Senate Approves Vietnam Bilateral Trade Agreement

WASHINGTON, D.C. - The United States Chamber of Commerce applauded today's bipartisan Senate action to approve bilateral trade with Vietnam. In a move that will help stimulate the global economy, the Senate voted in favor of the resolution by a wide margin of 88-12.

"Expanding trade with Vietnam, the second largest country in Southeast Asia, means greater opportunities for American businesses and farmers," said Willard Workman, Chamber senior vice president of international affairs. "With a population of over 80 million, expanding business in this market will do wonders for the global economy."

Senate passage of the bilateral trade agreement will make possible the extension of normal trade relations status to Vietnam. It will also create new opportunities for American business and agriculture. The agreement addresses trade in goods, manufacturing, farm products, services, intellectual property rights and foreign investment and it will create greater market access, increased transparency and lower tariffs for U.S. exporters and investors in Vietnam.

"These provisions will open to American companies the Vietnamese market for our products, benefiting American entrepreneurs, workers, farmers and consumers," continued Workman. "In return, the United States will treat Vietnamese products the same way we treat products from virtually every other country in the world."

The House of Representatives passed the agreement in early September by a voice vote.

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.

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