UK to recognize Vietnam as market economy

The UK 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.

The UK will announce the recognition after joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

UK to recognise Vietnam as market economy | Business | Vietnam+ (VietnamPlus)
UK to recognize Vietnam as market economy.

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 UK became the 12th country to join the CPTPP on July 16.

Two-way trade between Vietnam and the UK rose to 6.84 billion USD last year. Of the figure, 6.07 billion USD were Vietnam’s exports to the UK, up 5.2 per cent, resulting in a trade surplus of around 5.3 billion USD, higher than 4.8 billion USD recorded in the previous year.

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(Source: Vietnamplus)