Costa Rica Recognizes Vietnam As A Market Economy

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At the meeting, Minister of Industry and Trade Nguyen Hong Dien welcomed Costa Rica's diplomatic note recognizing Vietnam as a market economy in anti-dumping and anti-subsidy investigations.

According to Minister Nguyen Hong Dien, Costa Rica's recognition of Vietnam as a market economy reflects the achievements Vietnam has made in the process of national development and integration into the world economy, and will contribute to promoting the development of bilateral economic and trade relations between the two countries.

Costa Rica's Foreign Trade Minister presented a diplomatic note recognizing Vietnam as a market economy. (Photo: Ministry of Industry and Trade)

Costa Rica is a member of the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD – an organization of 38 countries with the most developed market economies in the world). Costa Rica's legal regulations include provisions for investigating and applying trade defense measures.

As of December 31, 2023, according to WTO statistics, Costa Rica has initiated 12 anti-dumping investigations on imported goods from countries such as Brazil, Chile, Mexico, the United States, Nicaragua, El Salvador, Venezuela, and Guatemala.

According to the Ministry of Industry and Trade, the Minister of Foreign Trade of Costa Rica issued a diplomatic note recognizing Vietnam as a market economy in anti-dumping and anti-subsidy investigations. This is a positive move in the context that Vietnam is asking trade partners to recognize its market economy status.

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