Costa Rica represents the 73rd country to recognize Vietnam as market economy

On August 5, at the headquarters of the Ministry of Industry and Trade, with the consent of the President of Costa Rica Rodrigo Chaves, Minister of Foreign Trade of Costa Rica Manuel Tovar directly announced and handed over a diplomatic note on Costa Rican recognition of Vietnam as a country with a market economy, becoming the 73rd country to recognise the nation’s market economy status.

The Central American nation is a member of the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD), an organisation of 38 countries with the most developed market economies in the world.

Costa Rica's legal regulations include provisions on investigation and the application of trade defence measures.

According to WTO statistics, by December 31, 2023, Costa Rica had initiated 12 anti-dumping investigations on imported goods from countries such as Brazil, Chile, Mexico, the United States, Nicaragua, El Salvador, Venezuela, and Guatemala.

The fact that the Minister of Foreign Trade of Costa Rica issued a diplomatic note recognising the nation as a market economy in anti-dumping and anti-subsidy investigations is a positive move amid the country asking some trade partners to recognise its status as a market economy.

At the meeting, Minister of Industry and Trade Nguyen Hong Dien welcomed Costa Rica's diplomatic note recognizing Vietnam as a market economy in anti-dumping and anti-subsidy investigations.

Costa Rican recognition of Vietnam as a country with a market economy thereby reflects the reality of the country’s achievements in the process of national development and integration into the world economy, with this contributing to boosting the overall development of bilateral economic and trade ties between both sides.