Australia, New Zealand Recognize Vietnam Market Economy
Governments of Australia and New Zealand have officially recognized Vietnam’s full-market economy status, according to the source of Industry and Trade Ministry.
The letters to this effect were signed by trade ministers of the two nations on Feb 27 at Hua Hin, Thailand, where the leaders of ten Association of Southeast Asian nations (ASEAN) gathered for their 14th summit from Feb 28 to Mar 1.
Under the signed documents, in any future anti-dumping investigations by Australia or New Zealand involved in imports from Vietnam, Vietnam will subject to the same assessment process as other WTO members.
The recognition is expected to bring in new opportunities for these countries to expand their economic and trade ties.
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 recognized Vietnam as a full-market economy. (Investment)
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