HCMC – Costa Rican Minister of Foreign Trade Manuel Tovar on August 5 delivered a diplomatic note to Vietnamese Minister of Industry and Trade Nguyen Hong Dien, officially recognizing Vietnam as a market economy.
Costa Rica is the 73rd country to acknowledge Vietnam’s market economy status. The country is a member of both the World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD).
The recognition from Costa Rica is significant due to its position in global trade and its previous actions, including initiating 12 anti-dumping investigations against imports from various nations as of December 31, 2023.
Vietnam’s Ministry of Industry and Trade welcomed the decision, viewing it as a positive development for Vietnam’s international trade relations and economic standing.
This recognition is expected to bolster economic and trade relations between Vietnam and Costa Rica.
