The approval of Permanent Normal Trade Relations (PNTR) legislation for Vietnam by the US House of Representatives and the Senate on December 9 with a majority of votes in favour shows that Congress has overcome all barriers to act for the benefit of US enterprises and relations between the two countries. With this important move, Vietnam and the US have finalised the process of fully normalising bilateral trade.
The result is attributed to the great efforts made by the Governments, legislative bodies, business communities and people of the two countries. The two sides have finally settled many differences in several fields, even old scores and schemes of sabotage against Vietnam by certain hostile forces, to move towards achieving major realistic targets of building fine cooperative relations, especially in economics and trade in the interest of Vietnam and the US.
Vietnam has spared no effort to build a peaceful, stable and safe society and maintain an annual economic growth rate of 8 percent in recent years, affirming its important position in the region and the world. Its achievements have been acknowledged by the US Administration and President George W. Bush himself. Mr Bush said he had witnessed with his own eyes a Vietnam full of vitality and confidence.
For US investors and enterprises, Vietnam is an attractive market of great potential. For this reason, Mr Bush and the US Administration have exerted every effort to accelerate the approval of PNTR legislation for Vietnam which the US business circles hope will create a good opportunity for them to access the Vietnamese market.
If the US fails to approve PNTR status for Vietnam- an official member of the World Trade Organisation (WTO)- all Vietnamese commitments to the world’s largest trade body will be invalid and, as a result, the US will face disadvantages in trade ties not only with Vietnam but also with other WTO members. Obviously, the approval of Vietnam PNTR legislation is a move of great significance for US enterprises as it will serve their legitimate interests.
It came as no surprise that after the approval of PNTR legislation, Executive Vice President of the US Chamber of Commerce Bruce Josten said senators have a chance to offer an early Christmas gift for US companies, labourers and consumers.
PNTR legislation for Vietnam comprises seven big contents, including an important article repealing the Trade Act of 1974 that is the Jackson-Vanick amendment. Therefore, after the US Congress approved legislation, Vietnamese enterprises will receive equal treatment like others when doing business in the US – one the world’s biggest economies. With PNTR status granted to Vietnam, both sides enjoy the chance to implement commitments within the framework of WTO regulations and the Vietnam – US Bilateral Trade Agreement. Furthermore, this will be a prerequisite for the two countries to strengthen co-operation. Legislation not only has economic significance but also shows the US’s responsibility and morality.
Speaking at the House of Representatives, Senator Roo Simmons said legislation not only refers to economic issues but also demonstrates the US’s joint efforts with Vietnam in healing war consequences.
PNTR legislation for Vietnam will be officially approved when US President George W. Bush declares its application. For the benefit of both countries, the last proceedings will be implemented soon, opening an important landmark in bilateral relations between the two countries, and contributing to the development of constructive partnership, friendship and multilateral cooperation on the basis of equality, mutual respect and benefit.
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