Viet Nam operates market economy
Ho Chi Minh City, Oct. 17 (VNA) -- Foreign business circles operating in Viet Nam have affirmed that Viet Nam is operating a market-oriented economy.
In reply to the U.S. Department of Commerce (DOC) question on the status of the Vietnamese economy, major U.S. business groups operating in Viet Nam such as the American Chamber of Commerce (Amcham) and the U.S.-ASEAN Business Council as well as leading multinationals such as Citigroup, Unilever, Chinfon, and Vedan, all said that the Vietnamese Government has quickly improved its policies toward a market-oriented economy.
"Viet Nam is a member of the Association of Southeast Asian Nations (ASEAN) and has been committed, under the ASEAN Free Trade Area (AFTA), to reforming its economy for regional integration," said the U.S.-ASEAN Business Council.
The council also noted that national renewal in recent years has assisted the economy's conversion, affirming that the country is on the right track.
Meanwhile, the U.S. banking giant Citigroup said it, "supports the exclusion of Viet Nam from the list of countries designated as non-market economies".
"Our experience operating in Viet Nam has convinced us that the country is making strong progress toward implementing economic reform."
"Redesignation will help U.S. companies compete more effectively in Viet Nam," Citigroup pointed out.
Taiwan's Chinfon Global Company noted "During the 10 years operating in Viet Nam, we find that the Vietnamese Government's policies have been quickly improved towards a market-oriented economy".
The DOC's inquiry into the status of the Vietnamese economy was part of its investigation for a law suit lodged by the U.S. Catfish Farmers' Association, who accused Vietnamese companies of dumping catfish in the U.S.
The DOC conclusion, expected to be released in the next few days, will provide final evidence in Viet Nam's catfish law suit.
Once the Vietnamese market-economy is officially recognised, U.S. companies will be allowed to engage in all economic domains, benefiting both countries.—
