Vietnam’s Foreign Minister Son expresses hope for US recognition of ‘market economy’ status
Economy

Vietnam’s Foreign Minister Seeks Closer Economic Ties with the United States

In Washington, Vietnamese Foreign Minister Bui Thanh Son expressed hope that the United States will soon recognize Vietnam as a market economy. Currently, the U.S. categorizes Vietnam as a ‘non-market economy’ in import injury cases, which can result in higher anti-dumping duties. By acknowledging Vietnam as a market economy, the United States and Vietnam could strengthen their economic ties and create new opportunities for growth and development in the region.

Speaking at the Brookings Institution think tank, Son highlighted key areas for collaboration including supply chain resilience, infrastructure connectivity, digital economy, energy, green economy, and logistics. By focusing on these areas, both countries can enhance their economic trade and investment cooperation following the agreement of a Comprehensive Strategic Partnership last year.

The remarks by the Vietnamese Foreign Minister underscored the importance of fostering closer economic relations between the two countries. By working together on key priorities such as supply chain resilience and infrastructure connectivity, the United States and Vietnam can expand their cooperation and unlock new opportunities for trade and investment. Recognizing Vietnam as a market economy would further facilitate economic collaboration and help both countries realize the full potential of their partnership.

In conclusion, strengthening economic ties between Vietnam and the United States is essential for promoting growth and development in Southeast Asia. By collaborating on key areas such as supply chain resilience and infrastructure connectivity, both countries can create new opportunities for trade and investment while also realizing their respective goals of becoming major players in the global economy.

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