Foreign Ministry spokesperson Pham Thu Hang on May 9 said that Vietnam welcomes the US Commerce Department’s consideration of upgrading Vietnam to 'market economy' status.

Foreign Ministry spokesperson Pham Thu Hang (Photo: VNA)

Speaking at the ministry’s regular press conference, Hang said that Vietnam welcomes the DOC for holding the hearing on the recognition of Vietnam's market economy on May 8 and this is an important step in the process of considering the recognition.

At the hearing, the Vietnamese side presented arguments, information, and data affirming that the Vietnamese economy completely meets the criteria of market economy status. At the same time, it emphasised that Vietnam's economy is doing even better than many economies that have gained market economy status.

According to the spokesperson, so far, 72 countries have recognised Vietnam as having a market economy, including large economies such as the UK, Canada, Australia and Japan. Vietnam has also participated in 16 bilateral and multilateral free trade agreements with more than 60 partners across the world.

“The US's early recognition of Vietnam's market economy status will contribute to concretising the commitments of the two countries' senior leaders, strengthening the Vietnam-US comprehensive strategic partnership. Thereby, it will promote economic and trade relations, bringing practical benefits to businesses and people of the two countries," Hang emphasised.