The Vietnam-US Bilateral Trade Agreement (BTA) signed in 2001 sent a positive signal to investors, but the US has not yet formally recognized Vietnam’s market economy. Policy experts are optimistic about Vietnam’s progress toward meeting the standards of a market economy, it said.
The paper quoted Professor Carl Thayer of New South Wales University, who said if Vietnam is recognized as a market economy, it will enjoy lower US tariffs. Vietnam has implemented the Doi Moi (renewal) policy since 1986, bringing prosperity to many people and expanding the middle class. Vietnam’s broadband service allows people to access multiple sources of information internationally, facilitating Vietnam’s integration into the global economy. It also boosts Vietnam’s leadership in ASEAN.
The article said the US should recognize Vietnam’s market economy to improve Vietnam-US relations, strengthen maritime safety and security through joint naval exercises, and deploy regular maritime patrols in the East Sea.