Vietnam has, to date, received recognition of its market economy from 45 countries across the world, with Oman being the latest, according to the Ministry of Industry and Trade.

This reflects the international community’s acknowledgement of Vietnam’s efforts to reform its economy and foster international economic integration, encouraging other countries to make a similar assessment of Vietnam’s economy.

In the time ahead, the Vietnamese Government will continue providing explanations of its market economy for several partners, including the US, the European Union, Canada and Mexico.

Under the commitments to the World Trade Organisation, Vietnam agreed to have its economy considered as a non-market economy in anti-dumping cases. However, partners who recognise Vietnam’s market economy status will stop applying “non-market” status to Vietnam.-VNA