~ Le Viêt Nam, aujourd'hui. ~
The Vietnam News

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[Year 2001]

U.S.- Vietnam normalized trade relations take effect

WASHINGTON - The United States and Vietnam were set to give formal approval to the establishment of normal bilateral trade ties on Monday, further strengthening relations between the two former enemies. At a ceremony set for 3 p.m. EST (2000 GMT) at Blair House, the government's guest residence across from the White House, U.S. Trade Representative Robert Zoellick and Vietnam's Deputy Prime Minister Nguyen Tan Dung were to exchange letters formalizing the normal trade status both governments approved over the past two months.

The United States and Communist-led Vietnam established diplomatic relations in 1995, ending decades of ruptured relations after U.S. and South Vietnamese forces were defeated by North Vietnam. With normal trade ties taking effect, Vietnam will be able to ship its goods to the United States at the lowest possible tariff rates. U.S. firms also hope to see expanded access to Vietnam's market, as well as improvements in Vietnam's protections for intellectual property rights.

Symbolizing the new trade era between the two countries, officials of Boeing Co. and Vietnam at 2:30 p.m. EST were to sign an airplane purchase deal. A Vietnam government official was quoted in Monday's Vietnam Investment Review newspaper as saying Vietnam would buy four Boeing 777 airliners costing $440 million. A U.S. Commerce Department spokeswoman confirmed the signing will take place, but would not comment on the details until the deal is formalized. The United States has normal trade relations with most countries. Exceptions include North Korea, Afghanistan, Serbia and Cuba.

With Vietnam's entry into the normal trade club, it will see U.S. duties on its exports, including rice and coffee, slashed to about 4 percent from 40 percent.

Reuters - December 10, 2001.