Vietnamese Foreign Minister Urges US Recognition of Market Economy, Seeks Cooperation in Key Areas for Growth

FM Son Says Vietnam Awaits US Recognition of ‘Market Economy’ Status

In a recent address at the Brookings Institution in Washington, Vietnamese Foreign Minister Bui Thanh Son expressed his hope that the United States would soon recognize Vietnam as a market economy. Currently, the U.S. classifies Vietnam as a ‘non-market economy’ in import injury cases, which results in higher anti-dumping duties.

Son emphasized the importance of strengthening economic ties and cooperation between the two countries, especially after agreeing on a Comprehensive Strategic Partnership last year. He highlighted key areas for collaboration, including improving supply chain resilience, enhancing infrastructure connectivity, developing the digital economy, promoting energy and green economy initiatives, and strengthening logistics. These areas are seen as vital for fostering closer economic ties and mutual benefit between the United States and Vietnam.

During his remarks, Son underscored Vietnam’s commitment to working closely with the United States to advance their economic relationship. He expressed his belief that by collaborating in these key areas, both countries could unlock new opportunities for growth and prosperity. The Vietnamese Foreign Minister’s comments were met with enthusiasm from experts at the Brookings Institution who noted that such cooperation could lead to significant benefits for both economies and help to further strengthen their strategic partnership.

Sophia Reynolds

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