Vietnam is looking forward to being recognized as a market economy by the US, which would bring more opportunities to Vietnam’s exports. Many countries have voiced their support of Vietnam.

Costa Rican Minister of Foreign Trade Manuel Tovar on August 5 announced and handed over a diplomatic note to the Vietnamese Ministry of Industry and Trade (MoIT) affirming its recognition of Vietnam as a market economy.

Despite significant economic reforms and international recognition, the decision does not fully reflect Vietnam's progress, according to the Ministry of Foreign Affairs.

Foreign Ministry spokesperson Pham Thu Hang on May 9 said that Vietnam welcomes the US Commerce Department’s consideration of upgrading Vietnam to 'market economy' status.

 The European Union expects it and Vietnam can soon conclude negotiations over a free trade agreement, and this will make it possible for the EU to recognize Vietnam as a market economy, said the Head of the EU Delegation to Vietnam.

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