Official praises ASEAN’s decision on Vietnamese economy

04/05/2007 -- 6:14 PM

Ha Noi (VNA) - Deputy Trade Minister Luong Van Tu called ASEAN’s decision to grant Viet Nam full market economy status the correct course of action and a just reward for a country intent creating a fair and level playing field for all businesses operating within the country. Tu told the Tin Tuc (News) daily on May 4 that, ASEAN’s recognition was proof of Viet Nam’s massive shift towards free trade and an open economy under World Trade Organisation’s rules and that the granting of full market economy status would help in persuading other countries to follow the same course. “China and Viet Nam have granted full market economy status to each other while the Republic of Korea has recognised Viet Nam as a market-oriented economy. “Viet Nam is also in negotiations with EU partners for recognition of this status, and we are hopeful that it will be granted soon,” said Tu. The Association of Southeast Asian Nations (ASEAN) has granted Viet Nam full market economy status, hailing the country's progress on economic development and its integration into the global economy. The decision was made by the bloc on the sidelines of the 13th ASEAN Economic Ministers’ Retreat held in Brunei, on May 3, with the association's ministers urging other ASEAN partners and countries to follow suit. For the WTO membership, Viet Nam has had to accept its non-market economy status for 12 years till December 31, 2018 at the latest. The country will therefore be likely imposed anti-dumping and anti-subsidising measures applicable to its exports to a WTO member economy.--Enditem
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