Australia, NZ recognise Vietnam’s market economy status

Australian Trade Minister Simon Crean and New Zealand Trade Minister Tim Groser have signed letters with their Vietnamese counterpart Vu Huy Hoang, recognising Vietnam’s full-market economy status.

The signing took place on February 27 in Hua Hin, Thailand, where the leaders of the 10 Association of Southeast Asian nations (ASEAN) will gather for their 14th summit on February 28-March 1.

According to Mr Crean, the recognition means that in any future anti-dumping investigations by Australia in relation to imports from Vietnam – a WTO member, Vietnam will be subject to the same assessment process as other WTO members.

The recognition is of great significance to the friendship and multifaceted cooperation between Vietnam and Australia and New Zealand, offering new opportunities for these countries to expand their economic and trade ties.

It also testifies to the Vietnamese Government’s consistent policy of developing a healthy market economy, meeting international norms.

In a statement released the same day, the ASEAN Economic Ministers welcomed the decisions by Australia and New Zealand and asked other ASEAN partners to follow suit.

To date, 18 countries have recognised Vietnam’s full market economy status.

VOV

>   Lack of export orders leaves apparel industry in tatters (28/02/2009)

>   Exporters exerting themselves to overcome difficulties (27/02/2009)

>   Highest retail electricity price raised to VND3,100/kwh (27/02/2009)

>   Real estate developers’ money now flowing to low-cost projects (27/02/2009)

>   Plan to boost consumer protection (27/02/2009)

>   Kuwaiti investment in Vietnam reaches $2 bln (27/02/2009)

>   German consultants win NA house contract (27/02/2009)

>   Viewers accuse pay TV operators of failing to deliver (27/02/2009)

>   Vietnam to export 120,000 tons of catfish to Russia (27/02/2009)

>   Virtual offices become popular as economic downturn bites (27/02/2009)