Vietnam deserves to be soon granted the market economy status, an official from the European Commission (EC) said at a press briefing in Hanol on Friday.

The EC recognized that Vietnam is ready for being granted the market economy status, and it has made great progress towards this, Fritz-Harald Wenig, Director of the Trade Defense Instrument Directorate at the EC's General Trade Directorate said after the first European Union-Vietnam working group meeting on the issue, which happened here on Thursday and Friday .

The country has made progress in a number of areas, including those regarding government interference in companies' activities, for example gradually eliminating export subsidies, simplifying enterprises' establishment, adopting international standards, he said.

It has also issued law documents, which are in line with the criteria of a market economy, and accelerated the equitization of state-owned enterprises, he noted.

Although Vietnam is on the right path, it should make more efforts in the field, he said, noting that the EC needs consider the country's law implementation and supervision.

Source: Xinhua