FM Son Says Vietnam Awaits US Recognition of ‘Market Economy’ Status

Vietnamese Foreign Minister Urges US Recognition of Market Economy Status for Sustained Growth

In a discussion at the Brookings Institution think tank in Washington, Vietnamese Foreign Minister Bui Thanh Son expressed hope that the United States will soon recognize Vietnam as a market economy. Currently, the U.S. classifies Vietnam as a ‘non-market economy’ in import injury cases, resulting in higher anti-dumping duties. However, Son emphasized the importance of enhancing economic trade and investment cooperation between the two countries, especially after agreeing on a Comprehensive Strategic Partnership last year.

Son highlighted key areas for collaboration, including improving supply chain resilience, enhancing infrastructure connectivity, developing the digital economy, promoting energy and green economy initiatives, and strengthening logistics. These areas are seen as vital for fostering closer economic ties and mutual benefit between the United States and Vietnam.

The Vietnamese Foreign Minister’s comments were made during remarks in Washington where he underscored Vietnam’s commitment to enhancing economic cooperation with the United States and exploring opportunities for further collaboration in various sectors. Son emphasized that both countries must work together to advance their economic relationship to achieve sustainable growth and development.

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