• Sun. Apr 14th, 2024

Vietnam seeks ‘market economy’ status from US | National

BySamantha Johnson

Mar 26, 2024
Vietnam seeks ‘market economy’ status from US | National

Vietnam is urging the United States to recognize it as a market economy, stating that stronger trade relations will be beneficial for Washington as it aims to diversify from China. Both Vietnam and China are not designated as market economies by the US, which allows for stricter actions on exports. President Joe Biden’s administration has agreed to review Vietnam’s status in this regard. Vietnamese Foreign Minister Bui Thanh Son emphasized that a prosperous Vietnam is also in the interest of the United States and hopes for actions to support this.

At a visit to Washington, Bui Thanh Son expressed hope that the United States will soon grant Vietnam the status of a market economy. This request comes after a series of meetings with top US officials, including Secretary of State Antony Blinken. Despite concerns regarding labor rights in Vietnam, Bui highlighted the potential for cooperation between the two countries in areas such as semiconductors, critical minerals, and artificial intelligence. He believes that collaboration in these fields can benefit both Vietnam and the United States by enhancing their positions in global value chains.

Despite their history of conflict, the United States and Vietnam have significantly expanded cooperation since reestablishing diplomatic relations 30 years ago. Vietnam faces ongoing tensions with China, particularly in the South China Sea where territorial disputes have arisen. However, Vietnam remains committed to maintaining relationships with both the United States and China, acknowledging the importance of stability in major power relations. Bui welcomes efforts to stabilize US-China relations, believing that competition is natural but conflict is not inevitable.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

Leave a Reply