HANOI - The US
Congress' approval of a bill to grant permanent
normal trade ties with Vietnam has been welcomed
by the US administration. President George W Bush
praised the action, saying that it "marks a
significant step forward in the process of
normalizing relations with Vietnam and will
benefit both our nations".
He went on to
say that "this designation will advance our trade
and investment relations with Vietnam and ensure
that the US shares in the economic benefits
generated by Vietnam's imminent
membership in the WTO".
Vietnam will formally join the World Trade
Organization as its 150th member on January 11,
the Geneva-based global trade body announced on
Tuesday. Vietnam has informed the WTO that it has
ratified its membership agreement, and it will
formally become a member one month later according
to accession rules, the WTO said.
Vietnam's National Assembly ratified the
country's entry into the WTO on November 28,
clearing the final hurdle for its membership.
Foreign Ministry spokesman Le Dung said
the US decision is "of major significance for the
ties between Vietnam and the US, marking full
normalization of the bilateral relationship,
especially in economic and trade fields".
The approval "will pave the way for both
sides to implement their own commitments within
the frameworks of World Trade Organization
regulations and of the Vietnam-US Bilateral Trade
Agreement to Vietnam's accession to the WTO,
opening up new cooperation opportunities for the
two peoples, particularly the business
communities", he said.
The US bill, which
was part of a larger trade and tax package, grants
Vietnam full trading rights without annual
scrutiny by Congress. The legislation also allows
companies in the US to take advantage of
substantially lower tariffs that apply to all
members of the WTO.
Bush emphasized that
Vietnam "is demonstrating its strong commitment to
continuing economic reforms, which will support
political reform and respect for human rights. The
American people welcome the remarkable
transformation and economic progress in Vietnam,
and we will continue to work together to
strengthen our ties."
US Trade
Representative Susan Schwab said she was pleased
at the passage of this "critical" legislation. The
measure will "afford the US access to Vietnam's
fast-growing market and launch a new era in the
relationship between our two countries", she said.
The chairman of the American Chamber of
Commerce in Vietnam, David Knapp, applauded the
historic vote. He said, "American investors are
attracted to Vietnam's strong
gross-domestic-product growth, rapid
industrialization, huge labor force, stable
political situation, and the prospect of a better
business climate under WTO rules."
Republican Congressman Rob Simmons, who is
a Vietnam War veteran, said the bill is
significant not only in terms of its economic
impact, but will help heal "war injuries".
The Senate on Saturday approved 79-9 the
bill during an all-night session. On Friday, the
House of Representatives voted for it 212-184. The
bill now has to be signed into law by Bush.
The president of the US-Vietnam Trade
Council and executive vice president of the US
ASEAN Business Council, Virginia Foote, said: "We
are extremely delighted that [the bill] has passed
with strong bipartisan votes in both houses of
Congress. US companies have worked very hard on
the WTO agreement and welcome Vietnam into the
global trading economy.
"For the many who
have been working on US-Vietnam normalization over
the years, this success is particularly sweet.
More than 10 years ago, we set on a path to
overcome the war-embittered past, starting with
lifting of a trade embargo. With normal relations
granted, Vietnam is treated as an equal under the
US trade law. Today marks a new, fully normalized
era in our bilateral trade relations."
