US urged to recognise Vietnam's market economy status

Minister of Industry and Trade Nguyen Hong Dien had talks with US Secretary of Commerce Gina Raimondo in New York. — VNA/VNS

HANOI (Vietnam News/Asia News Network): Minister of Industry and Trade Nguyen Hong Dien held a working session with US Secretary of Commerce Gina Raimondo in New York recently, on the occasion of a working trip to attend the 78th session of the United Nations General Assembly and bilateral activities.

Both sides underscored the need for broader and deeper cooperation between the management agencies of both countries, and between the Vietnamese Ministry of Industry and Trade (MoIT) and the US Department of Commerce (DOC) in particular, in order to actualise the vision of the two countries' leaders and to set development goals that match the bilateral comprehensive strategic partnership.

Reiterating the importance of the recognition of Vietnam's market economy status, Diên suggested the DOC make drastic directions to expedite and complete the Changed Circumstances Review (CCR) process this year, in line with the spirit of the Joint Statement on Sept 11 and the Action Plan agreed by the two countries’ leaders.

The MoIT, in its role as the Chair of the Vietnam Sub-Committee on Trade and Investment of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council, pledges to continue actively working with relevant US regulatory agencies to fully address the concerns of both countries, thereby maintaining a stable trade relationship toward a balanced, sustainable and mutually beneficial trade balance, he said.

About the discussions within the Indo -Pacific Economic Framework for Prosperity (IPEF), Dien welcomed the results achieved by IPEF member countries in basically concluding negotiations on Pillar II - Supply Chains, affirming that as an active and responsible member of both multilateral and regional cooperation frameworks, Vietnam consistently supports and stays ready to engage in discussions with other member countries to contribute to building practical contents that suit development conditions of each member.

At the same time, the minister expressed serious concerns over the increasing frequency of trade remedy investigations on Vietnamese exports to the US, particularly industrial products, and proposed that the DOC carefully consider Vietnam's opinions on each specific case to ensure trade liberalisation, fairness, objectivity and transparency in two-way trade.

Raimondo acknowledged that Vietnam has formally asked the DOC to initiate a CCR to consider granting market economy status to the country within the framework of specific cases. She said there would be direct guidance to expedite the review process towards the early recognition of Vietnam's market economy.

Expressing a high level of interest in the progress of the IPEF negotiations, she wished to quickly conclude the remaining pillars of the talks by the end of this year.

At the end of the working session, both ministers agreed that the two sides should keep fostering strategic trust, enhance discussions and deepen cooperation in core areas for the future such as energy, aviation, rare earth and essential minerals, workforce training, energy transition, digital economy and green production. hey also committed to finding ways to boost joint work to deliver on the commitments by their leaders.

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