Breaking Down Barriers: US Recognition of Vietnam’s Market Economy for Economic Cooperation

Vietnam’s Foreign Minister Son expresses hope for US recognition of ‘market economy’ status

During a recent speech in Washington, Vietnamese Foreign Minister Bui Thanh Son expressed his hope that the United States would soon recognize Vietnam as a market economy. Currently, the US categorizes Vietnam as a ‘non-market economy’ in import injury cases, which can lead to higher anti-dumping duties. Son emphasized the importance of strengthening economic trade and investment cooperation between the two countries following their agreement of a Comprehensive Strategic Partnership last year.

In remarks at the Brookings Institution think tank, Son highlighted key areas for collaboration including supply chain resilience, infrastructure connectivity, digital economy, energy, green economy, and logistics. By focusing on these areas, both countries can create opportunities for growth and development in the region.

Son’s remarks underscored the importance of fostering closer economic relations between the two countries. By working together on key priorities such as supply chain resilience and infrastructure connectivity, the United States and Vietnam can expand their cooperation and unlock new opportunities for trade and investment. Recognizing Vietnam as a market economy would further facilitate economic collaboration and help both countries realize the full potential of their partnership.

The agreement of a Comprehensive Strategic Partnership (CSP) last year marked an important milestone in enhancing economic cooperation between Vietnam and the US. However, there is still work to be done to fully realize this partnership’s potential.

To achieve this goal, both countries must prioritize cooperation in key areas such as supply chain resilience and infrastructure connectivity. These areas are crucial for ensuring that businesses can operate efficiently and effectively across borders.

Furthermore, by collaborating on digital economy initiatives, energy projects, green economy initiatives and logistics solutions, both countries can create new opportunities for growth and development in the region.

Recognizing Vietnam as a market economy is also essential for fostering closer economic ties between the two countries. This recognition would enable businesses to operate more freely across borders without fear of being subjected to higher anti-dumping duties.

In conclusion

Leave a Reply