HCMC – Vietnam has expressed disappointment after the U.S. Department of Commerce once again declined to recognize the Southeast Asian nation as a market economy, according to a statement from Foreign Ministry spokesperson Pham Thu Hang.
“Despite Vietnam’s significant economic progress in recent years being acknowledged, this decision does not fully reflect Vietnam’s enormous efforts and achievements in building and developing a market economy, which has been recognized by the international community,” she said at a press conference today, August 3.
She noted that Vietnam has been actively engaging with the U.S. Department of Commerce, presenting compelling arguments to support its market economy status, aligned with the six criteria outlined in U.S. law. The nation has also garnered support from numerous U.S. and international associations, businesses, and experts.
To date, 72 countries have recognized Vietnam as a market economy, and international organizations have commended the country’s economic strides. Vietnam has also entered into more than a dozen high-quality free trade agreements.
“In the spirit of the Comprehensive Strategic Partnership, Vietnam urges the U.S. to fulfill its commitment to broad, robust, and constructive cooperation and to move towards the early recognition of Vietnam’s market economy status,” added Hang.
The spokesperson said relevant Vietnamese agencies will continue to work closely with U.S. counterparts to ensure the steady and harmonious development of bilateral economic and trade relations, benefiting businesses and people in both countries.
The U.S. Department of Commerce’s decision acknowledges Vietnam’s economic improvements but maintains that the country does not yet meet the criteria for market economy status. This classification could lead to continued anti-dumping and anti-subsidy investigations against Vietnamese exports to the U.S., potentially subjecting Vietnamese companies to higher duties.
