Vietnam Disappointed by US Decision market economy recognition

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On August 3, in response to a reporter's question asking for Vietnam's thoughts on the US Department of Commerce identifying Vietnam as a non-market economy, Pham Thu Hang, deputy spokesperson of Vietnam’s Ministry of Foreign Affairs (MOFA), stated:

"We are disappointed with the U.S. Department of Commerce's decision to continue classifying Vietnam as a non-market economy. Although there have been many positive developments in the Vietnamese economy recently, this decision does not adequately reflect the tremendous efforts and achievements of Vietnam in building and developing a market economy, which has been recognized by the international community."

Foreign Ministry Spokesperson Pham Thu Hang. Photo: Pham Hai

Hang emphasized that Vietnamese agencies and businesses have actively cooperated with the U.S. Department of Commerce to provide convincing arguments that Vietnam has fully met the six criteria of a market economy under U.S. law. This view is also supported by many U.S. and international associations, businesses, and experts.

As of now, 72 countries have recognized Vietnam as having a market economy. International organizations have acknowledged Vietnam's significant economic progress and have participated in numerous high-quality free trade agreements (FTAs).

"In the spirit of the Comprehensive Strategic Partnership, Vietnam calls on the U.S. to continue its commitment to cooperate widely, strongly, and constructively, aiming towards the early recognition of Vietnam's market economy status," the spokesperson added.

On the evening of August 2, the Ministry of Industry and Trade issued a statement noting that the U.S. decision means Vietnamese exporters will continue to face discrimination in anti-dumping and subsidy investigations. Specifically, the actual production costs of Vietnamese enterprises will not be used to calculate dumping margins but instead will rely on "surrogate values" from a third country.

The Ministry of Industry and Trade asserted that if the U.S. Department of Commerce objectively and fairly reviewed Vietnam's records and practices, it would recognize that Vietnam is a market economy, as acknowledged by 72 other economies, including major ones like the UK, Canada, Mexico, Australia, Japan, India, South Korea, and New Zealand.

Over the past two decades, Vietnam's economy has undergone significant changes and developments. The Ministry emphasized that recognizing Vietnam as a market economy is an objective and fair reflection of reality, based on the specific criteria outlined by U.S. law.

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