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Tuesday, November 5, 2024

Costa Rica recognizes Vietnam’s market economy status

The Saigon Times

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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.

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