Deputy PM urges US to soon recognize Vietnam as market economy

The United States should soon recognize Vietnam’s market economy status, Deputy Prime Minister Tran Luu Quang told U.S. Ambassador to Vietnam Marc Evans Knapper.

At a Tuesday meeting, Quang also called on the U.S. to help Vietnam with development goals for 2045, implementation of international commitments related to green transition and climate change adaptation, and resources for post-war settlements in Vietnam.

Besides, the Deputy PM suggested the two nations should conduct more delegation exchange to boost multifaceted cooperation, including collaboration for the upcoming 30th anniversary of normalization of the bilateral ties (1995-2025), 80th anniversary of Vietnam-U.S. cooperation (1945-2025), and celebration of comprehensive strategic partnership in 2025.

Quang also appreciated the ambassador’s contribution to the upgrade of Vietnam-U.S. partnership to comprehensive strategic level in September 2023.

For his part, Ambassador Knapper hailed the growing ties between the two nations from September 2023, especially in semiconductor and high-tech industries. The U.S. is willing to help Vietnam become a high-income nation and develop green and digital economy.

In May, the U.S. Department of Commerce started a hearing to discuss the recognition of Vietnam's market economy status. The processing is expected to take months.

In January-May, Vietnam posted an export revenue of $156.77 billion, up 15.2% year-on-year, and an import expenditure of $148.76 billion, up 18.4%, resulting in a trade surplus of $8.01 billion.

China and the U.S. were Vietnam's biggest trade partners, with total values of $77.5 billion and $49.9 billion, respectively. With the U.S., Vietnam reaped $44 billion from exports and recorded import spending of $5.9 billion, up 21% and 3.7% year-on-year, respectively. The U.S. was Vietnam’s largest export destination.