(Bloomberg) -- Vietnam’s Communist Party General Secretary To Lam told investors he expects the US to soon classify Vietnam as a market economy.
Lam, speaking to company executives during his trip to America to attend the United Nations General Assembly this week, expects US investors to support Vietnam’s efforts to remove its “non-market” economy designation, according to a post on the Vietnam government’s website. Lam, who is also currently president, is expected to meet with President Joe Biden Wednesday.
The Biden administration in August rejected Vietnam’s request to change its status, a setback for the country’s efforts to boost exports to its most important market. The US Embassy in Hanoi said it would work with Vietnam on steps it can take to transition to a market economy classification.
Lam also said he expects US investors will expand investments in Vietnam sectors such as science, technology and renewable energy, according to the statement.
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