Costa Rican Minister of Foreign Trade Manuel Tovar, empowered by Costa Rican President Rica Rodrigo Chaves, on Monday announced and handed over a diplomatic note to the Vietnamese Ministry of Industry and Trade, affirming its recognition of Vietnam as a market economy. 

Costa Rica is the 73rd country in the world to recognize Vietnam's market economy status.

Costa Rica is a member of the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development, which includes 38 most developed market economies in the world. 

Costa Rica has regulations on investigating trade fraud and applying trade remedy measures. 

On December 31, 2023, Costa Rica initiated 12 anti-dumping probes into imports from Brazil, Chile, Mexico, the U.S., Nicaragua, El Salvador, Venezuela, and Guatemala, according to the WTO.

Costa Rica’s recognition of Vietnam’s market economy is a positive move in the context that the Southeast Asian country is calling on its trade partners to recognize its market economy status.

At the meeting with Costa Rican Minister of Foreign Trade Manuel Tovar, Vietnamese Minister of Industry and Trade Nguyen Hong Dien hailed Costa Rica's recognition of Vietnam's market economy.

The recognition reflects Vietnam’s achievements in the process of national development and integration into the global economy. 

It will contribute to promoting the development of the two countries’ bilateral economic and trade relations, Dien added.

Among the 73 economies that have recognized Vietnam’s market economy are China in 2004, Russia and other ASEAN countries in 2007, Australia and New Zealand in 2008, India and South Korea in 2009, Japan in 2011, Norway and Switzerland in 2012, Canada in 2016, and the UK in 2023.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!