President Vo Van Thuong has urged the U.S.-APEC Business Coalition to advocate for the U.S. to officially recognize Vietnam as a market economy. The U.S.-APEC Business Coalition is a collaborative effort that facilitates meetings between U.S. business leaders and APEC officials, aiming to align with U.S. policy objectives. During the 2023 APEC Economic Leaders Week in San Francisco, President Thuong expressed his optimism that American business leaders in attendance would encourage their government to expedite Vietnam’s request for market economy status.
This recognition would grant Vietnam more influence in anti-dumping and anti-subsidy investigations, enhance trade opportunities, and enable effective implementation of the recently agreed Comprehensive Strategic Partnership between the two nations. Additionally, President Thuong called for the removal of Vietnam from the U.S. semiconductor collaboration restriction list, which would foster greater collaboration and joint projects between the two countries. He emphasized that upgrading Vietnam-U.S. relations to a Comprehensive Strategic Partnership presents a significant opportunity for American investors to engage with Vietnamese businesses in areas such as innovation, infrastructure development, and healthcare.
President Thuong highlighted Vietnam’s attractiveness as an investment market, noting the country’s continuous efforts to improve its investment environment and provide better conditions for foreign businesses, including those from the U.S. American business executives present at the event expressed their eagerness to invest and conduct business in Vietnam, while also urging Vietnam to actively seek more investment in infrastructure, particularly airports, promote innovation, and enhance its electronic customs regime.
The Ministry of Industry and Trade reported that 72 countries, including major economies like Canada, Australia, Japan, and Korea, have already recognized Vietnam as a market economy. The U.S. stands as one of Vietnam’s most significant trading partners, with trade between the two countries reaching $138 billion last year, a significant increase from the figure recorded in 1995 when diplomatic relations were normalized. However, Vietnam has also faced a considerable number of U.S. trade safeguard investigations, with 56 investigations, including 25 related to dumping, as of August this year.