The country hails the DOC for holding the hearing on the recognition of Vietnam's market economy on May 8 and this is an important step in the process of considering the recognition.

At the hearing, the Vietnamese side presented arguments, information, and data affirming that the Vietnamese economy completely meets the criteria of market economy status. Vietnam's economy is doing even better than many economies that have gained market economy status.

According to the spokesperson, so far, 72 countries have recognised Vietnam as having a market economy, including big economies such as the UK, Canada, Australia and Japan. Vietnam has also become involved in 16 bilateral and multilateral free trade agreements with more than 60 partners across the world.

“The US's early recognition of Vietnam's market economy status will contribute to concretizing the commitments of both nations' senior leaders, fostering the Vietnam-US comprehensive strategic partnership. This will strengthen economic and trade relations, bringing practical benefits to businesses and people of the two countries," the official said.