Spokesperson for the Ministry of Foreign Affairs Phạm Thu Hằng at Thursday press briefing. — Photo from the Ministry of Foreign Affairs

HÀ NỘI — Việt Nam welcomes the United States Commerce Department's May 8 hearing on whether to upgrade the country to market economy status, Vietnamese foreign ministry's spokesperson Phạm Thu Hằng said on Thursday.

This is an important step in the process of reviewing Việt Nam's application for market economy status recognition, the spokeswoman told reporters at the press briefing in Hà Nội.

"During the hearing, the Vietnamese side clearly stated its arguments with information and data affirming that our economy completely meets the criteria of a market economy. Additionally, we also emphasised that the performance of Vietnamese economy is even better than many economies that the US have recognised as market economies," she remarked.

The lifting of the non-market economy label would spare Việt Nam from US' anti-dumping duties against the imported goods. The final decision from the US Commerce Department is expected on July 26, 2024.

The diplomat pointed out that currently, 72 countries recognise Việt Nam as having a market economy, including major economies such as the United Kingdom, Canada, Australia, and Japan.

Việt Nam has also participated in 16 bilateral and multilateral free trade agreements with over 60 partners across continents.

"The early recognition of Việt Nam's market economy status by the United States will contribute to the realisation of the commitments of the two countries' high-level leaders, enhancing the Comprehensive Strategic Partnership between Việt Nam and the US, thereby promoting economic and trade relations for the concrete benefits of businesses and people of both countries," Hằng said. — VNS