United States Heralds Vietnam’s Economic Growth

Hanoi July 17, 2007

Vietnam today released a landmark report on the dramatic impact in Vietnam of the U.S.-Vietnam Bilateral Trade Agreement (BTA) on trade, foreign investment and the economic structure since its implementation in December 2001.

At a ceremony hosted by the Ministry of Planning and Investment's Central Institute for Economic Management, the Ministry's Foreign Investment Agency and the Support for Trade Acceleration (STAR Vietnam) presented the report which highlighted Vietnam’s unprecedented economic progress over the past five years.  The report documents the impact of the bilateral relationship between Vietnam and the U.S. in contributing to this growth.  The report also emphasizes significant legal and regulatory reforms made by Vietnam over the past five years, many directly associated with the BTA and WTO accession.

“The United States is proud to have played a role in Vietnam’s extraordinary economic growth over the past five year,” said U.S. Deputy Chief of Mission Jonathan M. Aloisi, speaking to the seminar.  “The BTA has had three specific impacts,” Mr. Aloisi continued, “First, it has greatly stimulated trade, making the United States Vietnam’s largest export market.  Second, it has spurred changes to the legal structure that set the stage for Vietnam’s successful entry into WTO.  Third, it created conditions for the signing of a Trade and Investment Framework Agreement between the United States and Vietnam.”

U.S. foreign direct investment has grown rapidly since the signing of the BTA, including the recent US$1 billion investment by Intel to build a microchip factory in Ho Chi Minh City.