Vietnam meets all criteria for market economy recognition

Politburo member Nguyen Xuan Thang suggested that the two sides should continue to increase exchanges, and the United States should objectively evaluate and move towards recognizing Vietnam as a market economy.

Mr. Nguyen Xuan Thang and Deputy Assistant Secretary of the Treasury for Asia and the Pacific Robert Kaproth. (Photo: Kieu Trang/VNA)

Within the framework of the visit and work in United States, from July 31 to August 4, in Washington DC, Mr. Nguyen Xuan Thang, Politburo member, Director of the Ho Chi Minh National Academy of Politics, Chairman of the Central Theoretical Council and the working delegation had meetings and discussions with the First Deputy Secretary of State of the United States Kurt Campbell, Special Envoy of the President on Climate Change John Podesta; Deputy National Security Advisor for Cyber Security Anne Neuberger; Deputy Assistant Secretary of the Treasury for Asia and the Pacific Robert Kaproth; discussed with researchers and scholars at the Center for Strategic and International Studies (CSIS), the Heritage Foundation, the Institute of Peace , the Wilson Center; held talks with representatives of the leadership of the Communist Party of the United States; met and talked with the staff of the Vietnamese Embassy and agencies attached to the Embassy.

On behalf of the leaders of the Party and State of Vietnam, Mr. Nguyen Xuan Thang respectfully thanked the Government, agencies, partners and businesses of the United States for sending deep condolences to the Party, State and people of Vietnam on the passing of General Secretary of the Central Executive Committee of the Communist Party of Vietnam Nguyen Phu Trong.

Talking with US partners, Mr. Nguyen Xuan Thang highly appreciated the comprehensive and rapid development of Vietnam-US relations.

Mr. Nguyen Xuan Thang works with the delegation of the Communist Party of the United States. (Photo: Kieu Trang/VNA)

Regarding the announcement of the US Department of Commerce not yet recognizing Vietnam is a country with a market economy, Mr. Nguyen Xuan Thang stated, Vietnam is very sorry and disappointed about this because in recent times, trade and investment relations between the two countries have developed strongly like never before; the two countries have also made great efforts in upgrading the relationship to a Comprehensive Strategic Partnership; Vietnam has met all 6 criteria set by the US Department of Commerce when considering recognition of a country with a market economy.

Mr. Nguyen Xuan Thang suggested that the two sides need to continue to increase exchanges, and the United States needs to objectively evaluate and move towards recognizing Vietnam as a market economy.

He also expressed his hope that US companies will continue to increase investment in Vietnam in areas with great potential; export to Vietnam US products with advantages; and this could be an important factor contributing to reducing the US trade deficit with Vietnam.

Mr. Nguyen Xuan Thang and the delegation working with the Wilson Center. (Photo: Kieu Trang/VNA)

For his part, the US State Department leader shared Vietnam's concerns about the issue of recognizing a market economy and affirmed that this would not affect the economic relations between the two countries, which are developing very well, towards the 30th anniversary of the normalization of Vietnam-US relations in 2025.

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