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Yes, but so does Rust. Reference counting is orthogonal to, although related to, to borrow checking. Vala's wiki has a page all about its ownership mechanism:

• steveklabnik 10y ago
  Rust does not use reference counting for ownership, or borrow checking. It is true that you can introduce it for your own types though, with Rc/Arc. That's not really "rust using" it though; it's just a library. Thanks for the link, I'll dig in!