and the US needs to evaluate objectively and move towards recognizing Vietnam as a market economy.
For its part, the Vietnamese Ministry of Industry and Trade stated that if the US Department of Commerce had reviewed the records and practices in Vietnam objectively and fairly, it would have been able to acknowledge the fact that Vietnam is a market economy as recognized by 73 other economies, including major economies such as the UK, Canada, Mexico, Australia, Japan, India, South Korea, New Zealand, etc.
Over the past 20 years, the Vietnamese economy has undergone remarkable changes and developments. Vietnam has signed and successfully implemented 17 free trade agreements, including new-generation, high-standard free trade agreements.
These changes have been clarified in more than 20,000 pages of information and documents that the Vietnamese Ministry of Industry and Trade sent to the US Department of Commerce, demonstrating Vietnam’s strong progress on all 6 criteria that the US Department of Commerce put forth when considering recognizing a country as a market economy. Therefore, based on the specific criteria of US law, the recognition of Vietnam as a market economy is an objective and fair reality. On August 3, Spokesperson of the Vietnamese Ministry of Foreign Affairs Pham Thu Hang also stated: “We are disappointed that the US Department of Commerce continues to identify Vietnam as a non-market economy. Although recognizing many positive changes in the Vietnamese economy in recent times, this decision does not fully reflect Vietnam’s great efforts and achievements in building and developing a market economy that have been recognized by the international community.”
In recent times, Vietnamese agencies and enterprises have actively cooperated with the US Department of Commerce to provide many convincing arguments affirming that Vietnam’s economy has fully met the 6 market economy criteria as prescribed by US law. This has also been supported by many US and international associations, businesses, and experts.
In fact, to date, 73 countries have recognized Vietnam as having a market economy. International organizations have recognized the remarkable progress of Vietnam’s economy. At the same time, Vietnam has participated in many high-quality Free Trade Agreements (FTAs).
“In the spirit of the Comprehensive Strategic Partnership, Vietnam requests that the US continue to fulfill its commitment to extensive, strong, and constructive coordination and move towards early recognition of Vietnam’s market economy status. Relevant Vietnamese agencies will continue to closely coordinate with US partners to ensure that bilateral economic and trade relations continue to develop stably and harmoniously, bringing practical benefits to businesses and people of the two countries,” said Foreign Ministry spokesperson Pham Thu Hang.
