The Ministry of Industry and Trade regrets that the United States has not recognized Vietnam's market economy.

The Ministry of Industry and Trade regrets that the US Department of Commerce, despite recognizing many positive changes in Vietnam's economy, still has not recognized Vietnam as a country with a market economy.

Vietnam has implemented 17 FTAs with its partners. (Photo: PV/Vietnam+)

The Ministry of Industry and Trade has just informed the press about the case of requesting the United States to recognize Vietnam as a country with a market economy.

Accordingly, the Ministry of Industry and Trade regrets that on August 2, 2024, the US Department of Commerce issued a conclusion that, despite recording many positive changes in Vietnam's economy in recent times, it still does not recognize Vietnam as a country with a market economy.

This means that Vietnamese enterprises exporting goods to the US market will continue to be discriminated against in US anti-dumping and anti-subsidy investigations. The actual production costs of Vietnamese enterprises will continue to not be recognized, and the "substitution value" of a third country must be used to calculate the dumping margin.

If the US Department of Commerce had reviewed the records and practices in Vietnam objectively and fairly, it would have been able to acknowledge the fact that Vietnam is a market economy as recognized by 72 other economies, including major economies such as the UK, Canada, Mexico, Australia, Japan, India, South Korea, New Zealand, etc.

According to the representative of the Ministry of Industry and Trade, over the past 20 years, Vietnam's economy has undergone remarkable changes and developments. Vietnam has signed and successfully implemented 17 free trade agreements, including new generation, high-standard free trade agreements with the European Union, CPTPP countries, and the United Kingdom with many deep and comprehensive commitments from tax cuts to improving labor standards, protecting the environment, ensuring sustainable development, government procurement, transparency, etc.

These changes have been clarified in more than 20,000 pages of information and documents that the Vietnamese Ministry of Industry and Trade sent to the US Department of Commerce, demonstrating Vietnam's strong progress on all six criteria that the US Department of Commerce sets out when considering recognizing a country as a market economy.

The arguments provided by the Ministry of Industry and Trade to the US Department of Commerce also fully and consistently demonstrate that Vietnam's level of implementation of these six criteria is at least equal to and often better than the level of implementation of other countries that have been recognized as market economies and in fact is equivalent to or better than countries that have always been considered market economies.

Therefore, based on the specific criteria of US law, the recognition of a market economy for Vietnam is an objective and fair reality.

International partners discuss with Vietnamese enterprises cooperation opportunities and create sustainable supply chains. (Photo: PV/Vietnam+)

The Ministry of Industry and Trade thanks 41 organizations, individuals, and US business and trade associations for expressing strong support for recognizing Vietnam as a market economy, including organizations and individuals representing US businesses such as the National Agricultural Association of the United States (NASDA), the American Chamber of Commerce (AmCham), the US-ASEAN Business Council (USABC), and the US Retailers Association, and hopes to continue receiving support from the above organizations and individuals.

In the coming time, the Ministry of Industry and Trade will study and analyze the arguments in the Vietnam Economic Assessment Report of the US Department of Commerce, to supplement and complete the arguments to submit a dossier requesting the US Department of Commerce to review the market economy status for Vietnam in order to concretize the Vietnam - US Comprehensive Strategic Partnership, thereby promoting bilateral economic, trade and investment cooperation, bringing practical benefits to businesses and people of the two countries.

In addition, the Ministry of Industry and Trade will accompany Vietnamese enterprises exporting to the US market in anti-dumping and anti-subsidy investigations to ensure the highest benefits for the Vietnamese business community./.

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