Costa Rica recognises Vietnam as a market economy

August 06, 2024 | 21:59

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Vietnam's achievements in national development and global economic integration have been further acknowledged by Costa Rica, which has become the 73rd country to recognise Vietnam as a market economy.

On August 5, at the headquarters of the Ministry of Industry and Trade (MoIT), with the consent of Costa Rican President Rodrigo Chaves, Minister of Foreign Trade Manuel Tovar formally handed over the official note recognising Vietnam as a market economy.

Costa Rica recognises Vietnam as a market economy

Costa Rican Minister of Foreign Trade Manuel Tovar handing over the official note recognising Vietnam as a market economy

At the meeting, Minister of Industry and Trade Nguyen Hong Dien welcomed Costa Rica's recognition of Vietnam as a market economy in anti-dumping and countervailing duty investigations.

He said, “Costa Rica's recognition of Vietnam as a market economy accurately reflects the achievements Vietnam has made in its development and global economic integration, and will further promote bilateral economic and trade development between the two countries.”

Costa Rica is a member of the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development, which comprises 38 of the world's most developed market economies.

Costa Rican law includes provisions for investigation and applying trade defence measures. As of December 31 last year, according to WTO statistics, Costa Rica had initiated 12 anti-dumping investigations on imports from countries such as Brazil, Chile, Mexico, the United States, Nicaragua, El Salvador, Venezuela, and Guatemala.

The Costa Rican minister's official note recognising Vietnam as a market economy in anti-dumping and countervailing duty investigations is a positive move as Vietnam continues to seek market economy status recognition from other trade partners.

Vietnam's economy remains a bright spot in 2023

The trend towards economic recovery continued in Vietnam, with each successive month revealing further improvements over the previous month and each subsequent quarter surpassing the prior quarter. The country essentially achieved its overall goals and posted significant results in various sectors. It remains a bright spot amid a rather challenging global economic landscape.

Export risks could be tampered with market economic status

Vietnam is actively working with the United States on recognition of its market economy status in a bid to help Vietnamese goods avert American market risks.

US Commerce Department reviews Vietnam's market economy status

The US Department of Commerce conducted hearings to determine if Vietnam qualifies as a "market economy" on May 8. These discussions, held virtually from Washington DC, featured arguments from supporters and detractors of the designation.

By Hoang Minh

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