Vietnam Urges Market Economy Status

Vietnamese Foreign Minister Bui Thanh Son urged the United States to recognize Vietnam as a market economy, arguing that the country could become an important part of US supply chains in the region.

Vietnam has been pressing Washington to remove its current non-market economy status, which puts it in the same league as China and can leader to high tariffs in trade remedy cases.

The Administration agreed last October to review Vietnam’s NME status, a review that is still ongoing.

“We hope that the United States will soon recognize Vietnam's market economy status,” he said in remarks to the Brookings Institution last week.

Trade between the United States and Vietnam is at an all-time high, hitting $110 billion last year, he noted. Vietnam could be playing an even bigger role in supply chains in areas like semiconductors, critical minerals and artificial intelligence – offering an alternative to US dependence on China, the minister stated.

“Our cooperation in this area can elevate Vietnam's position in the regional and global value chain, which also benefits the United States and other partners,” he said.