When recognised as a market economy, Vietnamese goods will be treated fairer and exporters will gain more access to other markets. (Illustrative image) — VNA/VNS Photo
The UK is set to recognise that Việt Nam’s industries are operating in a market economy and will not impose unfavourable rules should they be investigated under trade defence measures, according to the Trade Remedies Authority of Việt Nam.
The agency said that the UK will announce the recognition after joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
To date, Việt Nam has been recognised as a market economy by 71 countries and territories, including many important trade partners, through various forms.
When recognised 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 Vieejt Nam and the UK rose to US$6.84 billion last year. Of the figure, $6.07 billion was Việt Nam’s exports to the UK, up 5.2 per cent, resulting in a trade surplus of around $5.3 billion, higher than $4.8 billion recorded in the previous year. — VNS