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    Southeast Asia
     Jun 3, 2006
Vietnam cleared for WTO club

HANOI - United States-Vietnam Trade Council (USVTC) Chairman Virginia Foote has affirmed that the US business circle is satisfied with the bilateral agreement between the two countries on Vietnam's accession to the World Trade Organization (WTO).

She told a Vietnam News Agency reporter in Ho Chi Minh City on May 31 that Vietnams accession to the WTO will be good for companies from both Vietnam and the US.



The trade and investment climate will be very good and business between the two countries will continue grow, Foote said, emphasizing that the future is very bright.

We will see a jump in the two-way trade numbers soon after Vietnam's accession, she continued.

According to the USVTC leader, US companies are already investing in Vietnam's infrastructure, agriculture, consumer products and tourism, and the breadth and depth of US involvement in Vietnam will continue to grow.

She also expressed her hope that the US Congress will soon ratify legislation granting Vietnam Permanent Normal Trade Relations (PNTR) status.

There is a coalition of companies and associations that have been working very hard to get the bill introduced to the US Congress and then have it passed before the August recess, Foote added.

Walter Blocker, Chairman of the US Chamber of Commerce (AmCham) in Ho Chi Minh City, confirmed that Vietnams membership in the WTO will create a more level playing field for US investors.

That means we should see an upswing in American investment in Vietnam, he added.

Hugh L Stephens, Senior Vice President of the Time Warner group, which joins together with more than 100 other US firms in the coalition, said that Vietnam will now have to meet international standards, and those international standards will enable Vietnam's industry to be more competitive, and that is going to be a huge boost to the country's economic development.

As with many developing countries, the main benefit for Vietnam will be frankly the ability to impose some discipline on its own business, and thereby open up the market, he elaborated.

(VNA/Asia Pulse)

 

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