On August 3, 2024, in response to a reporter's question asking for Vietnam's reaction to the US Department of Commerce continuing to identify Vietnam as a non-market economy, Spokesperson of the Vietnamese Ministry of Foreign Affairs Pham Thu Hang stated:
"We are disappointed that the US Department of Commerce continues to identify Vietnam as a non-market economy. Although recognizing many positive changes in Vietnam's economy in recent times, this decision does not fully reflect Vietnam's great efforts and achievements in building and developing a market economy that have been recognized by the international community."
According to Spokesperson Pham Thi Thu Hang, in recent times, Vietnamese agencies and enterprises have actively coordinated with the US Department of Commerce to provide many convincing arguments affirming that Vietnam's economy has fully met the six criteria of a market economy as prescribed by US law. This has also been supported by many associations, enterprises, and experts in the US and internationally.
Ms. Pham Thi Thu Hang also pointed out that, in fact, to date, 72 countries have recognized Vietnam as having a market economy. International organizations have recognized the remarkable progress of Vietnam's economy. At the same time, Vietnam has participated in many high-quality Free Trade Agreements (FTAs).
"In the spirit of the Comprehensive Strategic Partnership, Vietnam requests that the US continue to fulfill its commitment to extensive, strong, and constructive coordination and move towards early recognition of Vietnam's market economy status. Relevant Vietnamese agencies will continue to closely coordinate with US partners to ensure that bilateral economic and trade relations continue to develop stably and harmoniously, bringing practical benefits to businesses and people of the two countries," the Foreign Ministry Spokesperson emphasized.
Previously, on August 2, 2024, the US Department of Commerce issued a conclusion that it had not recognized Vietnam as a country with a market economy despite recording many positive changes in the Vietnamese economy in recent times.
According to a statement from the Ministry of Industry and Trade on the evening of August 2, the above decision means that Vietnamese enterprises exporting goods to the US market will continue to be discriminated against in anti-dumping and anti-subsidy investigations by the US. The reason is that the actual production costs of Vietnamese enterprises continue to not be recognized, but must use the "substitution value" of a third country to calculate the dumping margin.
The Ministry of Industry and Trade affirmed that if the US Department of Commerce 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.
Over the past 20 years, Vietnam's economy has undergone remarkable changes and development. Based on specific criteria of US law, the Ministry of Industry and Trade stated that the recognition of Vietnam as a market economy is an objective and fair reality.
Source: https://kinhtedothi.vn/viet-nam-that-vong-khi-chua-duoc-my-cong-nhan-la-nen-kinh-te-thi-truong.html
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