Expectations from the US hearing to consider recognizing Vietnam as a market economy

At the regular press conference of the Vietnamese Ministry of Foreign Affairs on the afternoon of May 9, the press asked questions and requested the Ministry of Foreign Affairs to provide more information about the US Department of Commerce holding a hearing on upgrading Vietnam's market economy status; as well as Vietnam's assessment of the hearing results and expectations for the US in recognizing Vietnam as a market economy.

Foreign Ministry Spokesperson Pham Thu Hang emphasized that Vietnam welcomed the US Department of Commerce's hearing on May 8. This is an important step in the process of reviewing the dossier to recognize Vietnam's market economy status.

“At the hearing, the Vietnamese side clearly presented arguments, information, and data affirming that the Vietnamese economy fully meets the criteria for market economy status. The Vietnamese economy even performs better than many economies that have been recognized as market economy status,” Ms. Pham Thu Hang informed.

Foreign Ministry Spokesperson Pham Thu Hang informed about the US holding a hearing on upgrading market economy status for Vietnam. (Photo: Nguyen Hong)

According to the Spokesperson of the Ministry of Foreign Affairs, up to now, 72 countries have recognized Vietnam as having a market economy, including major economies such as the UK, Canada, Australia, Japan, etc. Vietnam has also participated in 16 bilateral and multilateral free trade agreements with more than 60 partners across continents.

The US's early recognition of Vietnam's market economy status will contribute to concretizing the commitments of the two countries' senior leaders, strengthening the Vietnam-US Comprehensive Strategic Partnership, thereby promoting economic and trade relations, bringing practical benefits to businesses and people of the two countries.

Currently, the US considers Vietnam, along with China, Russia, Belarus, Azerbaijan and nine other countries, as non-market economies, subject to higher tax rates in anti-dumping tax investigations.

The U.S. Department of Commerce has a fairly narrow set of criteria for determining market economy status. These include the convertibility of the country's currency; wages that are the result of free bargaining between labor and management; and the licensing of joint ventures or other foreign investments.

Source: https://congthuong.vn/ky-vong-tu-phien-dieu-tran-cua-my-xet-cong-nhan-kinh-te-thi-truong-cho-viet-nam-319207.html