UK to recognise Vietnam as market economy

Illustrative image (Photo: VNA)

The UK is set to recognise that Vietnam’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 Vietnam.

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

To date, Vietnam 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 Vietnam and the UK rose to 6.84 billion USD last year. Of the figure, 6.07 billion USD was Vietnam’s exports to the UK, up 5.2%, resulting in a trade surplus of around 5.3 billion USD, higher than 4.8 billion USD recorded in the previous year./.