US Trade Agency Names Vietnam "Country of the Year"

As Congress considers establishing permanent normal trade relations (PNTR) between the U.S. and its former enemy, the U.S. Trade and Development Agency (USTDA) has named Vietnam as its 2006 Country of the Year. The Agency made the award based on its "strong and growing partnership" with Vietnam.

"Vietnam is the fastest growing economy in Southeast Asia following the country's shift to a market economy, and its ongoing adoption of modern governance practices, improved investment regulations, and liberalization of the financial services arena," said USTDA Director Askey in a press release. "USTDA has been pleased to cooperate with strong partners in Vietnam to advance key development goals in a broad range of sectors. We look forward to maintaining a strong commitment to Vietnam in 2007 with activities that will foster an environment ripe for trade, investment, and sustainable economic development."

Responding to the rapid emergence of Vietnam as one of the fastest growing markets in Southeast Asia, the U.S. business community has come out strongly in support of passage of a bill (H.R. 5602) currently before Congress that would establish permanent normal trade relations (PNTR) between the U.S. and Vietnam. Establishment of permanent normal trade relations with the U.S. is required for Vietnam to be granted entry into the World Trade Organization (WTO).

Also See: Free Trade Can Benefit Everyone (Globalization)