US Rejects Vietnam Request to Lift ‘Non-Market Economy’ Tag
- Vietnam has pushed Biden administration for upgraded status
- Decision follows boosting of diplomatic ties between nations
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The Biden administration rejected Vietnam’s request to be classified officially as a “market economy,” a setback for the country’s efforts to boost exports to its most important market.
The trade-dependent Southeast Asian economy has pressed the administration to revise the status since the upgrade in diplomatic ties during a visit by President Joe Biden to Vietnam in September last year.