On August 3, in response to a journalist’s query regarding Vietnam’s reaction to the U.S. Department of Commerce’s decision to continue designating Vietnam as a non-market economy, the Spokesperson of Vietnam’s Ministry of Foreign Affairs, Pham Thu Hang, stated:
“We are disappointed by the U.S. Department of Commerce’s decision to persist in designating Vietnam as a non-market economy. Despite acknowledging the positive developments in Vietnam’s economy over time, this decision fails to reflect adequately the tremendous efforts and achievements of Vietnam in building and developing a market economy, which have been recognized by the international community,” said Spokesperson Pham Thu Hang.
Over the past years, Vietnamese agencies and businesses have actively collaborated with the U.S. Department of Commerce, providing compelling arguments asserting that Vietnam’s economy has fulfilled all six criteria for a market economy economy as stipulated by U.S. laws. This stance has been supported by numerous American and international associations, businesses, and experts. In reality, 72 countries have already recognized Vietnam as a market economy. International organizations have acknowledged Vietnam’s remarkable economic strides, and the country has participated in several high-quality Free Trade Agreements (FTAs)
In the spirit of the Comprehensive Strategic Partnership, Vietnam requests that the U.S. uphold its commitment to extensive, robust, and constructive cooperation and move towards recognizing Vietnam’s market economy status soon. Vietnam’s relevant agencies will continue to work closely with their American counterparts to ensure the stable and harmonious development of bilateral economic and trade relations, bringing practical benefits to businesses and people of both countries.
Earlier, the Ministry of Industry and Trade also informed the press about the request for the U.S. to acknowledge Vietnam as a market economy country. The Ministry expressed regret that, on August 2, 2024, the U.S. Department of Commerce issued a conclusion that, despite recognizing positive changes in Vietnam’s economy, it still does not recognize Vietnam as a market economy country.
