The recognition of Vietnam market economy status is a quasi-judicial proceeding and is not a political decision, said U.S. Under Secretary of State Jose W. Fernandez for economic growth, energy, and the environment.
The undersecretary made the statement in response to The Investor’s question at an online press briefing on Thursday.
“That non-market economy designation requires an assessment of six areas that are set in our legislation. It is not a political decision. And I we're glad to see that Vietnam has asked for review,” he added.
During his visit to Vietnam last month, he touched upon bilateral cooperation in semiconductors, clean energy, and critical minerals, the official said.
Meanwhile, at a meeting with Deputy Prime Minister Le Minh Khai in Hanoi Wednesday, U.S. ambassador to Vietnam Marc E. Knapper hoped the review by the U.S. Department of Commerce to be ideally completed in June.
Khai said the matter has been a concern of the two countries’ top leaders, and asked the ambassador to help with speeding the process. He hoped the recognition to be delivered soon within this year.
Vietnamese relevant agencies will prepare all documents at the request from the U.S. side, Khai assured.
Khai and Knapper discussed the implementation of agreements on trade and high-tech cooperation reached by high-ranking Vietnamese and US leaders since the two countries elevated their relationship to a comprehensive strategic partnership last September.
Khai affirmed Vietnam’s willingness to work together with the U.S. to put in place detailed plans under the high-level agreements and the joint statement on upgrade of the bilateral partnership.
In response, Knapper said that the US is always willing and wishes to cooperate with Vietnam. The U.S. plans to implement the signed documents, including the joint statement and action plan, along with the memorandum of understanding in semiconductor cooperation this year, he added.
Regarding the U.S.’s commitment to assisting Vietnam in semiconductors, the ambassador said to do this, there must be an ecosystem. American firms want to invest in Vietnam, but they need a legal environment, easier access to clean, reliable energy sources, information technology infrastructure provided by reliable suppliers, and high-tech workforce.