U.S. Chamber Urges Support for Vietnam Trade

WASHINGTON, DC – The U.S. Chamber of Commerce today urged Congress to support a trade waiver for Vietnam that would help American companies aggressively compete in the emerging market of the second largest country in southeast Asia.

The House of Representatives is voting today on a measure to renew a waiver from the "Jackson-Vanik" amendment of U.S. trade law. This is a prerequisite for U.S. export promotion agencies to assist American business operating in Vietnam.

"Vietnam holds significant long-term potential for many U.S. companies and farmers," said Chamber President and CEO Thomas J. Donohue, who last year led a mission to Vietnam to assess business conditions there. "But we must give American businesses the leverage they need to succeed in this growing market.

"It's tough enough for American companies to do business in an emerging market like Vietnam – we shouldn't pull the rug out from under them at home," he said.

Donohue also pointed out that last week's announcement of an "agreement in principle" between the United States and Vietnam on normalizing trade relations could represent "a huge opportunity for American companies." The key point under the final agreement requires Vietnam to significantly open its markets to U.S.-made goods, agricultural products and services as well as strengthening the protection of U.S. intellectual property rights. In exchange, the United States would provide normal trade relations to Vietnam on an annual basis.

"Granting Vietnam a trade waiver for another year helps American companies compete with their European and Asian competitors, which already enjoy government-provided export assistance for their activities in Vietnam," said Donohue.

Donohue added that while he was pleased with the prospect of opening Vietnam to trade, he said the Chamber looks forward to reviewing the final details of the trade agreement.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region, including the American Chamber of Commerce in Vietnam.

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