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Vietnam Pleads with US for Recognition as ‘Market Economy’ | National

Byeditor

Mar 26, 2024

Vietnam is calling on the United States to recognize it as a market economy in order to strengthen trade ties. The Vietnamese Foreign Minister, Bui Thanh Son, emphasized that having stronger economic relations with the US would benefit both countries, especially as the US looks to diversify from China. Vietnam is currently designated as a non-market economy by the United States, which allows for tougher actions on exports. However, President Joe Biden’s administration has agreed to review Vietnam’s status to potentially change this classification.

During his visit to Washington, Bui Thanh Son expressed the importance of the United States recognizing Vietnam’s market economy status. He mentioned that a prosperous and resilient Vietnam is in the interest of the US, and he hopes for stronger actions by the US to realize this commitment. This comes after meetings with top US officials, including Secretary of State Antony Blinken, where discussions on economic cooperation took place.

Despite historic tensions with China, Vietnam is committed to maintaining relations with both the US and China. Vietnam has disputes with China in the South China Sea and is looking to elevate its position in key areas of interest to the US, such as semiconductors, critical minerals, and artificial intelligence. Bui highlighted the importance of cooperation in these areas to benefit both Vietnam and the United States.

Vietnam and the US have significantly expanded cooperation since reestablishing relations 30 years ago. A group of US senators, led by Sherrod Brown, have raised concerns about elevating Vietnam’s market economy status, particularly regarding labor rights in Vietnam. However, Bui emphasized the potential for partnership and collaboration between Vietnam and the US, acknowledging the natural competition among major powers but emphasizing that conflict is not inevitable.

In conclusion, Vietnam is hopeful for the United States to recognize its market economy status and looks forward to further strengthening economic ties between the two countries. Cooperation in key areas of interest can benefit both nations and contribute to stability in the region.

By editor

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