Vietnam expresses regret US yet to recognise its market economy status

03 Aug '24

1 min read

Vietnam expresses regret US yet to recognise its market economy status

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Vietnam recently expressed regret that the US is yet to recognise its market economy status despite acknowledging positive changes in its economy, implying its businesses will continue to face discrimination in US anti-dumping and anti-subsidy probes.
The country has made strong progress on all six US criteria for a market economy status, it claimed.

Vietnam’s ministry of industry and trade (MoIT) recently expressed regret that the United States is yet to recognise its market economy status despite acknowledging positive changes in its economy, implying its businesses will continue to face US discrimination in anti-dumping and anti-subsidy probes.

If the US department of commerce had objectively and fairly assessed records and practices in Vietnam, it could have known that the latter is already a market economy as recognised by several others, including the United Kingdom, Canada, Mexico, Australia, Japan, India, South Korea and New Zealand, the ministry said.

Changes to the Vietnamese economy in the last 20 years were clarified in more than 20,000 pages of documents that the MoIT sent to the US department. The documents demonstrated Vietnam’s strong progress on all six criteria set by the United States for a market economy status, it said.

The ministry claimed its arguments offered to the US department also demonstrate that Vietnam’s level of implementation of these six criteria is at least equal to and often better than that of other countries recognised as market economies, according to a Vietnamese media outlet.

Fibre2Fashion News Desk (DS)

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