Vietnam spoke highly of the US President Bush’s signing a legislation package into law including its trade bill, putting an end to the Cold War-era Jackson-Vanik regulations, fully normalizing trade ties with its ex war foe, state media reported on December 22.
Spokesman of Vietnam’s Foreign Ministry Le Dung praised the White House leader’s signing, emphasizing Bush’s decision furthers recent positive progress witnessed in US-Vietnam relations.
Daily newspapers and mass media quoted Dung as saying PNTR status will lay a firm and sustainable foundation for the development of bilateral trade ties in all fields, particularly economic, trade and investment, noting from now on Vietnam and the US are treated equally as trade partners.
Dung also expressed hope that in the future, bilateral bonds will be further boosted on track of constructive partnership, friendship and multifaceted cooperation on the basis of equality, non-intervention into each other’s internal affairs, mutual respect and benefit.
The Southeast Asian country’s becoming the 150th WTO member, the PNTR passage by the US Congress and now Bush’s signing it into law will all help expand bilateral trade between Vietnam and the US to US$15 billion from US$9 billion recorded this year, Deputy Trade Minister Luong Van Tu is cited by local People’s Army newspaper.
Growth of US investment into Vietnam is expected to sharply increase, Tu reiterated, noting 100 leading US businesses took part in the Asia-Pacific Summit in mid-November, proving that more and more US businesses are interested in Vietnam.
PNTR will play a bridging role in boosting the investment between business circles of both sides in the coming time, the Chairman of the American Chamber of Commerce (AmCham Vietnam), David Knapp said.
Meanwhile, US Trade Representative Susan Schwab said Bush’s signature ushered in a new era of economic opportunity and cooperation between the United States and Vietnam.
Bush noted it is in the interest of the United States to promote prosperity around the world, and the best way to do so is through opening markets to free and fair trade, hoping the communist-ruled state will further accelerate political reform, encourage greater respect for human rights and human dignity, see trade as an engine of economic growth.
The White House leader will look forward to continuing to work with the new Congress to open up markets for US farmers, manufacturers and service providers, provide new opportunities for people around the world, and help eliminate poverty.
PNTR allows Oregon manufacturers, farmers, and service industries to benefit from drastically reduced tariffs on US exports, including Oregon agriculture products, Senator Gordon Smith, R-OR said, adding Oregon cattlemen, dairy producers, and fruit and potato growers will enjoy greater access to the potential market in Vietnam.
Meanwhile, some human-rights groups and the US textile industry opposed granting Vietnam permanent normal trading status due to job losses in the field.
Bilateral trade between Vietnam and US grew to nearly $8 billion last year, a fivefold increase since 2001, and is expected to rise to $15 billion by 2010.
As of November this year, the US ranked third in investment in Vietnam. US businesses have invested into 45 projects, most notably US Intel’s $1billion chip factory in southern Vietnam.
(Local news sources)
Vietnamese
