Costa Rica recognises Vietnam as market economy: Costa Rican Minister of Foreign Trade Manuel Tovar hands over a diplomatic note to the Minister of Industry and Trade Nguyen Hong Dien affirming its recognition of Vietnam as a market economy. (Photo: vov.vn)

The move made Costa Rica the 73rd country in the world to recognise Vietnam's market economy status.

According to the MoIT, Costa Rica is a member of the World Trade Organisation (WTO) and the Organisation for Economic Cooperation and Development (OECD) that gathers 38 most developed market economies in the world. Costa Rica's legal regulations include investigating and applying trade defence measures. By the end of December 31, 2023, according to WTO statistics, Costa Rica had initiated 12 anti-dumping investigations on imported goods from countries such as Brazil, Chile, Mexico, the US, Nicaragua, El Salvador, Venezuela, and Guatemala.

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

At his meeting with Minister Manuel Tovar, Minister of Industry and Trade Nguyen Hong Dien welcomed Costa Rica's recognition of Vietnam's market economy.

The recognition reflects the achievements that Vietnam has made in the process of national development and integration into the world economy. At the same time, it will contribute to promoting the development of bilateral economic and trade relations between the two countries.