Costa Rica recognizes Viet Nam as market economy

Costa Rica has recently recognized Viet Nam as a market economy, becoming the 73rd country to do so.

The Vietnamese Ministry of Industry and Trade Nguyen Hong Dien said that Manuel Tovar Rivera, Minister of Foreign Trade of Costa Rica directly informed and handed over the decision to Vietnamese minister.

The recognition reflects the achievements which Viet Nam has attained in national development and economic integration. The move is expected to strengthen economic and commercial ties between Viet Nam and Costa Rica.

Most recently, the UK recognized Viet Nam’s market economy status in a formal letter when it joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. This recognition ensures that the UK will not apply unfavorable rules to Vietnamese imports in cases of trade defense investigations.

On August 3, Spokeswoman of the Ministry of Foreign Affairs Pham Thu Hang said that Vietnamese agencies and businesses have actively coordinated with the U.S. Department of Commerce to provide many convincing arguments affirming that Viet Nam's economy has fully met six market economy criteria in line with the U.S. law.

The Spokeswoman made the affirmation while answering a reporter's question about Viet Nam's reaction to the U.S. Department of Commerce (DOC)'s decision on continuing to identify Viet Nam as a non-market economy.

"We are disappointed that the U.S. Department of Commerce continues to identify Viet Nam as a non-market economy. Although recognizing many positive changes in the Vietnamese economy in recent times, this decision does not fully reflect Viet Nam's great efforts and achievements in building and developing a market economy, which have been recognized by the international community," she added.

Viet Nam requests the U.S. to continue implementing its commitment to broad, strong and constructive coordination and to soon recognize the market economy status of Viet Nam.