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

Boosting Economic Ties: The Importance of Recognizing Vietnam as a Market Economy for U.S.-Vietnam Partnership

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

Speaking 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 the United States and Vietnam can strengthen their economic ties and create opportunities for growth and development in the region.

The remarks by the Vietnamese Foreign Minister 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.

In conclusion, closer economic relations between the US and Vietnam are crucial to unlocking new opportunities for growth and development in Southeast Asia. Recognizing Vietnam as a market economy will facilitate economic collaboration between both countries while expanding their cooperation on key priorities such as supply chain resilience and infrastructure connectivity.

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