Costa Rica on August 5 announced its recognition of Vietnam as a market economy, becoming the 73rd country in the world to recognize market economy status for Vietnam.

Costa Rican Minister of Foreign Trade Manuel Tovar, empowered by the Costa Rican President, made the announcement and handed over a diplomatic note to the Vietnamese Ministry of Industry and Trade (MoIT) affirming its recognition, at the ministry's headquarter in Hanoi.

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

Costa Rica’s diplomatic note on its recognition of Vietnam as a market economy is a positive move in the context that Vietnam is calling on its trade partners to recognize 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, Minister Dien said.

It will also contribute to promoting the development of bilateral economic and trade relations between the two countries, he added.