Vietnam and Mongolia have officially recognized their market economy status in a bid to enhance the bilateral traditional friendship and cooperation.

During his reception for Mongolian Ambassador to Viet Nam, Dorj Enkhbat, Deputy Foreign Minister Bui Thanh Son said the reations between the two countries have been flourishing over the past 60 years.

Mr. Son said the mutual recognition is part of the effort to implement the Viet Nam-Mongolia Friendship and Cooperation Treaty.

He asked the two sides to further diversify cooperation, contributing to the maintenance of peace, security, stability and development in the region and the world.

The Mongolian diplomat affirmed that his country always attaches importance to the multi-faceted cooperation with Viet Nam.

Both sides agreed that the recognition would help boost the two-way trade potential from the current US$20 million.

Earlier on August 29, 2012, Pakistan became the 33rd country recognizing Viet Nam’s market economy, reflecting widespread support for the Southeast Asian country’s renewal process and international integration.