Proposing the United States to soon recognize Vietnam's market economy status

Up to now, Vietnam has been recognized as a market economy by more than 70 countries and territories through various forms. Being recognized as a market economy creates conditions for exported goods to be treated more fairly, have better conditions to penetrate and expand markets, and have more stable production and business activities. On November 10, 2023, the Prime Minister signed Decision No. 1335/QD-TTg approving the Project: Promoting the work of requesting the United States to recognize Vietnam as a country with a market economy in trade defense cases. With the goal of promoting the work of requesting the United States to recognize Vietnam as a country with a market economy (KTTT) with positive moves, it is hoped that the United States will soon recognize Vietnam as a country with a market economy in trade defense cases.

Minister of Industry and Trade Nguyen Hong Dien works with US Secretary of Commerce Gina Raimondo. (Photo: Kieu Trang/VNA)

Specifically, develop, complete and submit arguments on Vietnam's KTTT issue according to the criteria prescribed by the United States, synthesize and develop arguments and counter-arguments for the opinions of relevant parties on the recognition of Vietnam's KTTT, fully participate in the necessary steps of the litigation process until the United States issues a Conclusion on the consideration of Vietnam's KTTT issue, expected by the end of 2024. Strengthen the mobilization of support from countries, international organizations, relevant domestic and foreign agencies, organizations and individuals in the process of promoting the work of requesting the United States to recognize the KTTT status for Vietnam in many forms.

Accordingly, the Government also assigned the Ministry of Industry and Trade to preside over and coordinate with relevant ministries, branches, agencies and organizations to develop plans and implement the contents of the Project; guide and urge the implementation status; report to the Prime Minister on the results of the Project implementation. Complete the Overall Report on Vietnam's market economy according to the criteria of US law. Preside over and coordinate with relevant ministries, branches and agencies to establish and preside over the implementation of the tasks of the Standing Working Group on requesting the United States to recognize Vietnam's market economy status, propose and implement solutions to request the United States to recognize Vietnam as a country with a market economy, continue to maintain and strengthen the exchange channel with the United States on the bilateral Working Group on the issue of market economy of Vietnam-US in the new context.

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Preside over and coordinate with ministries, businesses, industry associations, the Vietnam Federation of Commerce and Industry and relevant organizations to promote propaganda so that Vietnamese businesses clearly understand the mechanism of the United States recognizing Vietnam as a market economy country, selecting contractors in special cases, and submitting to the Prime Minister for consideration and decision on the plan and process for selecting a legal consulting unit.

For the Ministry of Foreign Affairs, it shall preside over and coordinate with relevant agencies in political and diplomatic advocacy, seeking the support of relevant parties, especially the Government, the National Assembly, leaders of States, politicians, scholars, key figures, and influential organizations of the United States to promote the process of considering the recognition of the KTTT status for Vietnam. The Ministry of Finance shall allocate state budget funds for the Ministry of Industry and Trade to implement the Project. Relevant ministries, branches, and agencies: The Ministry of Finance, the Ministry of Planning and Investment, the Ministry of Natural Resources and Environment, the Ministry of Labor, War Invalids and Social Affairs, the Ministry of Justice, the Ministry of Foreign Affairs, the State Bank, the State Audit, the Government Office, and the Supreme People's Court shall coordinate with the Ministry of Industry and Trade to update the KTTT Report of Vietnam according to the criteria and requirements of the internal law of the United States (including reviewing and supplementing the assessments of independent and prestigious international organizations such as the WB, IMF, OECD, etc.).

Industry associations, businesses, organizations and individuals involved in the coordination with the Ministry of Industry and Trade provide necessary information and data to support the process of requesting the United States to recognize Vietnam as a market economy country. Mobilize the support of businesses, industry associations and organizations and individuals in the United States to support the process of requesting the United States to recognize Vietnam as a market economy country, coordinate and mobilize enterprises with capital invested from the United States currently investing and doing business in Vietnam to support the recognition of Vietnam's market economy.

Cong Dao