The US has rejected Vietnam’s bid to be designated as a “market economy”, thwarting Hanoi’s diplomatic push to deepen trade ties with its most important export market as it grows in clout as a manufacturing alternative to China.
The upgrade from Vietnam’s current designation as a “non-market economy” would have further boosted exports and reduced punitive tariffs on products such as shrimp from the south-east Asian country.
The US has labelled Vietnam a “non-market economy” since 2002 due to state interventions in trade, pricing and currency, a status that ranks the country alongside China, Russia and North Korea. The EU also designates Vietnam as a non-market economy.
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