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UK to recognize Viet Nam as market economy in trade remedy investigations

VGP - The United Kingdom (UK) will recognize Viet Nam's manufacturing industries operating under market economic conditions within the framework of the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

July 22, 2023 5:03 PM GMT+7
UK to recognize Viet Nam as market economy in trade remedy investigations - Ảnh 1.

According to the Vietnamese Ministry of Industry and Trade, the UK will not apply adverse regulations to goods imported from Viet Nam in investigating trade remedy cases.

So far, Viet Nam has been recognized as a market economy in various forms by 71 nations and territories, including its major trading partners.

Being recognized as a market economy will make it easier for Viet Nam's export items to be treated fairly while the nation will have more opportunities to expand its export markets, thus promoting a more sustainable and transparent environment to attract more investment and boost economic growth.  

With the signing of the protocol on the UK's accession to the CPTPP last weekend, the number of CPTPP member states has increased to 12.

The UK's entry is expected to raise the bloc's GDP to nearly 16 percent of the world's total from 12 percent.

As the UK becomes a member of the CPTPP, more cooperation opportunities will open up for Viet Nam and the European country.

As of June, the UK recorded 530 foreign-invested projects worth over US$4.26 billion in Viet Nam, ranking 15th among the 141 countries and territories investing in the country.

Last year, the European nation invested in 53 new projects valued at US$64.3 million in Viet Nam.

After the UK-Viet Nam Free Trade Agreement officially took effect on May 1, 2021, two-way trade rose to US$6.84 billion last year, up 3.4 percent annually. 

Of the figure, US$6.07 billion was Viet Nam's exports to the UK, up 5.2 percent, resulting in a trade surplus of around US$5.3 billion, higher than US$4.8 billion recorded in the previous year.

On the back of the CPTPP, the two countries are seeing ample opportunities to soon achieve the target of US$10 billion in bilateral trade./.