Socialist Republic of Vietnam

On December 10, in Blair House, Vietnam's Minister of Trade Vu Khoan and U.S Trade Representative Robert Zoelick exchanged letters on ratification of Vietnam-US Bilateral Trade Agreement. After exchange of the letters, the Agreement immediately takes effect.

The event at the Blair House marks the important milestone, formalized the normal trade status both governments worked in five years and approved over the past two month. U.S Congress ratified the Agreement on October 3, 2001. National Assembly of Vietnam approved the resolution ratifying the Agreement on November, 2001 and President Tran Duc Luong signed the legislation on December 4, 2001.

Deputy Prime Minister Nguyen Tan Dung, Minister of Planning and Investment Tran Xuan Gia, Minister of Construction Nguyen Manh Kiem, Ambassador Nguyen Tam Chien and other high ranking officials of the Government of Vietnam witnessed the ceremony.

U.S Trade Representative R. Zoelick was joined by Congressman Philip Crane, Congresswomen Jennifer Dunn.

At the event, Trade Minister Vu Khoan said that the Agreement will open up a new era for bilateral cooperation between the two countries.

U.S Trade Representative Robert Zoelick said Agreement represents progress for the United States and Vietnam but also for the world trade system. This is an example of how two nations once divided by war can employ trade as a tool to work toward reconsiliation.

Symbolizing the new trade era between the two countries, shortly before formalizing the Bilateral Trade Agreement, at the U.S Department of Commerce, Vietnam Airlines signed an agreement with the Boeing Company for the purchage of four long-range Boeing 777 airplanes with a combined value of $680 million. It is the first big trade deal on the first day of effective trade agreement. Trade Minister Vu Khoan expressed hope that one day, a deal of export of Vietnamese goods to the U.S will be signed at the Ministry of Trade of Vietnam.

On that occation, FM Spokeswoman Phan Thuy Thanh answered question from DPA about Vietnam's comment on what appears to be the last step in this long process? Are Washington and Hanoi on genuine normal relations now?

Answer:

The Viet Nam-US Trade Agreement was signed after a long process of negotiations and talks with great efforts made by both sides.

Given the ratification of the Agreement by both sides, all legal procedures governing its ratification are completed. On 10 December 2001, a ceremony of exchanging notes was held in Washington, which announced the completion of legal procedures necessary for the enactment of the Agreement. Thus, the Viet Nam-US Trade Agreement officially goes into effect and implementation.

This event demonstrates that official normalisation of relations between Viet Nam and the United States is fuller. We welcome this event and believe that the implementation of the Viet Nam-US Trade Agreement will expand trade, investment relations and economic co-operation in the interests of both countries, contributing to further promoting bilateral relations, meeting the aspirations of both peoples, contributing to peace, stability and development in the region and the world.