Việt Nam’s Market Economy Status to be Recognized by UK, according to the Trade Remedies Authority of Việt Nam
According to the Trade Remedies Authority of Việt Nam, the UK is poised to acknowledge Việt Nam’s industries as operating in a market economy and assures that no unfavorable rules will be imposed in case of trade defense measures investigation.
This recognition is expected to be announced following the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
With 71 countries and territories, including significant trade partners, already recognizing Việt Nam as a market economy through various means, this latest acknowledgment by the UK holds strategic importance.
Upon receiving market economy status, Vietnamese goods are expected to receive fairer treatment, and exporters will gain improved access to global markets.
The UK recently became the 12th country to join the CPTPP, demonstrating its commitment to fostering closer economic ties with Asia-Pacific nations.
Last year, two-way trade between Việt Nam and the UK reached US$6.84 billion, with Việt Nam’s exports amounting to $6.07 billion, marking a 5.2 percent increase.
This positive trend resulted in a trade surplus of approximately $5.3 billion, surpassing the $4.8 billion recorded in the previous year.
The recognition of Việt Nam’s market economy status by the UK is set to further strengthen trade relations and open new avenues for economic cooperation between the two nations. –