July 24, 2023 | 16:15 (GMT+7)
U.K. to recognize Vietnam as market economy
The U.K. is set to recognize that Vietnam’s industries are operating in a market economy and will not impose unfavorable rules should they be investigated under trade defense measures, according to the Trade Remedies Authority of Vietnam.
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U.K. to recognize Vietnam as market economy (Photo for illustration: Vietnam+) |
The agency said that the U.K. will announce the recognition after joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
To date, Vietnam has been recognized as a market economy by 71 countries and territories, including many important trade partners, through various forms.
When recognized as a market economy, Vietnamese goods will be treated fairer and exporters will gain more access to other markets, it added.
The U.K. became the 12th country to join the CPTPP on July 16.
Two-way trade between Vietnam and the U.K. rose to 6.84 billion USD last year. Of the figure, 6.07 billion USD was Vietnam’s exports to the U.K., up 5.2%, resulting in a trade surplus of around 5.3 billion USD, higher than 4.8 billion USD recorded in the previous year.
Source: VNA