President seeks US recognition of Vietnam as market economy

The U.S.-APEC Business Coalition is a partnership that helps organizes bilateral meetings for U.S. business executives with APEC leaders to coordinate support for U.S. policy objectives.

At the 2023 APEC Economic Leaders Week in San Francisco on Wednesday, Thuong expressed the hope that American business leaders in attendance would tell their government to expedite Vietnam’s request to be considered a market economy, which would give it more leverage during anti-dumping and anti-subsidy investigations and trade, and help it effectively implement the Comprehensive Strategic Partnership the two countries recently agreed upon.

He also wanted the U.S. to remove Vietnam from its semiconductor collaboration restriction list to facilitate more joint projects between the countries.

Upgrading Vietnam-U.S. relations to a Comprehensive Strategic Partnership is a great opportunity for American investors to work with Vietnamese businesses in innovation, infrastructure development and healthcare, he said, pointing out Vietnam is an attractive market for investors.

"Vietnam is continuously improving its investment environment, creating better conditions for foreign businesses, including the U.S.’s."

American business executives at the event expressed their desire to invest and do business in Vietnam.

They urged Vietnam to solicit more investment in infrastructure including airports, push for innovation and improve its electronic customs regime.

According to the Ministry of Industry and Trade, 72 countries have acknowledged Vietnam as a market economy, including major economies like Canada, Australia, Japan, and Korea.

The U.S. is one of Vietnam’s most important trade partners. Last year, trade was worth $138 billion, 300 times the 1995 figure, when the two countries began normalizing relations.

But Vietnam was also the target of the highest number of U.S. trade safeguard investigations – 56, of which 25 were for dumping -- as of August this year.