ASEAN Recognizes Viet Nam As Full Market Economy

The Association of Southeast Asian Nations (ASEAN) agreed to recognize Viet Nam as a full market economy yesterday during the 13th ASEAN Economic Ministers (AEM) retreat meeting in Brunei.

Viet Nam is recognized as a full market economy by ASEAN countries (Photo: K.K.)

A joint statement issued following the meeting said that the Minister’s decision to bestow the title was based on Viet Nam’s significant economic development and integration into the regional and global economy.

As a result of the decision, the group decided not to apply a paragraph relating to the determination of price compatibility in anti-dumping proceedings involving exports from Viet Nam to their trade with Viet Nam.

The ministers also called on the dialogue partners and other countries to follow the move and early recognize Viet Nam’s full market economy status.

The ASEAN’s recognition of Viet Nam’s full market economy status made clear their view of Viet Nam as a dynamic member of the region following the country’s 12 years as an ASEAN member.

Speaking at the meeting and a press conference later, Vietnamese Trade Minister Truong Dinh Tuyen talked about ASEAN’s recognition of Viet Nam’s regional and international integration, the importance of protecting the economic reforms that Viet Nam has made, and the solidarity and unity among ASEAN member countries.

He also reiterated Viet Nam’s determination to continue its comprehensive economic reforms in the context of the country’s accession to the World Trade Organization and its pro-active integration into the regional and global economy.

Minister Tuyen also expressed his hope that WTO members, particularly partners of ASEAN member nations, should acknowledge Viet Nam’s efforts and recognize the country’s full market economy status.

Under the bilateral agreement between Viet Nam and the US, the US will treat Viet Nam as a full market economy 12 years after Viet Nam became a WTO member.

Viet Nam and the European Union held their first working meeting last month to determine what criteria constitute status as a market economy.

Ministers of ASEAN member countries gathered in Brunei’s capital of Bandar Begawan to discuss revisions to the ASEAN Investment Area Agreement.

The ASEAN attracted US$ 38.1 billion in foreign direct investment in 2005 and some US$ 45 billion in 2006, according to Malaysia’s Bernama news agency.

During the 13th ASEAN Economic Ministers Retreat, the ministers also exchanged views on the latest developments in ASEAN's ongoing FTA negotiations and agreed that all efforts should be exerted toward completing the negotiations so that the business community can begin to benefit from the agreement.

The ministers emphasized the important contribution of these economic partnerships to the ASEAN’s economic integration.
 
Today, the ASEAN Economic Ministers will hold consultations with the European Union Trade Commissioner and will consult informally with Japan's Minister of Economy, Trade and Industry.

During the April 3 - 4 meeting, the ministers also discussed issues that will be on the table at the next AEM Meeting this August in the Philippines, and the 13th ASEAN Summit in Singapore in November.

The ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, the Philippines and Viet Nam.

By Dinh Lan – Translated by Yen Chuong

Other news